Chicago-based ShoreBank is offering a 2.15% APY online savings account under the heading of “Direct Online Savings.”

New customers only have to make a $1.00 deposit to open an account and earn the top yield. This account does not provide for an ATM card or provide checks. The application is processed entirely online and allows for up to 6 linked accounts. The system does a soft credit pull through ChexSystem so that your credit is not negatively affected. Beneficiaries cannot be added to the account. ShoreBank offers electronic statement by default but does offer a paper option for a small fee.

Your initial deposit will be available 3 to 4 days after confirming the ownership of your linked accounts. All other deposits will be available one day after ShoreBank receives the deposit. This typically occurs 2-4 days after the transfer has been initiated.

ShoreBank has a feature called “Pay People” which is similar to ING Direct Electric Orange’s digital check feature. Using a form on their website, you can send someone funds electronically via ACH transfer. Using their website, you can have an email sent to the person you would like to pay. That person will receive a link to a secure form on their site where they can enter in their account information and have the funds electronically transferred.

ShoreBank’s unique edge into the market is that it focuses on social responsibility. According to their website, “Unlike conventional banks, ShoreBank strives to meet three objectives simultaneously: to build wealth for all in economically integrated communities; to promote a healthier environment; and to operate profitably.”

ShoreBank was founded in 1973 and is based in Chicago Illinois and is FDIC insured. The bank has about $2.7 billion in assets and about $1.8 billion in deposits. ShoreBank currently has a 1 star “lowest rated” rating on BankRate.com. The low rating from BankRate is certainly a concern. If you choose to open an account with ShoreBank, make sure to stay under FDIC limits in the event of a bank failures.