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.
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.
Patriot Bank has an overall health rating of "B" at DepositAccounts.com, 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 DepositAccounts.com 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 Rate||Account Name||Credit Union/Bank|
|2.26% APY||Online Money Market (rate guarantee through 6/30/2020)||Patriot Bank|
|2.20% APY||Max-Yield Money Market Promo (13 month rate guarantee)||Sun East Federal Credit Union|
|2.00% APY||Online Money Market||BankUnitedDirect|
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.