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Spring Bank Review 2022

Published February 2022 by Matthew Goldberg

AT A GLANCE
4.7

Bankrate Score

bank-logo

ATM fee refunds

High APYs

Highly Rated App

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.

  • CDs
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    5.0
  • Savings
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    4.8
  • MMAs
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    4.3
  • Checking
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    4.2
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Bask Bank

    Member FDIC

    Savings account

    1.61 % APY

    $ 0

    Min. balance for APY

    CIT Bank

    Member FDIC

    Savings account

    1.35 % APY

    $ 0

    Min. balance for APY

    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    Overall

    4.7

    Bankrate Score

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

    What we like

    • Spring Bank pays competitive yields on its deposit products.

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

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

    What we don't

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

    CD rates

    5.0

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.50 % APY

    18mo

    Term

    $ 0

    Min. deposit

    Spring Bank offers eight CDs with terms ranging from three months to five years. All CD terms require only $250 to open and pay very competitive rates.

    What we like

    • Spring Bank pays competitive yields on its CDs.

    • All CDs require just $250 to open.

    What we don't

    • There are no specialty products such as no-penalty or bump-rate CDs.

    Savings accounts

    4.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Bask Bank

    Member FDIC

    Savings account

    1.61 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

    • The basic savings account pays a very competitive APY.

    • The opening deposit requirement is only $25.

    What we don't

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

    Money market accounts

    4.3

    Bankrate Score

    Spring Bank offers a competitive yield on its money market account. You’ll need to deposit at least $500 into the account to open it. A minimum balance of $5,000 is required to waive the $10 monthly service fee.

    This money market account does have check-writing privileges, which can be a 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 to keep $5,000 in the account to avoid the $10 monthly service fee.

    Checking accounts

    4.2

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Citi

    Member FDIC

    Checking account

    0.01 % APY

    $ 50,000

    To open

    $ 50000

    To avoid fees

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

    Basic Checking account holders can use Citibank ATMs in the branches and ATMs in the large MoneyPass network. They’ll also be reimbursed up to $15 per statement cycle for out-of-network ATMs as long as $1,000 is kept in the Basic Checking account.

    What we like

    • Only $25 is required to open the Basic Checking account.

    • Customers have access to Citibank ATMs in the branches and MoneyPass ATMs across the country.

    • Account holders can be reimbursed for some out-of-network ATM fees.

    What we don't

    • Account holders have to meet certain requirements to waive the monthly fee.

    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.”

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking 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. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. 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 other stations throughout the country. Matthew 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 chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth