Shorebank recently announced a new high yield savings account with a rate of 5% APY. The minimum deposit on this account is $1. With all of the recent rate cuts, 5% is a fairly attractive rate. Here’s some of the account’s features:

• $1 minimum to open account and earn the top yield
• No ATM cards or checks
• Allows up to 3 linked accounts
• Interest is accrued daily and compounded monthly
• If you close your account before interest is credited, you will lose the accrued interest
• Paper statements require a fee

Bankrate.com‘s bank review gives shorebank a 2/5 rating. Shorebank is based in Chicago, Illinois, and is FDIC insured.