Beverly National Bank Online is the e-banking for Beverly National Bank located out of Beverly, Massachusetts. To say this bank has been around for awhile is an understatement. It first open its brick-and-mortar door in 1802. Beverly National Bank online currently offers 3.10% APY.

This is not a bad yield to get; however, it states point blank that you need $5000 to open an account. Too many people are currently scrapping together to get money together to make the mortgage and groceries so this is a little high for the average joe. It also states that if you let it fall below $5000 anytime during the month, you will get a $15 fee charged. Ouch!

On the plus side, they do use VeriSign to secure the accounts. It also uses Secure Sockets Layer technology (SSL) .

To open an account, they will need your name, address, social security number, date of birth They will also mail statements monthly or you can grab it from your Free Internet Banking production on line twith them.

Like many savings account both on and offline, you are limited to six withdrawals each calednar month thosugh you can make as many deposits as you want. Deposits are pretty simply made by mail or ACH direct deposit. They currently cannot transfer bank to bank as of October 6, 2008. Access is very hard to get as you can only transfer funds between the online account and other accounts at Beverly National Bank.

Deposits are made only by mailing in a check or direct deposits via ACH. Doesn’t help if you need money in a hurry for an emergency, especially one that is so tied down.

After looking this over, the e-Success online account with Beverly National Bank is not the best bank out there for someone who lives outside of the area. Though the money is secure, it is difficult to get the money back out unless you live in the North Boston area and can get to the bank. Given that this review is for the people out there looking to begin savings, $5000 is a hefty amount to put down. In addition to the other limitations, I would suggest going to another online bank.

Tags: banking, Beverly National Bank, e-Success, online savings

This entry was posted on Monday, October 6th, 2008 at 3:58 pm and is filed under Uncategorized, reviews. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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