Frost Bank Review 2023
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At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
Frost Bank is best suited for customers living in Texas or for savers looking to open a competitive certificate of deposit. Though accounts are accessible to anyone online, customers living outside of the Lone Star State will find their money is harder to access, given that Frost’s branches can only be found in Texas and the bank has a small ATM network mostly limited within the state.
Highlights
- Highly Rated App
- Top CD Rates
- 24/7 Customer Service
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
Frost Bank is a Texas-based institution offering a wide array of financial products and services for consumers and businesses alike. Along with a large range of deposit products, Frost offers investment services, too, making it a great bank to bring all of your financial needs under one roof. Frost is currently offering highly competitive yields on multiple deposit accounts, including certificates of deposit and money market accounts.
However, since Frost is a highly regional bank, you may find it difficult to access your money without incurring fees.
Pros
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The APY offered for multiple accounts, including CDs and the MMA, are highly competitive.
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You can open an account with a small amount of money.
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Customer service is available 24/7.
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Frost Bank’s mobile app is highly rated, and it includes features such as Zelle and Bill Pay.
Cons
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There are many fees to watch out for.
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The ATM network is on the small side.
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Look out for costly overdraft fees.
Frost Bank banking products
Frost Bank savings overview
You can open the account with just $50. There’s a $3.50 monthly service fee but there are many ways to waive the fee, including if you make $10 or more in deposits or maintain a minimum daily balance of $300.
Free withdrawals are limited to just two per month, which is a very low limit compared to other banks. (When other banks limit withdrawals from savings accounts, it’s usually capped at six per month.) Frost Bank charges a $3 fee for each withdrawal above that limit.
Pros
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There’s a low opening deposit requirement.
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The monthly service fee is easy to waive.
Cons
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Free withdrawals are limited to just two per month.
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Higher yields can be found elsewhere.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank experience
Customers can reach Frost Bank representatives on the phone, through email or live chat 24/7.
Frost offers a mobile app for users on the Apple App Store and Google Play Store, both of which are highly rated. The apps offer the best of mobile banking, including reaching customer support 24/7, making peer-to-peer transactions through Zelle, depositing checks, making payments through Bill Pay or opening another Frost account.
About Frost Bank
Frost Bank has been a staple bank in Texas for more than 120 years.
The bank was established in San Antonio, Texas, where it’s still headquartered today. Frost has more than 180 branches scattered across Texas and offers a large range of financial products and services, including brokerage accounts for investing and personal insurance. Although Frost has been around since the end of the 19th century, the bank offers a superb online experience, having established their online and mobile banking capabilities since the early 2000s.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
