The Patriot Bank High-Yield Money Market Deposit Account earns an attractive 5.22% APY and has a low $1 opening deposit requirement. But you must apply through the Raisin website, and there’s only one way to access your cash.
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Patriot Bank High-Yield Money Market Deposit Account account review
On Raisin's secure site
- APY
- 5.22%
- Fee
- $0
- Minimum deposit to open
- $1
Our verdict
This money market savings account earns 5.22% APY, but it doesn’t come with an ATM card.
The Patriot Bank High-Yield Money Market Deposit Account is a good option if you want a free savings account with an impressive 5.22% APY and a low opening deposit to grow your nest egg.
But since the only way to withdraw money is by transferring it to and from a linked bank account, you need to be comfortable keeping your money at arm’s length. This is because unlike most money market savings accounts, this one doesn’t come with an ATM or debit card and you won’t have any check-writing privileges.
Also, if you need support with your account, Patriot Bank can't help you. Instead, you have to contact Raisin, which oversees the account. And Raisin only offers support via email or over the phone on weekdays between 9 a.m. and 4 p.m. ET.
Pros
-
Attractive APY
-
Low opening deposit
-
No fees
Cons
-
Must apply through Raisin
-
Limited deposit and withdrawal options
-
Short customer service window
How do I open a Patriot Bank High-Yield Money Market Deposit Account?
Open an account in two six steps.
- Select Apply now.
- Choose Explore products in the navigation bar. Then under Explore all products, select Savings.
- Hit Patriot Bank NA and select Save now.
- Create an account by entering your personal information, including your full name and email. Select Continue.
- Confirm your email address.
- Input your date of birth, Social Security number and additional contact details. Hit Continue.
- Review and submit your application.
Eligibility
Open an account when you meet the following requirements:
- At least 18 years old
- US resident
- Existing bank account
- $1 opening deposit
Required information
Provide the following information when applying:
- First and last name
- Home address
- Date of birth
- Government-issued photo ID, such as a driver’s license or passport
- Social Security number
- Account credentials for your existing bank account
3 benefits of a Patriot Bank High-Yield Money Market Deposit Account
Like many other banks, Patriot Bank gives you the option to open a joint money market account. You’ll also get these perks.
- Attractive APY. Earns an impressive 5.22% APY on your entire balance.
- Low opening deposit. Open an account with only $1.
- No fees. This account doesn’t cost a thing to open or maintain, so you can just sit back and let your money grow.
4 potential drawbacks
A Patriot Bank High-Yield Money Market Deposit Account comes with these disadvantages:
- Must apply through Raisin. While this high-yield account is a Patriot Bank savings product, you must apply through Raisin and use their app to manage your account.
- Limited deposit and withdrawal options. The only way to access your cash is through a linked bank account. The account doesn’t support direct deposits, remote check deposits or cash deposits. And unlike other money market accounts, it doesn’t come with a debit or ATM card or check-writing capabilities.
- Short customer service window. As Raisin oversees your account, you’ll need to contact its support team for help with your account. But you can only contact Raisin via email or by phone on weekdays from 9 a.m. to 4 p.m. ET.
Compare Patriot Bank High-Yield Money Market Deposit Account with other accounts
See how other money market accounts compare based on their interest rates, features and minimum opening deposits.
How do I deposit or withdraw money?
The only way you can access your cash is by initiating ACH transfers to and from a linked bank account.
How to contact Patriot Bank about my savings account?
Since Raisin manages your Patriot Bank Money Market account, you’ll need to contact Raisin support.
- Call 844-944-3276 weekdays from 9 a.m. to 4 p.m. ET.
- Live chat with a rep during the week.
- Email support.us@raisin.com.
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