CD % Rates

Kat11 Serial expat

216POSTS

10 years ago

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?

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planner Dominican Republic Expert

17772POSTS

10 years ago

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

150POSTS

10 years ago

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.

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