DR Bank Review
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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.
Overall Score | 3.8 | ||
Savings | 5.0 | ||
CD | 4.0 | ||
Checking | 3.5 | ||
Money Market | 3.0 | ||
Mobile App | 4.0 | ||
Customer Service | 3.5 | ||
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
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.
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]
DR Bank: Prime Savings
- Up to 1.25% APY
- No monthly maintenance charges
- Includes eStatements, online banking, and mobile banking
How to open a DR Bank account via Raisin:
- Go to DR Bank on Raisin and select Savings.
- Open an account with your name, SSN, date of birth, and address.
- 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]
DR Bank: Prime Money Market
- Up to 2.50% APY
- No monthly maintenance charges
- Includes eStatements, online banking, and mobile banking
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.
DR Bank: Prime CD
- $500 minimum opening deposit
| Term | APY |
|---|---|
| 6 Months | 3.90% |
| 12 Months | 3.85% |
| 18 Months | 3.70% |
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]
DR Bank: Prime Checking
- Up to 0.10% APY
- No monthly maintenance charges
- Free Mastercard debit card
- Includes eStatements, online banking, and mobile banking
How Much Can You Earn?
Use this savings calculator to see how much your money can grow with a DR Bank account:
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 DR Bank Compares
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
High-Yield Savings Premier - 3.80% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
UFB Portfolio Savings - Earn up to 3.26% APY
- Earn up to 3.26% APY.*
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
High Yield Savings Account - 3.86% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Axos ONE - Earn up to 4.21% APY
- Earn up to 4.21% APY* on savings, and 0.51% APY* on checking when you meet requirements.
- Get your money up to 2 days early.
- No monthly maintenance, minimum balance, account opening, or overdraft fees.
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
- ^ DR Bank. About Us, Retrieved 02/14/2024
- ^ DR Bank. Prime Savings, Retrieved 02/14/2024
- ^ DR Bank. Prime Money Market, Retrieved 02/14/2024
- ^ DR Bank. Basic Checking, Retrieved 02/14/2024
- ^ DR Bank. Prime Checking, Retrieved 02/14/2024
- ^ DR Bank. Schedule of Account Features and Charges for Prime Accounts, Retrieved 03/23/2024
- ^ DR Bank. Consumer Deposit Contract, Retrieved 03/23/2024
- ^ DR Bank. Contact Us, Retrieved 02/14/2024
- ^ DR Bank. Electronic Fund Transfer Agreement, Retrieved 02/14/2024
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 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 05/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- 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*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
HSBC Premier - Up to $5,000
Discover all that Premier can do for you
- Earn our best savings rate with a Premier Relationship Savings account for an introductory period and thereafter if you qualify
- Send money internationally, securely, quickly and fee-free in the HSBC mobile app with our award-winning HSBC Global Money Transfers
- Enjoy peace of mind with unique travel benefits available through our credit cards
Here's how the offer works
- Open a Premier checking account by June 30, 2026
- Add your desired level of deposits and/or eligible investments within 20 days
- Get $1,500: Deposit or invest $150,000 to $249,999
- Get $2,500: Deposit or invest $250,000 to $499,999
- Get $3,500: Deposit or invest $500,000 to $999,999
- Get $5,000: Deposit or invest $1,000,000+
- Maintain your balances for 3 full consecutive months
- Remain opted-in to receive HSBC marketing emails
If all offer requirements are met, the bonus will be paid within 8 weeks.
No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Earn up to 2.68% APY with automated savings
- Issue up to 50 Visa® debit cards to your team
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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