There is a fairly decent deal going on through NewDominionDirect.com if you’re in the market for a 2 year bank CD. Right now they have a 24 month certificate of deposit yielding 3.01% APY which is roughly 0.50% higher than the current national average for this specific term.
NewDominionDirect is relatively new on the scene as far as online banks go. They are a full service retail bank (online) based out of Charlotte, North Carolina. Since they were founded in 2005, NewDominionDirect now has 43 employees and over $375 million in total assets. They control roughly $344 million in consumer deposits and service almost $220 million in loans. They also hold the number 1 spot for “2 year CD interest rates” (that are nationally available from our database).
Although they are an online bank, their website isn’t too impressive and it seems they mostly just promote this current 2 year deposit product. They do however, have personal checking accounts, money market accounts and IRA accounts available but they don’t disclose the savings rates associated with them.
I personally have never done business with NewDominionDirect.com, but as a side note, they have received several noteworthy awards for “Best Places to Work” in both 2007 and 2008. We cruised the message boards a bit to get a better feel of the general sentiment surrounding this bank and found that the major points of contention from the customers’ perspective was over their online user interface, the difficulty in transferring money and the lack of customer service representatives.
2 year CD Rate through NewDominionDirect.com
- $3,000 minimum deposit to open account
- A penalty may be imposed for early withdrawals.
- Interest compounded daily and paid monthly
- Automatic renewal upon maturity (after your 2 years is up you will want to check the current CD rates and try to move into a higher yielding deposit as rates are low across the board currently)
- FDIC insured
If you have experience with NewDominionDirect, please share by leaving a comment below.