CD % Rates

Kat11

Serial expat

Member since 01 January 2016

Kat11

16 January 2016 13:24:29

216

Kat11

16 January 2016 13:24:29

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 28 December 2010

Santo Domingo

Dominican Republic Expert

planner

16 January 2016 15:11:55

16621

planner

16 January 2016 15:11:55

16621

Santo Domingo

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

You do not need residencia to open a bank account. You can do so with your passport, a letter of reference from your current bank and maybe a current client to refer you. 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

louisville

institutelouisville

16 January 2016 17:16:30

150

institutelouisville

16 January 2016 17:16:30

150

louisville

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.