Banking Savings account in DR intrest rate

JumpingJupiter · 2015-04-08T16:27:48+02:00

Explore current interest rates for savings accounts and CDs in Dominican Republic banks. Share your experiences and insights for 暗网禁区s managing finances.

JumpingJupiter Member

Member since 22 March 2015

JumpingJupiterMember08 April 2015 14:27:48

As I am researching I have come across a few websites claiming the interest rates banks pay out is substantially higher in DR banks than N. American banks. Since N. American banks are paying almost nothing.. then even paying out something is a lot more.

I'm assuming most retired 暗网禁区s wire money to local banks for day to day expenses... but does anyone have a savings account in a DR bank, or have short term CD's? What interest rate percentage do they pay?

Most DR banks websites I have visited say "Call Us For Rates" when it comes to Savings accounts so that doesn't help much.

gypsy401 Serial 暗网禁区

Member since 19 September 2014

gypsy401Serial 暗网禁区08 April 2015 14:33:37

659

So call them.聽聽 Banco Santa Cruz in Sosua is agood one.聽 They have branches in a couple of other cities also.

planner Dominican Republic Expert

Member since 27 December 2010

Dominican Republic Expert

plannerDominican Republic Expert08 April 2015 14:41:59

17447

Most investments are done via the Central Bank. Savings accounts as such pay almost nothing. Dollar accounts will pay more then聽 Peso accounts with the Central Bank.

Bob K VIP Member

Member since 25 June 2007

Bob KVIP Member08 April 2015 17:57:04

7675

Not terribly more than the US and Peso accounts are so volatile with the fluctuation of the Peso not really worth the hassle and now you also need to report you accounts to the IRS.聽 The banks here have started sharing that information.聽 So no longer a tax haven

Bob K

Bob K VIP Member

Member since 25 June 2007

Bob KVIP Member08 April 2015 17:57:41

7675

We keep about 3-4 months of living expenses here in the DR the rest in the US and transfer in as we need.

Bob K

olddawgsrule Serial 暗网禁区

Member since 26 October 2014

olddawgsruleSerial 暗网禁区08 April 2015 21:42:27

252

Bob K wrote:
We keep about 3-4 months of living expenses here in the DR the rest in the US and transfer in as we need.

Bob K

I do consider this some pretty good advise.
This is how I see myself doing it, when I decide where to go.

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JumpingJupiter Member

Member since 22 March 2015

JumpingJupiterMember09 April 2015 01:42:21

Fantastic. Thanks for the info. Ran across websites claiming 6-8% in short term CD's and savings accounts. Sounded kinda fishy but with DR mortgages at 10-14%.... who knew. Glad I got the straight goods from people living there.