NewDominion Bank VS Home Savings Bank

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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Pros:

  • Low opening required amounts
  • Variety of personal deposit accounts
  • Business accounts available
  • Bump Rate CDs

Cons:

  • Cannot open accounts online
  • Most accounts have a monthly fee
  • Accounts have tiered interest rates
  • Full account information not online
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
Advertiser Disclosure
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Pros:

  • Competitive interest rates for CDs
  • Personal deposit accounts offered
  • Can open CDs online
  • Online mortgage options

Cons:

  • High opening required amounts
  • Monthly maintenance fees are high
  • Cannot open all accounts online
  • MMA has tiered interest rates
NewDominion Bank Review

NewDominion has low opening required amounts for most of their accounts. Checking, savings, and one money market account do not have a required amount to open the account. All the CD terms require $1,000 to open. The Evolve money market account requires $1,000 to open.

There are a variety of personal deposit accounts offered through NewDominion Bank. They offer two checking accounts, one savings, two money market accounts, and a variety of CD terms. NewDominion offers a savings account specifically for youth and investment options. Mortgage, home equity, auto, and personal loans are also offered.

Along with personal accounts, NewDominion offers business accounts. They offer checking accounts, money market accounts, and CDs for businesses. They offer business and equipment loans, lines of credit, and commercial real estate loans. Business accounts include online banking, mobile check deposit, and ACH services.

NewDominion offers Bump Rate CDs. Most CDs lock in rates from the day you open the account to maturity. However, the Bump Rate CDs allow for a one time increase to a higher interest rate during the term of the CD. The Bump Rate CDs are available in a 23-month and 35-month CDs. They each require $1,000 to open.

NewDominion Bank accounts cannot be opened online. To open an account, you must first schedule an appointment. A bank representative will call, or you can visit a branch location to finish opening the account. NewDominion currently does not offer any online accounts.

Most NewDominion accounts have a monthly fee. The fees range from $15 to $25 depending on the account. Waive the monthly fees by keeping a set balance in the account. Those balance range from $2,500 to $10,000. The average amount kept in the account is an average daily balance.

To earn the most competitive rate, the NewDominion MMA requires a large sum. Any amount in the account earns interest, but to receive the highest rate requires $100,000 in the account. The savings account also has tiered rates. To earn the most competitive rate requires $10,000 in the savings account.

NewDominion website does not have a complete list of fees and account information. For complete details, you must visit a branch location or contact customer service. Open an account in the branch.

Read the full NewDominion Bank review.

Home Savings Bank Review

Home Savings Bank CDs offer competitive interest rates. The rates are competitive with other online accounts. Their rates are much higher than typical brick and mortar bank rates. The rates are competitive whether you open the account in the branch or online.

Personal deposit accounts are available through Home Savings Bank. These accounts include a checking account, money market account, CDs, and IRAs. Not all accounts can be opened online. Only the CDs and IRAs have the option to open online.

Home Savings Bank offers CDs that are entirely online. These accounts are available for anyone across the United States to open. You must be at least 18 years old. You must be a resident of the United States or a resident alien. You must have an address in the U.S., a social security number, and a driver license or other ID.

Home Savings Bank offers online mortgage options. You apply for your loan online. A loan officer will contact you by phone, email, or online chat to answer your questions. Because the mortgage is online, the rates and fees are typically lower than other banks.

Each of the accounts with Home Savings Bank has a high required opening amount. The CDs, money market account, checking account, and IRA accounts all require $5,000 to open. The opening required amount is the same whether opening in the branch or online.

The monthly maintenance fees for Home Savings Bank accounts are high. The fee for the money market account and checking account is $35 a month. Waive this fee by keeping a set balance in the account. The checking account requires $5,000 in a combination of Home Savings Bank accounts to waive the fee. The money market account must have $2,500 in the account to waive the fee.

Not all Home Savings Bank accounts have the option of opening online. Only the Home Savings Bank CDs and IRAs have the online option. To open the checking or money market account visit the branch location. There is one branch location in Salt Lake City, Utah.

The interest rates for the Home Savings Bank MMA are not competitive. These rates are also tiered. To earn the best rate requires an account balance over $200,000. Even the highest rate is not competitive with other online money market accounts. Only the CDs with Home Savings Bank earn competitive interest rates.

Read the full Home Savings Bank review.

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