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Spring Bank Review 2022

Updated November 17, 2022
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At a glance

4.7
Rating: 4.7 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 5 stars out of 5

Checking

Rating: 4.2 stars out of 5

Savings

Rating: 4.8 stars out of 5

MMA

Rating: 4.3 stars out of 5

About Bankrate Score

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Overview

Spring Bank is best for New Yorkers in the Bronx or Manhattan, where its two branches are located. It also offers competitive yields on savings accounts, checking accounts and CDs.

Highlights

  • ATM Fee Refunds
  • High APY
  • Highly Rated App
Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.25
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Spring Bank is a regional bank with two locations in New York.

Pros

  • Checkmark

    Spring Bank pays competitive yields on its deposit products.

  • Checkmark

    Customers don’t need to make large deposits to open accounts.

  • Checkmark

    Customers have access to a mobile app that is favorably rated by Apple and Android users.

Cons

  • Customers have to meet minimum balance requirements to waive fees on some accounts.

Spring Bank bank products

4.8
Rating: 4.8 stars out of 5
Bankrate Score

Spring Bank savings overview

Spring Bank’s basic savings account offers a very competitive yield. It requires only $25 to open and $100 to earn interest. There’s a $5 monthly maintenance fee, but the fee is waived if you maintain at least $100 in the account.

Pros

  • Checkmark

    The basic savings account pays a very competitive APY.

  • Checkmark

    The opening deposit requirement is only $25.

Cons

  • There’s a $5 monthly fee for those who don’t maintain a $100 balance.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.7 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

Spring Bank has two locations in New York - one in the Bronx and one in Manhattan. The bank is a certified B corporation. “We are constantly innovating affordable financial products based on the needs of our community in order for our communities to thrive,” the bank’s website says.

Customers have access to a range of tools and services. Spring Bank offers an app for Apple and Android devices; both apps receive very high scores from users. Customers can deposit money and pay bills through the app, and can also send and receive money using the Popmoney person-to-person payment service.

Branch hours are listed on Spring Bank’s website. For off-hours banking needs, the bank offers a telephone banking system and an email address.

About Spring Bank

Spring Bank has two locations in New York. The bank was established in 2007 and offers checking, savings and money market accounts, certificates of deposit, personal loans and other banking products and services. Spring Bank is a certified B corporation bank whose mission is to “pursue a double bottom line of providing returns to its shareholders and serving the needs of underserved consumers and small businesses in the New York City area.”

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.