Centreville Bank is offering a promotional 1.05% APY ($10k-$500k) on its Personal Elite Money Market with an Elite Checking relationship. Balances above $500k earn 0.30% APY, which is the current rate for a Personal Elite Money Market without the checking relationship.
Personal Elite Money Market
- Minimum opening deposit is $10k.
- $10 monthly maintenance fee will be waived with a minimum daily balance of $10k+.
- Paper statements incur a $5 fee; eStatements are free.
The fine print on the Personal Elite Money Market promotion page states,
To receive the Elite APY the tax reporting owner of the Personal Elite Money Market
Account must be an owner on an Elite Checking Account in order to receive the Elite APY.
- Earns 0.05% APY on all balances.
- $100 minimum opening deposit.
- $100 minimum daily balance required to earn stated APY.
- $15 monthly maintenance will be waived if combined balance in related accounts falls below $10k.
- Domestic ATM fees will be refunded up to $15 per statement cycle.
- While there is no fee to close the account, any accrued interest that has not be credited will be forfeited.
Headquartered in West Warwick, Centreville Bank’s market area is currently Rhode Island, although CSR did mention that the Bank is in the process of "thinking about offering accounts to customers in surrounding states."
Opening a Personal Elite Money Market account requires a visit of any of seven Rhode Island branches located in Cranston, East Greenwich, Narragansett, North Kingstown, West Greenwich, and West Warwick.
Centreville Bank’s online platform is currently limited to account management and bill pay services. If the Bank’s tentative plan to expand its market area beyond Rhode Island comes to fruition, the online platform may be expanded as well.
Centreville Bank (FDIC Certificate # 17764) has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.09% (excellent) based on March 31, 2016 data. In the past year, Centreville Bank has increased its total deposits by $45.11 million, an excellent growth rate of 6.36%. Please refer to our financial overview of Centreville Bank for more details.
Centreville Bank is Rhode Island’s 5th largest bank (assets of $1.06 billion) and one of the state’s oldest banks, having been originally established in 1828 as the Centreville Savings Bank. The Bank acquired The Centreville National Bank of Warwick in 1993, and six months ago, re-branded as Centerville Bank. A strong supporter of the local community, Centreville Bank will soon be fulfilling the last installment of its $500k contribution to Kent Hospital.
How the Personal Elite Money Market Compares
When compared to the 144 Money Market Accounts tracked by DepositAccounts.com that are available to Rhode Island residents, Centreville Bank’s Personal Elite Money Market APY currently ranks in the top seven. The following is a sampling of those seven MMAs.
The above rates are accurate as of 6/27/2016.