DR Bank Now Offers Nationally Available Online Product Line
Connecticut-based DR Bank recently upped the rate on its nationally-available 18-month Prime CD to 5.60% APY. The minimum opening deposit is $500, with no stated balance cap.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.00% | $500 | - | DR Bank | 18 Month Prime CD | |
| 4.00% | $500 | - | DR Bank | 18 Month Prime IRA |
The 18-month Prime CD is also available as a Prime IRA CD (Traditional, Roth), earning the same APY with the same deposit requirements.
Added to the product line four months ago, the 18-month Prime CD has had two rate increases, adding a total of 35 bps
Availability and Account Opening
Headquartered in Darien, Connecticut, DR Bank has a brick-and-mortar presence in Fairfield County, Connecticut. Several months ago, DR Bank unveiled a Digital Banking product line available to all U.S. citizens and resident aliens. The Digital Banking currently has a limited number of products, including three CDs, checking, savings, and Money Market accounts.
Opening an 18-month Prime CD can be done online or at either of two full-service Connecticut branches located in Darien and Rowayton.
Funding and Other Details
The following is from a conversation with CSR.
- Funding* – ACH, wire, or check.
- Ownership – Individual or joint.
- Early Withdrawal Penalty – 270 days on amount withdrawn, partial withdrawals allowed, principal is not protected.
- Interest – Compounded daily and credited monthly, can be transferred without penalty into a DR Bank checking/savings account.
- Maturing Funds – Cashier’s check to the address on file.
- Beneficiaries – Up to 3, percentages can be assigned, Social Security numbers are required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – ChexSystems.
*According to CSR, once the application has been approved, a DR Bank official will provide instructions as how to fund the CD.
Bank Overview
DR Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.35% (excellent) based on June 30, 2023 data. In the past year, DR Bank has increased its total non-brokered deposits by $15.29 million, an excellent annual growth rate of 4.7% APY. Please refer to our financial overview of DR Bank (FDIC Certificate # 58257) for more details.
Established in 2006 as the Darien Rowayton Bank, DR Bank is currently the 22nd largest bank in Connecticut, with assets in excess of $509 million and nearly 5,500 customer accounts. As stated on the DR Bank “Powering Innovation” page,
Founded in 2006 as a de-novo community bank in Connecticut, DRB also launched a consumer lending Fintech that successfully sold in 2019.
The Bank originated over $4BN of digital consumer loans from 2013 to 2019, developing deep expertise in the space including digital marketing and capital markets.
After the sale of the digital lending Fintech, DR Bank has re-directed its expertise to leverage the DR Bank infrastructure and management expertise to support the growth and development of new, emerging Fintechs.
How the 18-Month Prime CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, two banks and two credit unions have higher rates than currently offered on the DR Bank 18-month Prime CD. The following table compares the 18-month Prime CD to the two highest-rate CDs from credit unions and the two highest-rate CDs from other banks.
The above information and rates are accurate as of 11/27/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
