Spring Bank Review 2021

Published January 2021 by Matthew Goldberg

AT A GLANCE
4.3

Bankrate Score

bank-logo

High APYs

Highly Rated App

Low Minimum Deposit

Spring Bank has two locations in New York, so it’s best for New Yorkers in the Bronx or Manhattan. It also offers competitive yields on savings accounts, checking accounts and some CD terms.

  • CDs
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    4.5
  • Savings
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    4.2
  • Checking
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    3.9
  • MMAs
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    3.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Overall

    4.3

    Bankrate Score

    Spring Bank has a location in the Bronx and one in Manhattan.

    What we like

    • Spring Bank pays competitive yields on its deposit products.

    • Customers have access to a highly rated mobile app on both Google Play and iOS.

    • Spring Bank only requires $25 to open its savings products.

    What we don't

    • Those who live outside of the Bronx or New York City probably should look for an online bank or a bank that’s near you.

    • Its two branches aren’t open on weekends.

    CD rates

    4.5

    Bankrate Score

    Spring Bank offers eight terms of CDs. These CDs range from a three-month CD to a five-year CD.

    All of the CD terms only require a $250 opening deposit.

    What we like

    • You only need $250 to open a CD at Spring Bank.

    • Spring Bank’s one-year CD yield is competitive.

    • Spring Bank offers eight CD terms.

    What we don't

    • Spring Bank doesn’t have a no-penalty CD.

    • Spring Bank’s yields for its one-year CD through five-year CDs were the same at the time of this review.

    Savings accounts

    4.2

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Spring Bank’s Basic Savings account offers a competitive yield.

    You’ll need at least $25 to open a savings account at Spring Bank. Basic Savings account holders will need to keep at least $100 in the account to avoid the $5 monthly maintenance fee.

    In order to earn interest you’ll need at least $100 in the Basic Savings account.

    What we like

    • The Basic Savings account gives you a competitive APY.

    • You only need $25 to open a savings account at this bank.

    What we don't

    • There’s a $5 monthly service fee for those that don’t keep at least $100 in the Basic Savings account.

    • Some banks might offer slightly higher yields.

    Checking accounts

    3.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    The Basic Checking account at Spring Bank requires an opening deposit of at least $25. In order to avoid the $3 monthly service fee, Basic Checking customers will need to keep at least $1,000 in this account.

    Basic Checking account holders won’t incur an out-of-network fee for using Citibank and MoneyPass ATMs. They’ll also receive up to a $15 reimbursement per statement cycle for out-of-network ATMs as long as $1,000 is kept in the Basic Checking account.

    The overdraft fee is only $10 at Spring Bank. That’s significantly lower than the average non-sufficient funds (NSF) fee of $33.47.

    What we like

    • You only need $25 to open the Basic Checking account.

    • The Basic Checking account’s $3 monthly service fee is lower than the maintenance fee at some other banks.

    • Spring Bank has an overdraft fee that’s significantly lower than some other banks.

    • But the bank’s Green Checking account doesn’t have overdraft fees.

    What we don't

    • You need to keep at least $1,000 in the Basic Checking account to avoid the monthly service fee.

    Money market accounts

    3.8

    Bankrate Score

    Spring Bank offers a competitive yield on its money market account. You’ll need to deposit at least $500 in this account to open it. At least $5,000 is required to waive the $10 monthly service fee. Balances under $500 don’t earn interest.

    This money market account does have check-writing privileges. This can be another way to make occasional payments.

    What we like

    • The money market account earns a competitive APY.

    • You can write checks with the money market account.

    What we don't

    • You’ll need $5,000 in your account to avoid the $10 monthly service fee.

    • You’ll need at least $500 in the money market account to earn interest.

    Bank experience

    Spring Bank customers with a Basic Checking account can use Citibank and MoneyPass ATMs without incurring an out-of-network fee.

    The bank allows you to schedule an appointment online. You can also go to one of the two branches or call the bank.

    About Spring Bank

    Spring Bank has two locations in New York. The bank was established in 2007 and it offers checking accounts, savings accounts, lending options and other banking products and services.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. His career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. Matthew has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has been featured on MSN, appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. He is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He is on the organization’s training and finance committees. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on WGN Radio 720 in Chicago, 1080 KRLD Dallas-Fort Worth, 700WLW in Cincinnati, News Radio 610 WTVN in Columbus, Ohio, NewsRadio WINA in Charlottesville, Virginia and other stations. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University.