4.85% Money Market Account at Domestic Bank
May 19, 2006 - 8:57 AM by Ken Tumin
Domestic Bank is offering a 4.85% APY money market account with a minimum of $2.5K. I first noted this money market account deal on Bankrate where it was listed as 4.75% APY. I could not find this deal listed at their website, so I requested information from their contact page. I was told it's actually 4.75% APR and 4.85% APY. Here are the additional details that I received:
Domestic Bank is located in Rhode Island, but they accept out-of-state customers. Their toll free number is 1-800-556-6600. Please refer to their hours and location page for more info.
The only problem with money market account deals is that there's no way to know how long the bank will keep the rates competitive. With a $2.5K minimum and check writing, at least it's easy to move your money. And if the rate drops too much, you can always close the account. I was told that there's no fee for closing the account.
This is a call center promotion so you can only open this account by giving us a call at the phone number listed below and we can set you up so you can wire the funds to us and we will mail back a receipt. We can also send you a package including the enrollment form and you can mail everything back with your deposit. This promotion is on new money only. In order to earn this rate you must maintain a minimum balance of $2500. If the balance falls below it $2500 there will be a $10 monthyly fee.
Domestic Bank is located in Rhode Island, but they accept out-of-state customers. Their toll free number is 1-800-556-6600. Please refer to their hours and location page for more info.
The only problem with money market account deals is that there's no way to know how long the bank will keep the rates competitive. With a $2.5K minimum and check writing, at least it's easy to move your money. And if the rate drops too much, you can always close the account. I was told that there's no fee for closing the account.
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Anonymous - #1, Friday, May 19, 2006 - 9:46 AM
It would be great if you can mash-up your banking deals with location pointers (like on google maps or something.) that way one can easily refer to the local deals....
Banking Guy (anonymous) - #2, Friday, May 19, 2006 - 5:22 PM
Thanks for the recommendation. Perhaps for the future bank deals site.
Web2earn (anonymous) - #3, Saturday, May 20, 2006 - 9:46 AM
Hello and thanks for the opportunity to post on your blog.
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Anonymous - #4, Thursday, August 3, 2006 - 8:09 PM
I love Domestic, they always have at least one great deal. I think the APY is up to 5.11
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