Pennsylvania-based Dollar Bank is offering a six-month guaranteed 2.40% APY on new Premier Savings accounts opened now through July 13, 2019. The 2.40% APY applies to all balances between $20k and $1 million. The minimum opening deposit is $20k of new money, which is defined as “funds in excess of the account owner(s) average daily deposit balances during the past 30 days.”
Following the 180-day rate guarantee, the rate will change to the “standard tiered rate in effect at that time.” Currently, those rates/tiers are,
Balances of $0 to $100,000 – 1.50% APY
Balances of $100,000.01 to $250,000 – 1.75% APY
Balances of $250,000.01 to $3,000,000 – 2.00% APY.
Only two fee-free withdrawals are allowed per month, with a $10 fee for each withdrawal beyond the two allowed.
To qualify for the 2.40% APY a “qualifying checking relationship” is required. According to the Compare Checking Accounts page, the Everything Checking account is the only checking account that qualifies.
Headquartered in Pittsburgh, Dollar Bank’s primary market area is southwest Pennsylvania and northeast Ohio. Three years ago, Virginia’s Bank @LANTEC became a division of Dollar Bank, adding the Hampton Roads area to the market area.
Accounts are available to U.S. residents, 18 years or older, who live within the market area. The first page of the online application asks for your Zip Code to determine market area eligibility.
A Premier Savings account can be opened online, or in person at any of the 39 Pennsylvania branches (21 in Pittsburgh) or the 30 northeast Ohio branches. Following the acquisition of Bank @LANTEC, Dollar Bank gained four Virginia branches, located in Chesapeake, Norfolk, and Virginia Beach (2).
Dollar Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.77% (excellent) based on March 31, 2019 data. In the past year, Dollar Bank has increased its total non-brokered deposits by $48.87 million, an above average annual growth rate of 0.80%. Please refer to our financial overview of Dollar Bank (FDIC Certificate # 32245) for more details.
With assets in excess of $8.5 billion, Dollar Bank is currently Pennsylvania’s sixth largest bank and the 141st largest bank in the country. The Bank was founded in 1855 as the Pittsburgh Dollar Savings Institution. Charles A. Colton, an insurance salesman, convinced 39 local business leaders to join him as incorporators of the new bank.
On July 19, 1855, the Bank opened for business. For as little as $1, anyone could open a savings account at the Bank. The first day's deposits totaled $53, which included two dollars from Charles Colton's 10-year-old son. Colton was the only salaried employee for the first three-and-a-half years of the institution's existence, running the Bank's daily operations singlehandedly. In 1858, the Bank changed its name to Dollar Savings Bank.
Colton never retired. He remained active as the Bank's treasurer until his death in February 1881 at age 73. At the time of his death, the Bank had more depositors and more money on deposit ($6.5 million) than any of the other 17 banks in the city. Colton had personally handled the opening of more than 10,000 savings accounts of the 65,000+ accounts in total that Dollar Savings Bank had recorded in its ledgers over the first 26 years.
How the Premier Savings Compares
When compared to the Savings Accounts tracked by DepositAccounts.com that are within the market area, Dollar Bank’s Premier Savings APY currently ranks sixth, regardless of minimum balance requirement. The six-month rate guarantee only adds to the Premier Savings account’s intrinsic value.
The above rates are accurate as of 6/28/2019.
To search for the best Savings Account, both nationwide and state specific, please refer to DepositAccounts.com’s Savings Account Rates page.