May 21, 2024

DR Bank Review

Read more about DR Bank
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DR Bank offers a range of banking options with no fees or minimums. Plus, you can open a high-yield account through Raisin. Read on for more details.

5-point scale (the higher, the better)

Pros and Cons

  • Competitive rate on savings account via Raisin
  • No monthly fees
  • High balance requirement on money market account

Bottom Line

Small bank offering various savings options with good rates

Want to reach your financial goals? DR Bank has a high-yield savings account, accessible via Raisin, with an impressive APY.

They've got a range of checking and savings options too, most with no monthly fees or minimum deposits. Keep reading for more details.

What is DR Bank?

DR Bank was established in 2006 and is based in Connecticut. [1] They offer a broad selection of banking products and a convenient online platform for managing your account anywhere.

Additionally, they've partnered with Raisin, a third-party platform, to provide a hassle-free high-yield savings account worth considering.

Pros and Cons

Pros

  • Competitive rate on savings account via Raisin
  • Various checking and savings options
  • Interest-earning checking account
  • No monthly fees for checking and savings
  • Competitive rates on CDs
  • FDIC-insured

Cons

  • High balance required to earn APY on money market account
  • Limited physical branches

Is DR Bank worth it?
DR Bank is worth considering if you want a high-yield savings account for your financial goals. While their high-yield option is exclusively offered through Raisin at the moment, it's still a great choice because it's easy to use and secure. Plus, your money is protected by FDIC insurance on Raisin too.

What's the most appealing feature of DR Bank?

Savings Accounts

DR Bank has a High Yield Savings account available exclusively through Raisin. It boasts an impressive APY and no fees, perfect for growing your funds. The best part is you only need $1 to open an account.

Raisin is an online platform that partners with different banks to provide savings products with good rates, minimal fees, and low minimum requirements. It allows you to open and handle multiple savings accounts, money market accounts, and CDs all in one place.

Meanwhile, DR Bank's Prime Savings offers average rates with no monthly fees. But to get the best APY, you need to keep at least $5,000 in your account. [2]

How to open a DR Bank account via Raisin:

  1. Go to DR Bank on Raisin and select Savings.
  2. Open an account with your name, SSN, date of birth, and address.
  3. Link a bank account so you can fund your savings product ($1 minimum deposit).

Prime Money Market

DR Bank has the Prime Money Market account for those with higher balances looking for better returns. If you keep at least $100,000 in your account, you can earn a decent APY.

Aside from having no monthly fees, it also features online/mobile banking access, mobile check deposits, and limited check-writing privileges. [3]

Prime CDs

DR Bank currently provides two CDs with different terms: 6 months and 11 months. The 6-month CD has a slightly higher APY than the 11-month one. However, both CDs require a minimum deposit of $500 to open an account and to start earning interest.

Once your CD matures, you have 10 days to choose whether to withdraw your money or let it renew automatically.

Checking Accounts

Here are DR Bank's checking account offers and how they differ:

  • Basic Checking
    This is a straightforward account that does not earn interest and has no opening deposit requirement or monthly fees. You'll get a free debit card, e-statements, and access to online and mobile banking, including the option to make mobile check deposits. [4]

  • Prime Checking
    It has the same features as the Basic account except you can earn a little interest. Your APY is determined by your minimum daily balance, with balances of $5,000 or more earning a slightly higher rate. [5]

How Much Can You Earn?

Use this savings calculator to see how much your money can grow with a DR Bank account:

Savings Calculator

Fees to Look Out For

DR Bank's checking and savings accounts have no monthly fees or charges for online banking and bill payments. [6]

However, if you withdraw early from a CD, you'll face a penalty equal to 90 days' interest for 6-month CDs and 180 days' interest for 11-month CDs. [7]

How likely are you to switch to a bank with no fees and minimums?

How DR Bank Compares

Who is DR Bank Best For?

DR Bank is best for people seeking to grow their funds through high rates. They offer a range of savings options and an attractive high-yield account through Raisin.

So whether you're saving for the short term or planning for the future, DR Bank has what you need to reach your goals.

Is DR Bank Legitimate?

Yes, DR Bank is a legitimate financial institution and an FDIC member bank (Cert #58257). Thus, deposits are federally insured up to $250,000 per depositor, per ownership category.

Even if the bank goes under, you are guaranteed to get your money back up to the maximum amount allowed by law.

How to Access Your Funds

When opening an account via Raisin, you can transfer money to and from your external bank account to your Raisin account. These transfers typically take 1-3 business days to complete.

For the accounts directly offered by DR Bank, below are several ways to access your money: [9]

  • Telephone and online banking transfer
  • Direct deposit
  • Preauthorized payments
  • ATM transactions

Bottom Line

DR Bank is a solid pick for those looking to grow their savings. They offer a high-yield account with an attractive APY, plus a range of other banking options with good rates and no fees.

But, if you want to explore other options, online banks and credit unions are worth considering as well.

References

  1. ^ DR Bank. About Us, Retrieved 02/14/2024
  2. ^ DR Bank. Prime Savings, Retrieved 02/14/2024
  3. ^ DR Bank. Prime Money Market, Retrieved 02/14/2024
  4. ^ DR Bank. Basic Checking, Retrieved 02/14/2024
  5. ^ DR Bank. Prime Checking, Retrieved 02/14/2024
  6. ^ DR Bank. Schedule of Account Features and Charges for Prime Accounts, Retrieved 03/23/2024
  7. ^ DR Bank. Consumer Deposit Contract, Retrieved 03/23/2024
  8. ^ DR Bank. Contact Us, Retrieved 02/14/2024
  9. ^ DR Bank. Electronic Fund Transfer Agreement, Retrieved 02/14/2024
DR Bank

High-Yield Savings Account - 5.23% APY

  • $1 minimum deposit
  • No fees
  • 24/7 online access to funds
  • FDIC insured
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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