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Frost Bank Review 2024

Updated January 24, 2024
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.2 stars out of 5

Checking

Rating: 4.2 stars out of 5

Savings

Rating: 3.4 stars out of 5

MMA

Rating: 3.6 stars out of 5

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
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info
As of 2/27/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $300 w/ direct deposit. Terms apply.
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 2/27/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/27/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:

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

  • Checkmark

    The APY offered for multiple accounts, including CDs and the MMA, are highly competitive.

  • Checkmark

    You can open an account with a small amount of money.

  • Checkmark

    Customer service is available 24/7.

  • Checkmark

    Frost Bank’s mobile app is highly rated, and it includes features such as Zelle and Bill Pay.

Cons

  • There are many fees to watch out for.

  • The ATM network is on the small side.

  • Look out for costly overdraft fees.

Frost Bank banking products

3.4
Rating: 3.4 stars out of 5
Bankrate Score

Frost Bank savings overview

Frost Bank offers just one savings account, called Frost Savings. It offers a relatively low APY; the yield is above the national average but much lower than what other top-tier banks are offering.

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

  • Checkmark

    There’s a low opening deposit requirement.

  • Checkmark

    The monthly service fee is easy to waive.

Cons

  • Free withdrawals are limited to just two per month.

  • Higher yields can be found elsewhere.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Frost Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info
As of 2/27/2024
Rating: 5 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $300 w/ direct deposit. Terms apply.

Bank fees

Fee Charged?
Overdraft fee $35
Non-sufficient funds fee None
Monthly maintenance fees $3.50 - $15
Out-of-network ATM fee $2
Excessive transaction fee $3 - $5

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 190 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.

Customer experience

Customer service. Customers can reach Frost Bank representatives on the phone, through email or live chat 24/7.

Digital experience. 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.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.