Personal Savings
Drake Bank put your excess funds to work. We have three savings options, each one accessible through free online banking. In addition, we have a full range of CDs available.
All accounts include the following benefits:
- Free Online Banking
- Mobile Banking with Mobile Deposit
- 24 hour Bank-By-Phone
Free e-statements (paper statements available for $5 per statement)
Basic Savings
A simple account
Interest is paid when the minimum daily balance exceeds $50.
5 free withdrawals; then $1 per withdrawal over 5
Monthly, if combined with a Drake checking account. Otherwise, quarterly.
Preferred Savings
For higher balances
Pays a variable rate based upon the following tiers:
- $0 – $999.99
- $1,000 – $9,999.99
- $10,000 – $24,999.99
- $25,000+
None when the minimum daily balance exceeds $1,000. $10 if the balance falls below $1,000.
5 free withdrawals; then $1 per withdrawal over 5.
Monthly, if combined with a Drake checking account. Otherwise, quarterly.
Investor Savings
The best choice for significant balances. Limited check-writing. No-fee cashier’s checks included.
Pays a variable rate based upon the following tiers:
- $0 – $24,999.99
- $25,000 – $99,999.99
- $100,000 – $249,999.99
- $250,000 – $999,999.99
- $1,000,000+
None if the daily minimum balance exceeds $25,000. Otherwise, $25.
Unlimited deposits and withdrawals in person
Monthly
Certificates of Deposit (CDs)
Earn our best available rates when you can “lock-up” your funds or a specified term.4
Maturities of 91 days to 5 years are available.
Guaranteed interest rate for the term you select.
Fraud Protection for your Debit Card
If we suspect you may be a victim of debit card fraud we will:
send an email to you and you may reply either “fraud” or “no fraud”
send a text message to you one minute after the email with the same reply options
call you if we do not get a response; it will be an automated call with the option of speaking to a fraud analyst
Remember, we will never ask for your PIN or account number.
NOTE:
$100 minimum opening deposit required for all savings accounts; $500 minimum required for CDs.
1 Interest will be compounded and paid monthly based on the daily collected balance. Please refer to our deposit account rates for current rate information on our interest bearing accounts. At our discretion, interest may change daily. Interest begins to accrue no later than the business day we receive credit for the deposit of checks.
2 See separate miscellaneous fee schedule for other charges that may apply to these accounts.
3 Transfers from a savings account to another account or to third parties by pre-authorized automatic or telephone transfers are limited by Federal regulation to six per statement cycle. No more than six withdrawals are allowed per month.
4 There may be a penalty for early withdrawal of CD funds.
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.