FDIC-insured bank offering checking, savings, CDs, mortgages, home improvement loans, auto loans, and boat financing with both retail and commercial services.
Data compiled from public sources · Rating from CreditDoc methodology
S. Government. The institution operates as a full-service financial provider with a focus on retail banking, residential lending, and specialized consumer loans.
The bank maintains physical branch locations and ATMs alongside digital banking services including a mobile app available on iOS and Android platforms. The bank's service portfolio spans multiple lending categories: retail deposit accounts (checking, savings, CDs, and IRAs), residential mortgages, home equity loans, FHA Title 1 home improvement loans, auto loans, boat loans, and small business lending. They offer a first-time homebuyer program called "Keys to Confidence" that provides guidance and support post-closing.
50% APY. They recently added Apple Pay and Google Pay support for debit card holders. Shoreham Bank distinguishes itself through specialization in marine lending with dedicated boat loan specialists and programs, along with FHA Title 1 home improvement lending that doesn't require tapping home equity.
The institution emphasizes community involvement, highlighting partnerships with local organizations like Beacon Charter School, Crossroads RI, and various community support initiatives. They provide business lending services through broker partnerships and commercial lending teams alongside traditional retail banking. The bank presents itself as a conventional, relationship-focused institution rather than a fintech innovator.
Customers should expect traditional branch banking hours and processes, with digital convenience as a secondary offering. The website provides routing number 211574862 and standard banking infrastructure. As with any regional bank, product offerings and rates may be limited compared to larger national institutions, though FDIC insurance provides deposit protection up to standard limits.
Shoreham Bank offers 14 services including Checking accounts with Premier Checking option at 1.50% APY, Savings accounts including Soaring Savings at 3.60% APY, Certificate of Deposit (CD) accounts: 3-month at 3.90% APY and 5-year at 3.50% APY, Individual Retirement Accounts (IRAs), Residential mortgages and home purchase lending, and 9 more.
Shoreham Bank is best suited for First-time homebuyers seeking structured guidance and support through the Keys to Confidence program, Boat and marine enthusiasts looking for specialized lending with dedicated specialists, Consumers in their service area preferring traditional bank relationships with FDIC protection, Small business owners seeking commercial lending through broker or direct relationships.
Key strengths: FDIC-insured deposits with full U.S. Government backing on insured accounts; Competitive CD rates advertised at 3.90% APY for 3-month and 3.50% APY for 5-year terms; Specialized boat loan program with dedicated marine lending specialists. Areas to consider: Limited geographic footprint as regional bank compared to national institutions; Deposit rates, while advertised, may shift and require comparison shopping against competitors.
In the Banks category, comparable providers include Banknewport, Centreville Bank, Citizens Bank, National Association. Each company has different strengths — compare services, pricing, and consumer complaint records to find the best fit.
CreditDoc Diagnosis
Shoreham Bank is best suited for consumers in its service region seeking traditional FDIC-insured banking with relationship-driven service, particularly first-time homebuyers, boat buyers, and small business owners. The main caveat is that as a regional bank, it lacks the breadth of products, competitive advantages, and national scale of larger institutions, and customers should verify current rates and fees on the website or by calling directly, as the online presence doesn't provide comprehensive fee disclosure.
BankNewport is a Rhode Island-based full-service bank offering personal and business banking, marine lending, and investment services with 200 years of community roots.
Best for: Rhode Island small business owners seeking SBA loan programs and local relationship banking, Boat owners and marine enthusiasts looking for specialized boat financing through OceanPoint Marine Lending
Rhode Island-based bank offering deposit accounts, loans, and wealth management services across RI and CT branches. Recently surpassed $3 billion in assets.
Best for: High-net-worth individuals seeking regional banking with community involvement and $100,000+ in liquid savings, Homebuyers in Rhode Island or Connecticut looking for local mortgage lenders with established track record
Unable to verify: Citizens Bank website returned access denied error. Cannot confirm current services, offerings, or company details from primary source.
Best for: Local banking with personal service, FDIC-insured deposits
Answer 3 quick questions to see if this provider matches your needs.
1. What's your primary financial goal?
Your credit report contains the raw data behind your score. Learn what's in it, how to read it, and how to dispute errors that could be dragging your score down.
Read guide →Klarna, Afterpay, Affirm — they make spending easy. But what happens to your credit score when you use them? Here's what the fine print doesn't tell you.
Read guide →Learn what makes up your credit score, how it's calculated, what the ranges mean, and how to check yours for free.
Read guide →Affiliate Disclosure: CreditDoc may earn a commission when you click links to Shoreham Bank and other services. These commissions help us maintain our free research. Our editorial team independently evaluates all services. Compensation does not influence our ratings or rankings. Learn more.