A bank in North Carolina is offering savers a sweet mid-term CD deal.
NewDominion Bank raised its 2-year CD rate to 1.75 percent APY.
The deal is four basis points higher than the top 24-month CD rate offered by First Internet Bank of Indiana.
Best of all, the offer isn’t limited to super savers. The minimum opening deposit is $1,000.
|First Internet Bank of Indiana||1.71%||$1,000|
|Connexus Credit Union||1.7%||$5,000|
|M.Y. Safra Bank||1.66%||$5,000|
Just note that the bank only earned two out of five stars on Bankrate’s latest Safe & Sound Ratings, which measures the financial health of banks and credit unions throughout the United States.
Regardless of what the future holds for the bank, your savings will be safe. Deposits up to $250,000 are insured by the Federal Deposit Insurance Corp.
How to buy NewDominion Bank CDs
NewDominion Bank does not accept online applications.
If you don’t live near any of the bank’s two branches, you’ll need to submit an online inquiry form. After that, a banker will contact you and send an application.
During the application process, you’ll need to provide the following documentation:
- Copy of a valid ID issued by the U.S. government (such as a driver’s license)
- Proof of address with a copy of a recent bank statement, lease, credit card or utility bill (if you’re submitting a copy of your passport or the address on your application doesn’t match the one on your ID)
You can fund your CD by mailing a check or wiring funds into your account. The incoming (and outgoing) wire transfer fee is $15.
With a NewDominion Bank CD, interest compounds daily. The bank pays dividends monthly.
If you withdraw your savings before your CD matures, you’ll lose some of the interest you earned. The early withdrawal penalty is 180 days interest.
Following the maturity date, the CD will automatically renew within 10 days if you fail to claim the funds in your account.
Calculate how much interest you’ll earn when your CD matures.
About NewDominion Bank
Headquartered in Charlotte, North Carolina, NewDominion Bank was founded in 2005.