New Dominion Direct Online Savings Account Rates

New Dominion Bank has been providing all financial services with great customer service to the area of Charlotte, North Carolina since 2005.  While still a relative newcomer to the banking scene, they have managed to expand their business a great deal and be awarded an A rating with the Better Business Bureau.

In that time they have also founded their online banking branch of New Dominion Direct, which specialized in personal and business online savings, checking, CD, and Money Market accounts.  The New Dominion Direct online savings account rates are definitely competitive for the online market and look to remain that way for quite awhile.

The current annual interest percentage earned for New Dominion Direct online savings accounts is at a 1.50%.  The minimum deposit amount in order to open the account is $1,500, and a $1,000 daily balance must be maintained.

If the balance falls below $1,000 the account will still continue to earn interest however a $10 maintenance charge will be applied to the account, which negates the interest you have earned anyway.  The interest for this online savings account is compounded daily, which will earn you the most interest possible for your money.

However, don’t get concerned if you don’t see daily interest payments.  While the interest is calculated daily it will only be paid to the account once a month.

Direct deposit is available with the New Dominion Direct online savings account, so if you want to set aside a portion of your paycheck every month to that account then you have the ability to do so.  Online and ATM access to your access are free and give you unlimited, 24/7 access to your funds.

With this account you do get three free withdrawals per month.  Any withdrawals over three will each be charged a $5 fee.  This account does have several fees that can limit the amount of interest you actually make, and this should be taken into account before you open an account.

However, if you plan to have a savings account that you add funds to and otherwise leave completely alone then this account could be very advantageous for you.  The rates are very good and can be significantly higher than other accounts that have no fees.