A pure online bank has no branch offices. The idea is that the overhead needed to build, maintain, and staff branch offices could be saved and passed on to customers with higher deposit rates and lower fees. NewdominionDIRECT.com is an online bank based out of the Charlotte, North Carolina region that fits the bill. The online bank has aggressively grown their deposit base over the last couple of years by offering high rates on CDs, money market accounts, and savings accounts. Typical of most online banks, fees are kept to a minimum. But is the bank profitable and viable? NewDominion Bank reported an increase in first-quarter net income to $75,205 from $30,912 a year ago. That’s not a huge profit, but it’s not too bad in a day-and-age where the nation’s largest banks record million dollar losses regularly. Listed below are the current CD rates at NewDominion Bank
3 Month CD 1.50% APY
6 Month CD 1.90% APY
9 Month 2.31% APY
12 Month 2.40% APY
18 Month 2.72% APY
24 Month 2.76% APY
30 Month 2.75% APY
36 Month 2.75% APY
48 Month 2.75% APY
60 Month 2.75% APY
Certificates of deposit from New Dominion Bank require a minimum opening deposit of $3,000 for a regular account and a $500 minimum opening deposit for an IRA account. Early withdrawal penalties apply for any withdrawal prior to the maturity date of the CD.
More details about the rate deals at NewDominion Bank are available at newdominiondirect.com.
- 6 Month CD 1.06 %
- 1-year CD 1.32 %
- 2-year CD 1.73 %
- Money Market Account 1.04 %
- Savings Account 1.04 %
- 30-year Fixed Mortgage 5.09 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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If you know of any bank deal that we haven't featured on our blog yet, we would love to hear from you.
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