North Carolina Bank is a True Online Bank
July 21, 2008
NewDominion Bank is an example of a true online bank - no branches and no branch overhead to pass on to customers. Countless banks claim to be an online bank, but are actually just divisions of large multi-branch and multi-state banks. These banks have the high costs associated with their branch operations that an online banks does not have. And while many of the nation's largest banks are suffering from losses due to their mortgage operations, NewDominion Bank has reported consecutive quarters of profit possbily due to their more narrow lending focus. The bank an impressive website and online banking platform for both small business and retail customers. NewDominion Bank is offering a wide variety of online banking services for commercial and retail customers including high rates on deposit accounts. Today's rates include:
High Yield Money Market Account 2.15% APY, $3,000 minimum opening balance
Savings Account 2.15% APY, $1,500 minimum opening balance
90-day CDs 3.35% APY, $3,000 minimum opening balance
18-month CDs 4.20% APY, $3,000 minimum opening balance
3-year CDs 4.50% APY, $3,000 minimum opening balance
4-year CDs 4.50% APY, $3,000 minimum opening balance
5-year CDs 4.50% APY, $3,000 minimum opening balance
The certificate of deposit rates are eligible for Individual Retirement Accounts (IRAs) which put them among the highest rates in the country for IRA accounts. To find out more information or to open an account visit the NewDominion Bank website.
