Spring Bank Review 2023
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At a glance
CDs
Checking
Savings
MMA
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
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
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Spring Bank offers valuable services to underserved communities and small businesses.
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Customers don’t need to make large deposits to open accounts.
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Customers have access to a mobile app that is favorably rated by Apple and Android users.
Cons
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Customers have to meet minimum balance requirements to waive fees on some accounts.
Spring Bank bank products
Spring Bank savings overview
Pros
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The basic savings account pays an above-average APY.
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The opening deposit requirement is only $25.
Cons
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There’s a $5 monthly fee for those who don’t maintain a $100 balance.
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Higher savings rates are available elsewhere.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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.
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.
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.”
Review methodology
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.
