Riverside Bank of Dublin (Riverside) is guaranteeing 1.01% APY on its All In Checking account through December 31, 2021. The 1.01% APY applies to balances of $2.5k and higher. Riverside’s Rates page shows four balance tiers for the All In Checking account – $2.5k+, $10k+, $25k+, and $100k+. I assume there will be four different APYs on January 1, 2022.
The All In Checking (a non-rewards checking account) can be opened with a minimum $50 deposit. There is a $5 monthly maintenance fee that can be avoided with “$15,000 in total personal accounts relationship balances.” Unlimited check writing is available and a fee-free debit card can be issued.
Headquartered in Dublin, Ohio (a suburb of Columbus), Riverside Bank of Dublin’s current market area is the greater Columbus metro area.
At this time, the only option for opening an All In Checking account is an in-person visit to sole Ohio branch, located in the Metro Place North business park in Dublin. There is no mention of any COVID-19 related branch limitations on the Bank’s website, but appointments are available.
Riverside participates in the MoneyPass ATM network, giving its customers access to more than 37,000 fee-free ATMs through the United States and Puerto Rico.
Riverside Bank of Dublin has an overall health grade* of "B+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) based on March 31, 2021 data. Riverside has an excellent capitalization level (81.59%), the result of holding $28.88 million in assets with $23.56 million in equity. Please refer to our financial overview of Riverside Bank of Dublin (FDIC Certificate # 59199) for more details.
*Riverside's overall health grade is affected by additional factors, such as a small asset base, a short operating history, or negative return on equity, which can represent an instability risk beyond what the financial ratios indicate. Riverside Bank of Dublin has a low asset base ($28.88 million), a very short operating history (less than five months), and a negative return on equity (-10.61%).
Riverside Bank of Dublin is a “de novo” bank – a startup launched from scratch – and only the second de novo bank opened in Ohio since the Great Recession. Riverside could be considered a “novus de novo”, having opened its doors in early March.
According to a March 2021 article in Columbus Business First,
The bank got conditional approval to open from the Federal Deposit Insurance Corp. in March 2020, days before the pandemic hit.
"We went from one of the best times to raise money to maybe the worst," Daily said. "We put off our capital raise but ... all felt better after 4 or 5 months; some of the worst predictions didn't come to pass."
Ultimately the bank's organizers raised $25 million to get started – the maximum about it was approved for. Since it opened for business late last month, it has seen a "nice pipeline of loans and deposits," Daily said.
The bank's focus is small business, offering lines of credit, equipment financing, SBA loans and construction loans. Its office in the Metro Place business park will be its home for now, as it has put off plans for a traditional retail branch. Covid-19 has helped people understand digital banking tools and that's good for the new bank, Daily said.
"We still think there is a niche from the consolidation of the bank industry," Daily said, noting how more businesses have turned to banks during the pandemic. "The relationship with the bank and the business has never been more important."
How the All In Checking Compares
When compared to the standard checking accounts tracked by DepositAccounts.com that are available within the market area and not limited by a low balance cap, Riverside Bank of Dublin’s All In Checking APY currently ranks first. The rate guarantee through the end of the year definitely increases the account’s intrinsic value.
The All In Checking also compares well to No Penalty CDs. Not only is the guaranteed rate substantially higher than currently available No Penalty CD APYs, the All In Checking also offers unlimited withdrawals.
The above information and rates are accurate as of 7/13/2021.
Looking for the best checking accounts rates, either nationwide or state-specific? Please refer to our Standard Checking Rates Table page.