When it comes to your savings, are you getting the highest return? At Drake Bank, your financial success is as important to us as it is to you. We invite you to increase the value of your savings with our high-yielding Investor Savings account.
Our Investor Savings money market account is a savings account that earns a higher interest rate than a traditional savings account, and includes limited check writing privileges.
How does an Investor Savings account differ from a traditional Savings account?
|Category||Investor Savings||Basic or Preferred Savings|
|Minimum Balance*||$25,000||$50 (Basic) or $1,000 (Preferred)|
|Check Writing**||Up to 3 per Month||None|
|Interest Rate***||up to 1.80% A.P.Y.||0.25% A.P.Y.|
|Paper Statements||Mailed Monthly||Monthly, if Combined with a Checking Account|
Investor Savings Rates:
|$25,000 to $100,000||0.50%|
|$100,000 to $250,000||1.00%|
|$250,000 to $1,000,000||1.65%|
* $5 per month if the balance on a Basic Savings account falls below $50; $10 per month if the balance on a Preferred Savings account falls below $50; and $25
per month if the balance on an Investor Savings account falls below $25,000. Fees could reduce earnings on the account.
** Investor Savings accounts allow unlimited deposits or withdrawals in person. Six transfers or pre‐authorized withdrawals are allowed per month, three of which may be made by check.
*** Annual Percentage Yield. Interest rates subject to change daily. The Annual Percentage Yield (APY) is accurate as of 12/15/2017.
Important information about procedures for opening a new account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.