Deposit Account Rates
Certificate of Deposit (CD) Rates
Rates Effective February 6, 2023
Interest paid annually and at maturity
Guaranteed interest for the term you select
Earn more than savings accounts
Competitive Rates
FDIC Insured
| Maturity Terms | Interest Rate | Annual Percentage Yield2 | Minimum Opening Balance |
|---|---|---|---|
| 91 Days | 2.50% | 2.52%4 | $500.00 |
| 182 Days | 2.75% | 2.77%4 | $500.00 |
| 9 Months | 4.25% | 4.27%4 | $500.00 |
| 12 Months | 4.25% | 4.25%5 | $500.00 |
| 18 Months | 3.76% | 3.76%5 | $500.00 |
| 24 Months | 2.50% | 2.50%5 | $500.00 |
| 36 Months | 2.25% | 2.25%5 | $500.00 |
| 48 Months | 2.00% | 2.00%5 | $500.00 |
| 60 Months | 2.00% | 2.00%5 | $500.00 |
Savings & Checking Accounts6
Rates Effective February 6, 2023
Please see our business checking, business savings, personal checking, personal savings account details for minimum opening deposits and other important information.
| Account Name | Minimum APY Balance 1 | Tiers | Interest Rate | Annual Percentage Yield 2 |
|---|---|---|---|---|
Basic Savings |
N/A | N/A | 0.20% | 0.20%3 |
Little Drake Savings |
$25.00 $1,000.01 |
$0.00-$1,000.00 $1,000.01 + |
4.00% 0.40% |
4.00%3 0.40%3 |
Preferred Savings |
$1,000.00 $10,000.00 $25,000.00 |
$1,000.00-$9,999.99 $10,000.00-$24,999.99 $25,000.00 + |
0.55% 0.70% 0.80% |
0.55%3 0.70%3 0.80%3 |
Investor Savings |
N/A $25,000.00 $100,000.00 $250,000.00 $1,000,000.00 $5,000,000.00 |
$0.00-$24,999.99 $25,000.00-$99,999.99 $100,000.00-$249,999.99 $250,000.00-$999,999.99 $1,000,000.00-$4,999,999.99 $5,000,000.00 + |
2.26% 2.26% 2.26% 3.00% 3.25% 3.61% |
2.26%3 2.26%3 2.26%3 3.00%3 3.25%3 3.61%3 |
Interest Checking,
|
N/A $1,000.00 $5,000.00 $10,000.00 |
$0.00-$999.99 $1,000.00-$4,999.99 $5,000.00-$9,999.99 $10,000.00 + |
0.25% 0.25% 0.40% 0.40% |
0.25%3 0.25%3 0.40%3 0.40%3 |
Civic Checking |
N/A $25,000.00 |
$0.00-$24,999.99 $25,000.00 + |
0.40% 0.50% |
0.40%3 0.50%3 |
1 Minimum balance to obtain annual percentage yield.
2 APY listed is an estimate. Actual APY will be based on specific account terms and will be disclosed at account opening.
3 Interest rates and annual percentage yield may change, at our discretion, at any time. Interest on deposit accounts is compounded and credited to your account monthly on the monthly statement cycle date. If you close your account before interest is credited, you will receive the accrued interest. Fees could have the effect of reducing earnings on your account.The range your daily balance falls within determines the interest rate and annual percentage yield paid on your entire account balance.
4 Annual percentage yield (APY) assumes that interest is compounded at maturity.
5 Annual percentage yield (APY) assumes that interest is compounded and credited annually and remains on deposit until maturity. A withdrawal of interest prior to maturity will reduce earnings. Interest rates on certificates of deposit (CD’s) are fixed and are paid for the term of the deposit until maturity. Additional deposits before maturity are not permitted except to the IRA CD, which allows additional deposits of a minimum of $50.00. Penalty for early withdrawal may apply. Please refer to your CD for additional terms and conditions that may apply.
6 All checking and savings accounts require a $100 opening balance.
Interest rates are determined at the sole discretion of Drake Bank and are subject to change. Details on account terms and conditions are available upon request.
Please contact us for further information.