Dollar Bank Increases Savings Interest Rates

PITTSBURGH, Pa., Oct. 3, 2022 /PRNewswire/ -- Dollar Bank announced today that it has increased the rate on our Everything Savings Account to 2.00% Annual Percentage Yield (APY), while increasing rates on all deposit accounts.

"We believe our customers should be able to get additional value from a community bank with offices where they live and work," said Jim McQuade, President and CEO of Dollar Bank. "Our mission is to provide exceptional value to our customers and local communities we serve, empowering their financial success."

Dollar Bank's Everything Savings Account has historically provided higher rates than the national average savings account and by increasing the rate to 2.00% APY, that is a return over 11 times that average (as reported by the FDIC). The Everything Savings Account is focused on giving all customers the opportunity to benefit from a higher interest rate, up to $20,000, not just higher balances. We also raised our Premier Savings Account to 1.25% (APY) for balances over $20,000.

Dollar Bank also raised the deposit rates on checking accounts and certificates of deposit.  Business customers can benefit by taking advantage of increased rates on our Business Relationship Savings Account which now earn 1.50% up to $50,000.

"Our mutual structure provides us the opportunity to be different and customer focused.  We had that singular focus in mind when we moved forward with the rate increases on all our deposit products. With our savings rates up, now is a rewarding time for our customers to save." said McQuade.

Existing customers will immediately see rates increase on their accounts, while potential new customers can take advantage of the new rate increases by visiting Dollar.Bank/savings or a local branch location.

Dollar Bank has assets of more than $11.5 billion. Today, Dollar Bank operates more than 90 locations throughout Pennsylvania, Ohio, Virginia, and Maryland with over 1,400 employees. For more than 167 years, Dollar Bank has grown to become the largest mutual bank in the United States, committed to providing the highest quality of banking services to individuals and businesses. Dedicated to aiding the communities it serves, Dollar Bank supports quality of life initiatives, financial literacy programs, and organizations devoted to helping individuals and families in need. Dollar Bank (www.dollar.bank) is headquartered in Pittsburgh, Pennsylvania.

CONTACT: Frank Buonomo, Vice President, Public Affairs
                    412.261.8105                
                    [email protected]

SOURCE Dollar Bank