If you have followed BankShout for any length of time, you have seen them in the lists of top annual percentage yields for savings accounts and CDs. Under the direction of CEO Bradley Thompson (pictured, right) NewdominionDIRECT.com is the epitome of the 21st Century model of banking; the Charlotte, North Carolina financial institution has only a handful of physical locations, but their biggest presence is on the Internet, just as the bank’s name suggests.

Unlike some of the online banks that are just offering deposit accounts, newdominionDIRECT also has checking accounts and loans, as well as small business accounts and services such as cash management.

NewdominionDIRECT only has one checking account choice. Happily, however, it’s an account with plenty of features and benefits. For instance, the bank’s First Rate Checking pays interest, which is compounded daily–always a nice plus with a checking account. Newdominion’s website says First Rate Checking has unlimited check writing, free online banking and bill payments, and free online statements, too. Overdraft protection is available, although the website doesn’t specify whether this is through a line of credit or a linked savings account. Minimum to open is $1500.

In addition to an attractive checking account, newdominionDIRECT also has something many banks no longer offer: a variable rate certificate of deposit. The variable rate is based on the Wall Street Journal’s prime rate, which is published daily. Now, granted with prime at extreme lows–and for an extended period of time, no less–you probably won’t be jumping at newdominion’s variable rate CD anytime soon. It currently pays just .35% for a 1-year certificate. Yet if prime starts to rise, this type of account can outpace static CD yields, and in a hurry. Keep it in mind.

If you want to know more about newdominionDirect.com visit their website. I’m guessing you can probably figure the web address out, but just for convenience, here’s a link.