Old Dominion introduces Prime Money Market Account at 1.20%* APY
When Prime rate rises, your Money Market rate of 1.20% APY* will automatically adjust 1/2 of the Prime rate variance. Open your account and enjoy the convenience and flexibility of our automatic adjustment. CEO Mark Merrill commented “this money market allows our communities to enjoy the benefits of a competitive rate without the inflexibility of locking their funds into time deposit accounts”.
*APY=Annual Percentage Yield. APY current as of 03/24/17 is 1.20%. Rate is subject to change. Prime rate is tied to Wall Street Journal Prime Rate which is 4.00% as of 3/24/17. Minimum balance to earn disclosed rate is $10,000. Maximum balance to earn disclosed rate is $2,000,000. Balances less than $10,000 and more than $2,000,000 are subject to lower APY of .30%. Six withdrawals are allowed per month before excessive withdrawal fee of $10 applies. Money market funds are on demand deposits and are not subject to withdrawal penalties.