Venture Bank Direct, a relatively new entrant into the high yield savings game is offering a competitive 3.8% APY savings account. This puts it into the top 5 savings account rates on the BestCashCow rate tables (November 17, 2008).
I called to find out more about the account and learned that they have an all-electronic application process. They authenticate users via several questions presumably pullled from your credit file. This is standard procedure for an online applicatin. Transferrring funds in and out can also be done electronically via ACH. According to the customer service rep I spoke with, a hard pull is not done when applying for the account.
The company launched their online direct bank in August and they have had the 3.8% APY savings account since October 2. According to the CSR, they "are not planning a rate change anytime soon." That doesn't mean of course that they can't or won't lower the rate tomorrow but it's nice to hear them at least say they plan to keep rates steady for some time.
Venture Bank Direct is the online channel for Venture Bank. Venture Bank has approximately $1.2 billion in assets and 18 financial centers in four western State of Washington counties. The bank was established in 1979 as Lacey Bank and the Company was incorporated in 1983. It changed its name to First Community Bank in 1981 and in 2003 changed its name again to Venture Bank.
The bank has a 2 out of 5 star rating from Bauer Financial. In its most recent filing with the SEC, the bank's President acknowledged that the bank has felt pressure from the declinking real estate market:
“We are feeling the effects of the real estate slowdown, which have affected virtually all banks”, said Ken Parsons, Chairman and CEO of Venture Financial Group. “The impact has been most pronounced with residential land development projects. Lot sales activity has slowed, putting pressure on developers’ cash flow, and in some areas impacting lot prices.”
Venture Bank and Venture Bank Direct are FDIC insured so as we recommend with all banks, stay below FDIC limits.
If anyone has experience opening an account at Venture Bank, please share your experience below.
Sponsor Updates and Offers
|
|
|
Related Articles:
DollarSavingsDirect Raises Online Savings Rate to 4% APY by Sam Cass - Oct 10, 2008
GMAC Bank Raises Online Savings Rate to 3.75% APY by BankMan - Oct 14, 2008
E Loan Offering $25 to Open Online Savings Plus Account by BankMan - Nov 12, 2008.
Add to reading list
