Patriot Bank Online Money Market Rate Guaranteed Through 4/30/2020


Deal Summary: Online Money Market, 1.75% APY, $100 minimum opening deposit, new money, rate guaranteed through April 30, 2020.

Availability: Nationwide, excluding Connecticut and New York.

Connecticut-based Patriot Bank is once again accepting applications for its Online Money Market, which is available on a nearly nationwide basis. Unfortunately, the promotional rate and guarantee period have gone down quite a bit since I first wrote about this promotion in January. It’s definitely not the deal that it used to be. In today’s environment, I think most readers will want a much longer guarantee period. Nevertheless, I thought it was important to provide an update on this promotion. The Online Money Market currently earns 1.75% APY on all balances, with the APY guaranteed through April 30, 2020. When the promotional rate expires on May 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.

For those not familiar with the Online Money Market account, here’s a synopsis of its recent history:

  • January 8, 2.26% APY, rate guaranteed through 6/30/2020
  • January 15, 2.00% APY, no rate guarantee
  • January 24, 2.21% APY, rate guaranteed through 7/31/2020
  • January 31, 2.00% APY, rate guaranteed through 7/31/2020
  • March 20, 1.75% APY, rate guaranteed through 4/30/2020

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.

Patriot Bank has temporarily closed its branch lobbies to the public in response to COVID-19, but,

branch staff is available for transactions that cannot be completed at a Live Banker ATM by appointment, Monday through Friday, 9AM-5PM; for Safe Deposit box access, Bank Checks/Money Orders, New Account Opening, and change orders.

Bank Overview

Patriot Bank has an overall health rating of "C+" at, with a Texas Ratio of 24.05% (average), based on December 31, 2019 data. Patriot Bank has an above average capitalization level (10.77%), the result of holding $981.06 million in assets, with $105.64 million in equity. Please refer to our financial overview of Patriot Bank (FDIC Certificate # 33928) for more details.

Founded in 1994, Patriot Bank is currently the 14th largest bank in Connecticut, with total deposits in excess of $818 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 130 nationally available Money Market Accounts tracked by that require a minimum balance of $10k or less, Patriot Bank's Money Market APY currently ranks fifth.*

The above rates are accurate as of 3/23/2020.

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.

*While we are working hard to keep our rates updated, there are just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts may not reflect the latest rates published by the banks and credit unions.

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

  |     |   Comment #1
A one month guarantee is more dis-incentive than good marketing device it seems to me, with this Bank effectively broadcasting the rate goes down May 1st. Who wants to put funds in a "C" rated Financial Institution in times like these anyway?
  |     |   Comment #3
i want sign for it now
Patriot Bank Offers Online Money Market Nationwide
UPDATE 1/24/2020: Online Money Market now earns 2.21% APY with a rate guarantee through July 31, 2020.

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

Deal Summary: Online Money Market, 2.26% 2.21% APY, $100 minimum opening deposit, new money, rate guaranteed through July 31, 2020 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% 2.21% APY on...

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