Dedicated to Deposits: Deals, Data, and Discussion

4.01% 12-Month / 4.35% 24-Month Online CD at NewDominion Bank

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NewDominion Bank
NewDominion Bank is offering several attractive CD rates. Some of the most competitive include a 4.01% APY 12-month CD and a 4.35% APY 24-month CD. The minimum deposit is $3,000. These are also available as an IRA CD with only a $500 minimum. Below is the full list of CD rates.

CD Yields as of 7/7/08:

TERM APY
3 month 3.35%
6 month 3.70%
9 month 3.65%
12 month 4.01%
18 month 4.20%
24 month 4.35%
30 month 4.35%
36 month 4.50%
48 month 4.50%
60 month 4.50%

I just called and confirmed that these can be opened online from any state. Funding can be done by an ACH electronic funds transfer. The Fixed Rate CD page made it appear that the CD may require the First Rate Checking, but the CSR said this was not the case. The CDs can be opened without any checking account. At maturity, the CSR said they need written instructions to close the CD. They don't seem to be able to do a reverse ACH transfer when the CD matures.

According to the disclosure, the early withdrawal penalty is 90 days of interest for terms of one year or less, and 180 days of interest for terms over one year. There's a 10-day grace period at maturity in which you can close the CD without penalty.

The bank has been FDIC insured since 2005 (FDIC Certificate # 57888). It has a 3 star rating (adequate) at BauerFinancial based on 3/31/08 data.

Related Pages: NewDominion Bank, CD rates, IRA rates

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Comments
Comment #1 by Anonymous posted on
Anonymous
This is a nice deal IMO. That 90 day penalty for the one year is sweet. Am not a big fan of ACH in these situations. Prefer to overnight a check, sending it on a Thursday. This provided the bank will permit, of course.

1