Columbia Bank Review 2024
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Columbia Bank Review 2024
5 min read
A
By: Aldo Saenz

About Columbia Bank

 

Columbia Bank is a New Jersey-based bank that was founded in 1927. The bank operates nearly 70 branches and ATMs throughout the state and offers a wide range of personal and business accounts, as well as loan products.

 

 

Featured Offers

Columbia Bank logo
Bank Grade
4.30% APY
12 Month CD
1 Year CD by Columbia Bank
Columbia Bank logo
Bank Grade
3.90% APY
14 Month CD
15 Month CD by Columbia Bank
Columbia Bank logo
Bank Grade
3.80% APY
9 Month CD
9 Month CD by Columbia Bank
Bank of Mead logo
Bank Grade
Top 1% rate
30.00% APY
3 Months CD
3 Month CD by Bank of Mead
Merchants Bank of Indiana logo
Bank Grade
Top 1% rate
5.92% APY
24 Month Flex Index CD
2 Year CD by Merchants Bank of Indiana
Merchants Bank of Indiana logo
Bank Grade
Top 1% rate
5.92% APY
12 Month Flex Index CD
1 Year CD by Merchants Bank of Indiana
Merchants Bank of Indiana logo
Bank Grade
Top 1% rate
5.92% APY
36 Month Flex Index CD
3 Year CD by Merchants Bank of Indiana
M1 Bank logo
Bank Grade
Top 1% rate
5.75% APY
10 Month CD
9 Month CD by M1 Bank
Forbright Bank logo
Bank Grade
Top 1% rate
5.60% APY
9 Month CD
9 Month CD by Forbright Bank

Columbia Bank Overview

 

Columbia Bank operates exclusively in New Jersey. It has a little less than 70 branches to service its customers statewide. It offers several personal and business checking and savings accounts, as well as CDs with terms ranging from three months to six years. 

 

Competitive APYs on some CD products.Only residents of New Jersey can open an account.
Large selection of personal and business checking accounts.Except for some CDs, most APYs are at or below their respective national averages.
Most accounts have little to no monthly service charges, and the ones that do can be waived if certain requirements are met.CDs require a relatively low minimum opening deposit.
Cashback rewards are available.

 

 

 

Columbia Bank Product Offerings

 

CDs

A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period, known as a term. Columbia Bank offers several CDs with terms varying from three months to six years. All CDs require a low minimum opening deposit, and some offer competitive yields. Here are some of their best CD offerings for the month! and 2024:

Columbia Bank
9 Month CD
9 Month CD by Columbia Bank
Bank Grade
B
APY
3.80%
Avg. user rating
2.38
Why we chose it?
What to watch for
Columbia Bank
12 Month CD
1 Year CD by Columbia Bank
Bank Grade
B
APY
4.30%
Avg. user rating
2.38
Why we chose it?
What to watch for

Checking Accounts

Columbia Bank offers several different business- and personal-checking accounts. Most of the checking accounts offer APYs below the national average of 0.14% for checking accounts. The personal checking accounts have monthly service charges, but they can be waived by meeting somewhat minimal requirements. Here are the latest account details for April 2024:

Columbia Bank
Cash Back Checking
Personal Checking Account by Columbia Bank
Bank Grade
B
APY
0.00%
Avg. user rating
2.38
Why we chose it?
What to watch for

Columbia Bank
Everyday Business Checking
Business Checking by Columbia Bank
Bank Grade
B
APY
0.00%
Avg. user rating
2.38
Why we chose it?
What to watch for

Money Market Accounts

A money market account is an interest-bearing hybrid between a savings account and a checking account. Associated Bank offers a few personal money market accounts. These accounts feature free checks and a debit card. Here are the account details for April 2024:

Columbia Bank
Yield Money Market
Personal Money Market by Columbia Bank
Bank Grade
B
APY
0.05%
Avg. user rating
2.38
Why we chose it?
What to watch for

Columbia Bank
Business Money Market Account
Business Money Market by Columbia Bank
Bank Grade
B
APY
0.25%
Avg. user rating
2.38
Why we chose it?
What to watch for

Savings Accounts

Columbia Bank offers several savings accounts. Most accounts do not have a monthly service charge, and the one that does only requires a minimum balance for the charge to be waived. The yields offered are in line with those of most traditional banks. Here are the latest savings account details for April 2024:

 

 

 

Columbia Bank
Statement Savings
Personal Savings Account by Columbia Bank
Bank Grade
B
APY
0.85%
Avg. user rating
2.38
Why we chose it?
What to watch for

Columbia Bank
Kids Count Savings
Children's Savings Account by Columbia Bank
Bank Grade
B
APY
0.85%
Avg. user rating
2.38
Why we chose it?
What to watch for

Bank Fees

  • Overdraft fee: $35 per overdraft; Maximum of one fee per day when account is overdrawn by more than $50

  • Savings and Money Market Account withdrawals: None

  • Account closure fee: None

  • Wire transfer fee: Domestic - Incoming is $15 and outgoing is $20; International - Incoming is $25 and outgoing is $48

  • Non-network ATM fee: $2.50

  • Monthly service charge: $0-$20 depending on the type of account

  • Stop payment fee: $30

  • Paper statement fee: $4

 

Columbia Bank Features

Columbia Bank's customer service line is available Monday through Friday from 7:30 a.m. to 8 p.m. EST and on weekends from 8 a.m. to 4 p.m. EST. The bank also offers an automated telephone line that is available 24 hours a day, 7 days a week, for basic account information and changes. Customers are limited to the 70 or so ATMs available at the branches. The bank also offers a mobile app for Peer-to-Peer transactions via Zelle to process transactions and manage your bank account.

 

Columbia Bank FAQs

Does Columbia Bank charge overdraft fees?
Does Columbia Bank use Zelle?
Does Columbia Bank have a 24-hour customer service line available?
Is it safe to bank with Columbia Bank?
Does Columbia Bank have any branches?
How do I open an Columbia Bank account?

 

Our Take

Columbia Bank may be a good bank to do business with if you live in New Jersey and like to do in-person banking. The bank does offer some CDs with competitive yields and a few checking and savings accounts that pay yields at or near the national average, depending on the account balance. For those who are not residents of New Jersey, there may be better online-only banks that offer more competitive yields.

Methodology

 

Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.

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