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North Shore Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
North Shore Bank Savings
0.15% APY

North Shore Bank, which brands itself as “The Bank of You,” was founded in 1923 by a group of local teachers in Shorewood, Wisconsin. Since then, the bank has continued to grow through mergers and acquisitions, while maintaining its focus on customers. 

Today, you can find a number of accounts and services at North Shore. This includes personal checking, money market and savings accounts, certificates of deposit, business accounts, personal and business loans, investment services, retirement products and more. No matter what accounts you have with North Shore, you’ll have access to 24-hour online, mobile and telephone banking. This includes video teller and concierge services.

Products Offered

Products Key Details
Savings Accounts
  • Multiple account options
  • No minimum deposits
  • Waivable monthly fees, except on the kid’s savings account
Certificates of Deposit
  • Low-earning interest rates
  • Eight terms available 
Money Market Account
  • High monthly fee, though its waivable
Checking Accounts
  • Three account options, including two interest-earning accounts
  • Monthly fees, automatically waived for first three months 
  • Extra perks available for value packs 

North Shore Bank Interest Rate Comparison

Statement Savings Account

Key Features Details
Minimum Deposit $0
Access to Your Savings Account Online, mobile and text banking; thousands of ATMs and branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $5 monthly fee, waivable with $200 minimum daily balance 
Current Terms and Rates 0.05%

The Statement Savings account is North Shore Bank’s simple savings account. There are no extra bells and whistles with this account. There is a low monthly fee of $5 that you can have waived by meeting a minimum daily balance. Account eAlerts are available with this savings account.

High-Yield Savings Account

Key Features Details
Minimum Deposit $0
Access to Your Savings Account Online, mobile and text banking; thousands of ATMs and branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $15 monthly fee, waivable with $1,000 minimum daily balance 
Current Terms and Rates 0.15%

If you have a higher available balance, you could consider the High-Yield Savings account instead. A higher balance isn’t required to earn the better interest rate here. However, a balance of $1,000 will waive the $15 monthly fee. Without the balance requirement, you’ll be paying more per month to earn at a relatively low interest rate. 

Compare North Shore Bank to Other Competitive Offers

Seymour Savings Account

Key Features Details
Minimum Deposit $0
Access to Your Savings Account Online, mobile and text banking; thousands of ATMs and branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates 0.05%

North Shore Bank named the Seymour Savings account after its mascot, Seymour the Seagull. The account is made to teach children age 12 and under how to save. The account has the same interest rate as the Statement Savings account, so you can show your child how to save by example, too. Plus, every time a deposit is made to the Seymour Savings account, your child will receive a Seymour prize. 

Certificate of Deposit (CDs)

Key Features Details
Minimum Deposit $1,000
Access to Your CD Account Online, mobile and text banking; thousands of ATMs and branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, although early withdrawal penalties may apply. 
Current Terms and Rates
  • 91 Day: 0.05% APY
  • 6 Month: 0.10% APY
  • 1 Year: 0.20% APY
  • 1.5 Year: 0.20% APY
  • 2 Year: 0.35% APY
  • 3 Year: 0.45% APY
  • 4 Year: 0.50% APY
  • 5 Year: 0.75% APY

North Shore Bank offers eight different CD terms ranging from 91 days to five years. This variety gives you options to save toward any savings goal, whether it’s in the near future or still far off. Unfortunately, these accounts don’t have the most beneficial interest rates. In fact the rates are pretty low for CDs, so you won’t see as much growth as you might like. 

You could potentially open multiple North Shore CDs to build a CD ladder. This will allow for a stream of income since you’ll have access to your funds every year or so. However, you’ll need to meet the high minimum deposit each time you open an account. 

Money Market Account

Key Features Details
Minimum Deposit $0
Access to Your Money Market Account Online, mobile and text banking; thousands of ATMs and branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $15 monthly fee, waivable with $1,000 minimum.
Current Terms and Rates 0.05% APY

Money market accounts work as a mix between savings and checking accounts. They typically come with the rates of a savings account, or higher, and the flexibility of a checking account. You’ll want to check with North Shore Bank exactly what kind of check-writing abilities this account has. 

Better-Than-Free Checking Account

Key Features Details
Minimum Deposit $0
Access to Your Checking Account Online, mobile and text banking; thousands of ATMs and branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $6 monthly fee, waivable with one of the following
  • Average balance of $750
  • $2,500 in relationship balances
  • Direct deposit
  • 10 debit card transactions

Despite its potentially misleading name, the Better-Than-Free Checking account isn’t quite free. There are a few strings attached in order to avoid the monthly fee. You can waive this fee - and make your account actually free - by meeting one of the above requirements. It may be easiest to use your debit card regularly for purchases, since ATM transactions don’t count, or to set up your paycheck as a direct deposit.

Luckily, if you just need a little time to grow your balance, the monthly fee is waived for the first three months on all North Shore Bank checking accounts. 

You do have the option to purchase a Value Pack Upgrade for an extra $4 per month on your Better-Than-Free Checking account. This upgrade includes local discounts, cell phone protection, identity theft protection, health card discounts, discounted checks and overdraft protection.

Perks Checking Account

Key Features Details
Minimum Deposit $0
Access to Your Checking Account Online, mobile and text banking; thousands of ATMs and branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $12 monthly fee, waivable with one of the following
  • North Shore Bank consumer loan or mortgage
  • $2,000 minimum daily checking balance
  • $5,000 minimum total household deposits
  • 60+ year old primary owner with direct deposit
  • Current or retired member of the United States Armed Forces

As an interest-earning checking account, the North Shore Perks Checking account comes with a higher monthly fee of $12. However, there are more opportunities to waive the fee. This account doesn’t earn at a very high interest rate, so your checking account balance will grow pretty minimally. 

The account does include a few extra perks like discounted checks and bonus CD rates.

Platinum Checking Account

Key Features Details
Minimum Deposit $0
Access to Your Checking Account Online, mobile and text banking; thousands of ATMs and branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $12 monthly fee, waivable with $20 monthly fee, waivable with $35,000 minimum balance in total deposits, lines of credit or consumer loan or mortgage balance
Current Terms and Rates 0.01% APY

North Shore offers its Platinum Checking account as a members-only rewards program. It earns at the same low interest rate as the Perks Checking account, but includes a few more perks. You’ll have access to local discounts, a rewards debit card, cell phone protection and more. 

Branch Locations 

North Shore Bank maintains 46 locations throughout eastern Wisconsin and northern Illinois. You’ll also have access to over 33,000 ATMs in the U.S. 

Financial Statistics & Bank Health Rating

North Shore Bank has $2.04 billion in assets and $1.48 billion in loans, according to the FDIC. North Shore Bank customers keep $1.70 billion in deposits with the bank. 

North Shore Bank has a Texas Ratio of 7.09%, which is considered very good. This ratio indicates the risk a bank might pose when covering its debts and deposits. The ratio calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. Ratios below 5% are considered excellent while ratios above 90% indicate high risk. 

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