Dollar Bank (PA/OH/VA) Boosts Short And Long-Term Traditional CDs

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Deal Summary: Traditional CDs – 13-month (1.75% APY), 25-month (2.00% APY), and 49-month (2.25% APY), $25k minimum deposit, new money.

Availability: Market area includes southwest Pennsylvania, northeast Ohio, and the Hampton Roads area of Virginia.

Earlier this month, Dollar Bank raised the rates on its 13-month (1.75% APY), 25-month (2.00% APY), and 49-month (2.25% APY) Traditional CDs for deposits between $25k and $500k. While a Traditional CD can be opened with a minimum deposit of $2.5k, balances up to $25k only earn 0.25% APY, as do balances of $500k+.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.70*%$25k$500kDollar Bank25 Month Traditional CD
OTHER TIERS: 0.25% $2.5k+
2.35*%$25k$500kDollar Bank13 Month Traditional CD
OTHER TIERS: 0.25% $2.5k+
0.25%$2.5k-Dollar Bank49 Month Traditional CD
Rates as of November 15, 2018.

Some new money is required. I say “some” because according to the CD Rates page, the Traditional CDs require,

a minimum new money increase of $25,000 based on the CD
owner(s) average daily deposit balances during the past 30 days.

The Traditional CDs have been offered for only about nine months. The initial APYs (ranging from 1.10% to 1.80%) lasted for one month before plummeting to 0.25% APY, which were in effect until this month’s rate hike.

The Traditional CDs are also available as IRAs (Traditional, Roth, and CESA), earning the same APYs with the same funding requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.70*%$25k$500kDollar Bank25 Month Traditional IRA (Traditional, Roth, CESA)
OTHER TIERS: 0.25% $500+
2.35*%$25k$500kDollar Bank13 Month Traditional IRA (Traditional, Roth, CESA)
OTHER TIERS: 0.25% $500+
0.25%$500-Dollar Bank49 Month Traditional IRA (Traditional, Roth, CESA)
Rates as of November 15, 2018.

As stated in the Account Information Schedule, the rather complicated Early Withdrawal Penalty reads as follows:

The penalty for early withdrawal from this certificate will equal the years remaining until maturity (including partial years) multiplied by the principal being withdrawn, multiplied by the difference between the contract rate on the certificate being withdrawn and the rate currently offered on certificates with terms closest to the years remaining until maturity on the certificate being withdrawn.

The penalty, however, shall not be less than three month’s simple interest for certificates having terms of 12 months or less and shall not be less than six month’s simple interest for terms greater than 12 months with interest calculated at the contract rate.

Availability

Headquartered in Pittsburgh, Dollar Bank’s primary market area is southwest Pennsylvania and northeast Ohio. In January, 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.

The Traditional CDs can be opened online, or in person at any of the 40 Pennsylvania branches (22 in Pittsburgh) or the 29 Ohio branches. Following the acquisition of Bank @LANTEC, Dollar Bank gained four Virginia branches, located in Chesapeake, Norfolk, and Virginia Beach (2).

Bank Overview

Dollar Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.26% (excellent) based on June 30, 2017 data. In the past year, Dollar Bank has increased its total non-brokered deposits by $370.24 million, an excellent annual growth rate of 6.66%. Please refer to our financial overview of Dollar Bank (FDIC Certificate # 32245) for more details.

With assets in excess of $8.1 billion, Dollar Bank is Pennsylvania’s seventh largest bank and the 153rd 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 Traditional CDs Compare

When compared to the 231 similar length-of-term CDs tracked by DepositAccounts.com that are available within the Bank’s primary market area, Dollar Bank’s 49-month Traditional CD APY currently shares the top spot with four other institutions, regardless of minimum deposit.

When compared to the 310 similar length-of-term CDs tracked by DepositAccounts.com that are available within the Bank’s primary market area, Dollar Bank’s 13-month Traditional CD APY currently ranks fourth, regardless of minimum deposit. Five banks offer a higher APY, with six other institutions offering the same 1.75% APY.

The above rates are accurate as of 12/16/2017.

To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Pittsburgh CD rates, Cleveland CD rates, 1-year CD rates, 5-year CD rates

Comments
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