New Dominion Bank is currently offering some fairly decent rates on their certificate of deposit products. They aren’t as lucrative as some of the CD rate promotions we have covered in the past but we haven’t reviewed them since they rebuilt their website a couple months ago and felt it was well overdue.
New Dominion bank (or NewDominionDirect.com) is a niche financial services company specializing in online savings products. Their rates are typically listed on our “top cd rates charts” and are consistently higher than the national average. Their online channel provides customers with the ability to open accounts, transfer funds, make bill payments, and much much more with the convenience and security of 24 hour online access.
In addition to savings products, NewDominion offers complete lending, advisory and cash management services to small and mid-sized businesses, bringing the expertise and experience that enable customers to achieve their goals for rapid growth and success.
CD rates offered by New Dominion
(as seen on their rates page)
- 3 month CD yielding 1.26% APY
- 6 month CD yielding 1.82% APY
- 9 month CD yielding 1.82% APY
- 12 month CD yielding 2.26% APY
- 18 month CD yielding 2.32% APY
- 24 month CD yielding 2.35% APY
- 36 month CD yielding 2.40% APY
- 48 month CD yielding 2.40% APY
- 60 month CD yielding 2.40% APY
New Dominion’s rates seem to flatten with a longer duration maturity. I would recommend finding another institution to invest in if you are searching for a 3-5 year CDs. Their short term rates tend to be the most competitive. If you have experience with this institution please share by leaving a comment.
New Dominion Bank, based out of Charlotte, North Carolina, is a relatively small bank – the 35th largest in North Carolina by asset size. They have just 4 physical branch locations and conduct most of their business online. As of 2012, they control roughly $345 million in consumer deposits and service roughly $220 in loans.