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BankNewport offers three checking accounts with a $25 minimum deposit.
Its basic checking has no maintenance fees.
BankNewport offers a promotional CD with competitive rates, savings and money market accounts and business banking options.
BankNewport is a conventional brick-and-mortarbanklocated in Rhode Island.
The bank has 2.68 billion in assets and serves approximately 48,800 customers.
BankNewport has a range of financial products, and its digital app is ranked highly.
BankNewport Checking Accounts
There are threechecking accountsoffered at BankNewport.
BN Checking, BN Plus Checking, and BN Premium Checking all require a $25 minimum deposit.
BN Premium Checking is an interest-earning account.
The APY is 0.05% for all balances.
However, individuals may find savings accounts with higher APYs.
To enroll in a promotional CD product, you are required to enroll in a BankNewport Personal Checking Account.
New money must be used for CDs, which means funds less than 30 days old.
Available CD terms include 12-, 16- and 24 months.
Non-promotional CD APYs range fromto.
No monthly service fee
Up to
$1,000
BankNewport offers competitive rates for CDs.
Many of the rates are higher than the national average.
There is a tiered interest rate structure.
Banking Experience
BankNewport is an accessible bank for those who live in Rhode Island.
BankNewport takes its community giving seriously.
Over 400 organizations were impacted, and over 10,000 hours of community service were performed.
Those phone numbers are accessible on the website.
TheBetter Business Bureaugives Bank Newport an A+ rating.
Digital Banking
BankNewport uses Zelle and has mobile and digital banking services.
Their mobile app is highly rated, with a 4.8 out of a 5-star rating in theApple StoreandGoogle Play.
How Does BankNewport Compare?
Wells Fargo also has more than 5,600+ locations.
In contrast, BankNewport has 19 banks across Rhode Island.
BankNewport offers several checking accounts but no promotional offer for its checking accounts.
If youre in Rhode Island, BankNewport is likely a more suitable fit.
BankNewport vs. CIT Bank
CIT Bankis an online institution offering products similar to BankNewports.
CIT Bank, however, offers a higher APY ofon its Platinum Savings Account.
BankNewport offers a much lower rate.
However, BankNewport offers a higher rate on CDs, while CIT Banks CD rates are lower.
Choose BankNewport if you prefer a personal connection and a higher rate on CDs.
BankNewport vs. Capital One
Capital Oneexcels at offering no minimum deposit and no monthly maintenance fee checking.
The bank also offers competitive rates on short-term CDs, with a 12-month CD earningAPY.
Capital One also has 70,000 ATMs across the country.
In contrast, BankNewports checking accounts require a $25 minimum opening deposit.
Final Take
BankNewport is a solid choice for those who live in Rhode Island.
It offers checking accounts accessible for most with its $25 minimum deposit requirement.
Other products are available, including savings and money market accounts and CDs.
Account holders may want to capitalize on the promotional rate offered on the CDs.
BankNewport FAQ
Rates are subject to change; unless otherwise noted, rates are updated periodically.
All other information on accounts is accurate as of Dec. 20, 2024.
All factors were then scored and combined, with the lowest score being the best.
All products and offerings had to be available as of Nov. 8, 2024, to be considered.
Rates are subject to change; unless otherwise noted, rates are updated periodically.
All other information on accounts is accurate as of Dec. 20, 2024.
