Deposit Rates

Your financial journey changes over time and Shoreham Bank is here to help. Our deposit accounts are built to support you through different stages, from everyday banking to long-term savings. 
 
Annual Percentage Yield (APY) effective 8/31/26. Subject to Change without Notice.


 
 
 















Checking Accounts


Product



Rate



APY



Minimum to Earn APY


Premier Checking1 1.49%  1.50% N/A
Loyalty Checking2 0.99% 1.00% N/A
Free Checking 0.00%  0.00% N/A
Premier Business Checking 3 0.74 % 0.75% $10,000
Loyalty Business Checking 4 0.00% 0.00% N/A

Savings Accounts


Product



Rate



APY



Minimum to Earn APY


Soaring Savings5 3.54%  3.60% $25,000
Statement Savings6


Tier 1 0.15%  0.15% $25
Tier 2 0.20%  0.20% $25,000
Tier 3 0.25%  0.25% $75,000
Premier Business Savings7 0.99% 1.00% $25,000

CD Accounts


Product



Rate



APY



Minimum to Earn APY


9 Month8 4.16% 4.25% $1,000
3 Month9 3.84%  3.90% $1,000
1 Year9 1.98%  2.00% $1,000
2 Year9 2.71% 2.75% $1,000
3 Year9 2.96% 3.00% $1,000
4 Year9 3.20% 3.25% $1,000
5 Year9 3.44% 3.50% $1,000

IRA Accounts10


Product



Rate



APY



Minimum to Earn APY


1 Year 1.98%  2.00% $1,000
2 Year 2.71% 2.75% $1,000
3 Year 2.96% 3.00% $1,000
4 Year 3.20% 3.25% $1,000
5 Year 3.44% 3.50% $1,000


Online CD Accounts11


Product



Rate



APY



Minimum to Earn APY


Online 1 Year 1.98%  2.00% $1,000
Online 2 Year 2.71% 2.75% $1,000
Online 3 Year 2.96% 3.00% $1,000
Online 4 Year 3.20% 3.25% $1,000
Online 5 Year 3.44% 3.50% $1,000

 

 
 

Frequently Asked Questions about Savings Accounts

 
What is the difference between APY and APR?
APY tells you how much your deposits can earn over a year, including the effect of compounding interest not just the base rate. APR (Annual Percentage Rate) is typically used for loans and credit and represents the cost of borrowing. It does not include compounding interest. 
 
Why do deposit rates change?
Deposit rates change based on market conditions including the overall interest rates and economic trends. 
 
Are CD rates locked for the entire term?
At Shoreham Bank, our CD rates are locked for the entire term of the CD account. 
 
 
 
 
1. If the daily balance in the account falls below $2,500 on any day of the month, a service charge of $15 will be imposed. Fees could reduce earnings. Account type is only available in-branch. 
2. In order to avoid a monthly service charge, a minimum of one electronic direct deposit must be made to this account each statement cycle. If no direct deposit is made, a $10.00 service charge will be imposed. Fees could reduce earnings. Account type is only available in-branch. 
3. If the daily balance in the account falls below $10,000.00 on any day of the month, a service charge of $50.00 will be imposed. Fees could reduce earnings. Account type is only available in-branch.  
4. Loyalty Business Checking is subject to a $10 monthly maintenance fee. Fees could reduce earnings. Account type is only available in-branch. 
5. Minimum daily balance is required during each monthly cycle period to earn interest. Fees could reduce earnings. Account type is only available in-branch.
6. No minimum daily balance required. If the account is closed before the interest is posted, you will not receive the accrued interest. Fees could reduce earnings. Account type is only available in-branch. 
7. Minimum daily balance is required during each monthly cycle period to earn interest. Fees could reduce earnings. Account type is only available in-branch.    
8. Minimum daily balance is required during each monthly cycle period to earn interest. At Maturity, the account will automatically renew for a 1-year term. You will have a grace period of 10 calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. Fees could reduce earnings. Penalty for early withdrawal.
9. Minimum daily balance is required during each monthly cycle period to earn interest. Fees could reduce earnings. Penalty for early withdrawal. Account type is only available in-branch.  
10. Early withdrawal penalty applies on any withdrawal, either partial or whole prior to maturity if under the age of 59 ½. Your account will automatically renew at maturity. You will have a grace period of 10 calendar days after the maturity date to withdraw funds in the account without being charged an early withdrawal penalty. No penalty for Required Minimum Distributions (RMD). Fees could reduce earnings. Account type is only available in-branch.  
11. Minimum daily balance is required during each monthly cycle period to earn interest. Fees could reduce earnings. Penalty for early withdrawal. Account type is only available online.