Patriot Bank Offers Online Money Market Nationwide


UPDATE 1/16/2020: Online Money Market now earns 2.00% APY with no rate guarantee.

Deal Summary: Online Money Market, 2.26% APY, $100 minimum opening deposit, new money,rate guaranteed through June 30, 2020.

Availability: Nationwide, excluding Connecticut and New York.

Connecticut-based Patriot Bank is currently offering a promotional Online Money Market on a nearly nationwide basis. The Online Money Market earns 2.26% APY on all balances, with the APY guaranteed through June 30, 2020. When the promotional rate expires on July 1, 2020, the prevailing Money Market rate will apply. A $100 minimum opening deposit of new money (funds not currently on deposit with Patriot Bank) is required and the account holder may not have had an existing Patriot Bank money market account in the past 30 days.

2.00%--Patriot Bank (CT)Money Market
Rates as of January 17, 2020.

There is no monthly maintenance fee or account opening fee. If the Online Money Market is closed within 90 days of opening, there is a $25 early closure fee. There is an Excessive Transaction Fee of $20 for each transaction beyond the six allowed per month. In addition,

If you exceed the transaction limits on more than an occasional basis, we may revoke your privileges on that account of we may convert your savings account to another type of account, such as a checking account.

According to the FAQs section,

Q. – Can I really access my money at anytime?

Being a digital customer does not mean you can’t access your funds. Simply link your Patriot Bank Account to your account(s) at other financial institutions and setup a one-time or recurring electronic transfer or, if you prefer, you can also call us and request a check made out to you.


Headquartered in Stamford, Connecticut, Patriot Bank’s primary market area includes Connecticut and New York, with branches along the Connecticut coast line and in Westchester County, New York.

Patriot Bank’s Online Money Market can be opened by nearly all US citizens/resident aliens, with the exception of those who live in Connecticut or New York. As the name suggests, opening an Online Money Market can only be done online.

Bank Overview

Patriot Bank has an overall health rating of "B" at, with a Texas Ratio of 20.56% (above average), based on September 30, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $10.38 million, an above average annual growth rate of 1.86%. Please refer to our financial overview of Patriot Bank (FDIC Certificate # 33928) for more details.

Founded in 1994, Patriot Bank is currently the 15th largest bank in Connecticut, with assets in excess of $972 million. Believing “a well-connected community is a strong community,” Patriot Bank financed the restoration of the century-old Wall Street Theater in Norwalk, Connecticut. Opened in 1915 as the Globe Theatre, this former vaudeville theater is listed on the National Register of Historical Places. Opened in 2017, the Wall Street Theater is the centerpiece of a major inner-city redevelopment in Norwalk’s Wall Street Historic District.

How the Money Market Compares

When compared to 170 nationally available Money Market Accounts tracked by that require a minimum balance of $5k or less, Patriot Bank's Online Money Market APY currently ranks first. The rate guarantee only enhances the Online Money Market account’s intrinsic value

Interest RateAccount NameCredit Union/Bank
2.26% APYOnline Money Market (rate guarantee through 6/30/2020)Patriot Bank
2.20% APYMax-Yield Money Market Promo (13 month rate guarantee)Sun East Federal Credit Union
2.00% APYOnline Money MarketBankUnitedDirect

The above rates are accurate as of 1/10/2020.

To search for the best Money Market Account rates, either nationwide or state specific, please refer to DA’s Money Market Account Rates Table page.

Related Pages: New York money market accounts, Hartford money market accounts, money market accounts, nationwide deals


#1 - This comment has been removed for violating our comment policy.
midas89   |     |   Comment #2
No hard pull with the 3 credit reporting agencies. They do run you through ChexSystems. It's a new MM account, so they cannot tell you what the rate will be starting July 2020. Beneficiaries can be designated during the application. You'll need to provide the SS numbers of your beneficiaries. You have to upload a copy of your ID during the application process. No credit card funding for the initial opening deposit, minimum $100 as mentioned by Ken.
Predatory Depositor
Predatory Depositor   |     |   Comment #6
Not sure I'm going to go for this account because I just don't have enough liquid cash at this time to make it worth it, but thanks for the great information. Would be nice to have a table for every one of these announcements, listing info on all of the factors you just mentioned and other standard potentially relevant factors of interest to those who may want to open an account.
FDICME   |     |   Comment #20
Just a note to everyone... do not go to my computer had to block a virus when I went to that site. The correct site is
Yu   |     |   Comment #25
When you applied for opening the account, did you need to answer a bunch of security questions for identity verification?
midas89   |     |   Comment #26
Yu, yes, identity verification was done using the typical multiple choice questions.
Lieawatha   |     |   Comment #3
Thanks Ken! I had $250k in my Northern Bank account and the promotional rate of 2.5% is going to 1.25 on Monday. At least this will get me about the same interest!
RichReg   |     |   Comment #4
Be sure to put the bulk of that in during your initial deposit, or use Northern to push funds in.
Patriot has fairly low daily limits on both their ACH service and mobile deposit app.
Predatory Depositor
Predatory Depositor   |     |   Comment #5
I still have my Northern account too. Thanks for saving me a phone call to find out what's going to be happening to the rate there and when. I have almost nothing in it so I'll probably just close it. If they kept the competitive rate I would have put more money in it. But they're clearly not planning to be competitive so no reason to keep that account.
GreenDream   |     |   Comment #8
PD Lieawatha misrepresented NBD's new rate (I'll assume due to a typo). The rate will be 1.75%, no longer market leading to be sure, but not the completely uncompetitive 1.25% that Lieawatha suggested.
Predatory Depositor
Predatory Depositor   |     |   Comment #9
Thank you for that correction. That's a "competitive" rate albeit not a leading rate. That leaves it in the, I'll keep it open for now zone, but not worth transferring money to from elsewhere at this time.
Anonymous   |     |   Comment #7
Northern Bank's new rate will be 1.75%, not 1.25%.
Lieawatha   |     |   Comment #17
Balances over 250k are 1.25% sorry I messed up!
barry_NY   |     |   Comment #10
Their financials look scary. They have a negative return on assets/equity and high bad debt. I'll pass on this,
Sam Young
Sam Young   |     |   Comment #11
Yes, a quarterly loss of 0.01% of assets is terrifying. xoxo
RZ   |     |   Comment #12
Do you not have any trust in FDIC insurance?
Predatory Depositor
Predatory Depositor   |     |   Comment #23
Yes and no. Aside from the inconvenience of having to go through a bank failure, if you have an account you rely on to pay bills, and the bank fails leaving you without access to your funds even temporarily, it's not a good experience. All else being equal, I prefer the bank with the stronger financials in spite of FDIC or NCUA.
Preternatural Suppository
Preternatural Suppository   |     |   Comment #24
Of course, all things are never equal???
midas89   |     |   Comment #13
Potentially Negative News: They disclosed what the regular rate for this account is without the bonus, and it's only 1%. (Of course, we have no way of knowing if they'll continue the bonus rate of 2.26%APY once June 30, 2020 hits.)

Also, only 1 beneficiary is allowed, which means there's only $250K FDIC coverage available for individuals. The application as of today says you can submit more than one beneficiary, but they will call you and say only 1 is allowed.
enelrad1123   |     |   Comment #14
Although this account advertises no fees, if you want to access your funds via a bank check there is a $7.00 fee. Customers Bank, which appears to be a financially healthier bank than Patriot, is offering 2.25% APY on their Ascent Money Market through June 30, 2020. There is no fee charged by Customers if you request a bank check to access your funds.
RichReg   |     |   Comment #15
No fees for a bank check is great,.. if the branch is around the corner. Otherwise, the loss of potential interest is there while check is in transit. And with a min. of $25K in there, some might be requesting those checks more often than others.

You can order your own batch of personal checks online from any host of printing services for as little as $5 or $6.
unmesh   |     |   Comment #16
How does one ensure that an account honors such personal checks if the account is not called a checking account?
enelrad1123   |     |   Comment #18
RichReg, neither Patriot or Customers Bank offers check writing capabilities with their money market accounts. I agree you lose some interest while the check is in transit, but it is potentially more cost effective than paying wire fees.
ra88   |     |   Comment #19
Forget the checks and ACH pull using an external bank. $250K, 2.26% vs. 2.0%, you gain approximately $650 annualized. If you have low balances then you should focus on new account bonuses, promos, referrals etc. $15K gets you $750 at First Republic Bank in CA (not sure about other states). There's also $100 for each referral you make.
RichReg   |     |   Comment #22
@ enelrad1123 comment #18,

Well, according to Patriot's own website: "Money Market"
'This account is ideal for consumers who want to earn interest on deposits, have limited check writing needs and maintain a minimum average daily balance of $2,000 or more.'

Yes, that happens to be for their in-branch money market, but I'm pretty sure the accounts have the same features...that is, limited check-writing capability. Customer's Bank is a whole 'nother ballgame.
NYCDoug   |     |   Comment #38
Re: Customers Bank -- Just open up a Checking account with them, and you're all set . . . Make as many as six monthly transfers from your Money Market Savings to your Checking account, which you in turn use to make withdrawals from Customers. Easy-peasy!
FDICME   |     |   Comment #21
Do not go to the website my computer had to block a virus.

The correct site is
enelrad1123   |     |   Comment #27
@RichReg, comment 22
I stand corrected. I didn't realize Patriot had "limited check writing". When I talked to Customer Service about accessing funds from this account, I wasn't told about the limited check writing, only about cashier's checks and wires. I looked at their disclosures and didn't see an explanation of "limited check writing". I know about the 6 transactions per cycle limit, but I wonder if this may mean you can't write checks for a small amount. I am aware of some accounts that don't allow you to write checks for amounts less than $250.00 for example. Do you know if checks are free with the Patriot money market account and what they mean by "limited check writing" ?
RichReg   |     |   Comment #28
Has nothing to do with amounts...since this account is a Money Market you're limited to six withdrawals per month, which can be by personal check, ACH, bank-check or whatever. The difference here is that 
Patriot's online account is a CHECKING Money market, whereas Customer's Bank is a SAVINGS Money market (without checkwriting). 
The aforementioned rules are per Regulation D; you can read more about that right here in this blog:

Once you fund the account you can order checks from Patriot, and NO, they aren't free....
but you can go to an online site and order your own. Here's a deal for $5.50 a box (new customers):
AnonGuy   |     |   Comment #29
Be careful with Checks Unlimited. They are ruthless about ferreting out people who have used them before trying to claim a "new customer" deal. You may be chased down for additional funds after ordering.

For accounts where I only plan to need a few checks ever, carousel checks has a pad for 3.99 and doesn't care if you're a new customer or not.
midas89   |     |   Comment #30
There's a handling fee, so minimum order is $8.08 for 25 checks. If you choose free shipping, they say don't expect your checks until sometime in February.
unmesh   |     |   Comment #31

How do I find the $3.99 offering on the Carousel Checks website?

midas89   |     |   Comment #32
Click Value Priced Checks. Look at the Parchment Checks, as an example. Click Singles, and then select one pad. That's 25 checks.
51hh   |     |   Comment #33
There are cheaper ones.
RZ   |     |   Comment #34
Anyone else having problems funding this account via ACH? I have wasted the last 2 hours attempting to set up the original deposit but their software crashes after informing me "ACH Transfer Successful". 3 phone calls to CS has not provided a solution. Currently locked out of application and unable to generate a new password. May just pass on this bank.
midas89   |     |   Comment #35
After El_Ryno today posted in the forum he or she called Patriot customer service and was told there are incoming & outgoing ACH limits of $10,000 per transaction initiated from an external bank account, I called to confirm this. The rep said the information is accurate. The rep suggested people can pay the $20 for wire transfers instead.

If anyone else has any differing information, please post that info.
RZ   |     |   Comment #36
Rep told me upper limit to fund was $100K. This is also confirmed after clicking on ACH funding. CSR promised to call me back but never did.
FDICME   |     |   Comment #39
I was told there was no limit if the transfer was initiated at an external bank.

Any idea what would happen if there was a limit and you tried to send an amount above the limit? Would they reject and return the entire amount, or accept an amount up to their limit and then return the rest?
Bowman   |     |   Comment #40
The fact that they can't get this straight has me hesitant to jump on this deal.
Kaight   |     |   Comment #41
More and more, over a long period of time, participants here have realized rules governing ACH are determined by the financial institution where the ACH transfer is initiated. You cannot discuss, or learn the specifics of, a particular ACH transfer without first specifying where it is initiated.

Sadly, while participants here are increasingly aware of this, too many financial institution CSRs are not. Some just assume, when you inquire about ACH, that the transfer will be initiated at their financial institution. Of course that is not generally true for those of us who operate using a hub account. Other CSRs think their institution's ACH rules apply everywhere. Hence you oftentimes must probe deeply and insistently to obtain accurate answers in this realm.
#37 - This comment has been removed for violating our comment policy.
zjts   |     |   Comment #42
2.00 apy accurate as of 01/15/2020
RichReg   |     |   Comment #43
2.00 APY for what?
The subject of this article is an account with an APY of 2.262%

EDIT: Sorry, my bad ...that's crazy. Dropping it a week later.
Only for new accounts, though.  
NYCDoug   |     |   Comment #44
"UPDATE 1/16/2020: Online Money Market now earns 2.00% APY with no rate guarantee."
RZ   |     |   Comment #45
Horrible customer service! Their application software continuously failed as I attempted to fund account via ACH following directions requiring initial amounts between $100-100000. Various CSRs offered no explanation why website crashed or why I was locked out from logging in. Several promises to get back to me were not kept. Finally a "more" knowledgeable rep advised me today that the $100,000 was incorrect and that only a $100 deposit would work to complete the application however the rate was lowered today to 2.0%. Despite more that 5 recorded calls over a week, the manager advised me to first open the account before he would consider but not promise to honor the 2.26% rate. Seriously? No way would I trust this bank with my money!

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