Domestic Bank's New 5.05% Online Money Market Savings Account
Jun 28, 2006 - 6:43 PM by Ken Tumin
Domestic Bank is offering a 5.05% APY money market account that is now available online at its website. I had first reported on Domestic Bank last month when the money market account was at 4.85% APY. However, it was neither available nor listed online. You had to call to open the account or to request the enrollment package in the mail.
Domestic Bank's online account features seem limited. There's no ACH transfer option to open. You have to either wire funds for the initial deposit or write a check and send the application in the mail.
The terms of this account are the same as what I reported last month. There's a $2.5K minimum initial deposit requirement. If the balance falls below $2.5K, you earn no interest and you are charged a $10 monthly maintenance fee. The maximum balance is $300K. The account does offer check writing and an ATM card. There is no fee for closing the account. This offer is not available at Domestic Bank branches.
Domestic Bank is based in Cranston, Rhode Island. It's FDIC insured and has a 5 star rating (superior) at Bankrate.com.
Domestic Bank's online account features seem limited. There's no ACH transfer option to open. You have to either wire funds for the initial deposit or write a check and send the application in the mail.
The terms of this account are the same as what I reported last month. There's a $2.5K minimum initial deposit requirement. If the balance falls below $2.5K, you earn no interest and you are charged a $10 monthly maintenance fee. The maximum balance is $300K. The account does offer check writing and an ATM card. There is no fee for closing the account. This offer is not available at Domestic Bank branches.
Domestic Bank is based in Cranston, Rhode Island. It's FDIC insured and has a 5 star rating (superior) at Bankrate.com.
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Anonymous - #1, Friday, June 30, 2006 - 3:59 PM
I TRANSFERRED FUNDS INTO A CD AT DOMESTIC BANK AT THE RATE OF 5.35% FOR 5 MONTHS.
Banking Guy (anonymous) - #2, Saturday, July 22, 2006 - 2:10 PM
Domest Bank's Internet Money Market Account is now up to 5.16% APY as of July 22nd.
This may be a decent money market account for those who want check writing without requiring too large of a minimum balance.
Anonymous - #3, Saturday, September 9, 2006 - 1:17 PM
Domestic Bank does have check writing but you have to mail in a doposit or go to your bank and do a wire transfer to Domestic Bank, you cannot do it by computer. So if you have to pay for a wire transfer or wait 4 or 5 days for a check to get there,m it is a definite disadvantage.
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