CD % Rates

Kat11 Serial expat

Member since 01 January 2016

Kat11Serial expat16 January 2016 11:24:29

216

Does anyone know the interest rate earned on CDs in Dominican on US dollars? I heard 4% but wanted to confirm that, do they pay out monthly?

Also if anyone knows % earned on savings acct and steps I would have to take after becoming a resident to open a bank acct?

planner Dominican Republic Expert

Member since 27 December 2010

Dominican Republic Expert

plannerDominican Republic Expert16 January 2016 13:11:55

17394

Okay the rates change depending on many factors :聽 Bank,聽 dollars or pesos, amount, duration, monthly payout etc etc.聽聽Please do NOT post info on amounts here.聽 You can google the various banks to see their rates:聽 ScotiaBank, Banco Popular, BanReservas,聽 Central Bank to start with.

You do not need residencia to open a bank account. You can do so with your passport,聽 a letter of reference from your current bank and maybe a current client to refer you.聽聽Its not a tough thing to do but make sure you bring that letter of reference with you from home.

institutelouisville Contributor

Member since 25 May 2014

institutelouisvilleContributor16 January 2016 15:16:30

150

Good advice Planner.. She will also need a second letter of reference from someone who lives in the DR, like another expat or her realtor if she has one.