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Spring Bank Review 2024

Updated February 1, 2024
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At a glance

4.3
Rating: 4.3 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.9 stars out of 5

Checking

Rating: 4.2 stars out of 5

Savings

Rating: 3.8 stars out of 5

MMA

Rating: 3.7 stars out of 5

About Bankrate Score

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
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/22/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.25
%
APY
APY
Info
As of 2/22/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.

Overall

Spring Bank is a regional bank with two locations in New York. In addition to offering a variety of banking products, it also works closely with many small businesses and local communities.

Pros

  • Checkmark

    Spring Bank offers valuable services to underserved communities and small businesses.

  • Checkmark

    Customers don’t need to make large deposits to open some 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 banking products

3.8
Rating: 3.8 stars out of 5
Bankrate Score

Spring Bank savings overview

Spring Bank’s basic savings account offers an above-average 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 an above-average 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.

  • Higher savings rates are available elsewhere.

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

    Spring Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/22/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $0
Non-sufficient funds fee $0
Monthly maintenance fees $3 for Basic Checking, waived when direct deposit is set up
Out-of-network ATM fee $1
Excessive transaction fee $5

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, serving the needs of underserved consumers and small businesses in the New York City area.”

How Spring Bank compares to other banks

Spring Bank and Limelight Bank are both eco-friendly banks that offer high yields on some of their accounts. However, while Spring Bank offers a full range of deposit products, Limelight only offers CDs.


When it comes to eco-friendly initiatives, Spring Bank states that it’s carbon neutral, and the bank’s B Corporation status means it meets standards for socially responsible and green investments. Limelight Bank is a paperless bank that uses deposits to fund solar initiatives.

Customer 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.

Branches are open 9 a.m. to 5 p.m. every weekday. For off-hours banking needs, the bank offers a telephone banking system and an email address.

Digital experience

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.

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.