Spring Bank Review 2024
Top story
Spring Bank Review 2024
5 min read
T
By: Tyler Richards

About Spring Bank

 

Spring Bank was founded in 2007 and is headquartered in the South Bronx.

Featured Offers

Spring Bank logo
Bank Grade
5.00% APY
1 Year (12 months) CD
1 Year CD by Spring Bank
Spring Bank logo
Bank Grade
Top 3% rate
5.00% APY
1 1/2 Year (18 Months) CD
18 Month CD by Spring Bank
Spring Bank logo
Bank Grade
Top 3% rate
4.25% APY
Basic Savings Account
Personal Savings Account by Spring Bank
Spring Bank logo
Bank Grade
Top 1% rate
4.25% APY
Vacation Club Account
Holiday Savings Account by Spring Bank

Spring Bank Overview

 

Spring Bank is a regional, full-service bank that offers CD, checking, money market, and savings accounts. The bank operates one branch in the South Bronx, New York. Customers have fee-free access to more than 40,000 MoneyPass and 2,400 Citibank ATMs nationwide. All accounts can be opened online or in-branch.

 

Competitive APYs on most accounts.Spring Bank operates only one branch in the South Bronx.
Low minimum opening deposits required for CDs.Certain accounts require higher minimum balances to waive monthly service charges.
Most accounts can be opened online or in person.
Up to $20 in ATM rebates for certain accounts.

 

 

Spring Bank 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. Spring Bank offers several CDs with terms ranging from three months to five years. The APYs on a number of its CDs is higher than the national averages of 3.10%. Here are the details for some of the bank's CD offerings for the month! and 2024:

Spring Bank
1 Year (12 months) CD
1 Year CD by Spring Bank
Bank Grade
B+
APY
5.00%
Avg. user rating
5.00
Why we chose it?
What to watch for

Spring Bank
1 1/2 Year (18 Months) CD
18 Month CD by Spring Bank
Bank Grade
B+
APY
5.00%
Avg. user rating
5.00
Why we chose it?
What to watch for

Checking Accounts

A checking account is a transactional account intended for everyday expenses. Spring Bank offers several business and personal checking accounts. All checking accounts offer APYs that are below the national average of 0.16%, but require minimum opening deposits and monthly charges that can be waived. Here are the latest account details for June 2024:

Spring Bank
Basic Checking Account
Personal Checking Account by Spring Bank
Bank Grade
B+
APY
0.00%
Avg. user rating
5.00
Why we chose it?
What to watch for

Spring Bank
Small Business Checking Account
Business Checking by Spring Bank
Bank Grade
B+
APY
0.00%
Avg. user rating
5.00
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. Spring Bank offers one money market account for personal and business purposes. Both accounts are similar and offer an APY that is above average when compared to the national average of 0.87% for money market accounts. Here are the account details for June 2024:

Spring Bank
Money Market
Personal Money Market by Spring Bank
Bank Grade
B+
APY
3.75%
Avg. user rating
5.00
Why we chose it?
What to watch for

Savings Accounts

A savings account is an interest-bearing account that pays you interest while you save for your financial goals. Spring Bank offers one savings account and two holiday savings accounts, all of which offer highly competitive APYs when compared to the national average yield of 0.84% for savings accounts. Here are the latest savings account details for June 2024:

 

 

Spring Bank
Basic Savings Account
Personal Savings Account by Spring Bank
Bank Grade
B+
APY
4.25%
Avg. user rating
5.00
Why we chose it?
What to watch for

Bank Fees

  • Overdraft fee: $30 for business accounts

  • Account closure fee: None

  • Dormant account fee: $2.50 per month for checking accounts with under $1,000 balance with more than 12 months of inactivity; $10 monthly for checking accounts with under $1,000 balance with more than 24 months of inactivity

  • Wire transfer fee: Domestic - Incoming is $10 and outgoing is $25; International - Incoming is $10 and outgoing is $35

  • Non-network ATM fee: $1

  • Monthly service charge: $3-$10 depending on the account and if waiver requirements are not met

  • Stop payment fee: $15

  • Paper statement fee: None

  • Excess withdrawal fee: $5 per excess withdrawal

 

Spring Bank Features

Spring Bank's customer service line is available on weekdays from 9 a.m. to 5 p.m. EST via phone. There is also a 24/7 telephone banking line for basic account information and certain account transactions. Spring Bank operates one branch in the South Bronx, New York. Customers have fee-free access to the more than 40,000 MoneyPass and more than 2,000 Citibank ATMs nationwide. The bank has an easy-to-use mobile app that allows customers to check balances, deposit checks, pay bills, and process transactions.

 

Spring Bank FAQs

What is the minimum amount needed to open a CD account?
What is the excess withdrawal fee?
Is it safe to bank with Spring Bank?
Are Spring Bank accounts open to everyone?
Does Spring Bank use Zelle?
What are Spring Bank's customer service phone hours?
How many branches does Spring Bank have?

 

Our Take

Spring Bank is a regional bank that operates one branch in the South Bronx, New York. The bank offers highly competitive APYs on its several savings accounts and competitive APYs on its CDs. All accounts require minimal opening deposits, with the bank's CDs requiring a minimum of only $250. Checking accounts do not assess monthly service charges, and although the money market and savings accounts do, the charges can be waived by meeting certain balance or direct deposit requirements. Spring Bank is a great bank that pays relatively high APYs on many of its accounts. The bank offers fee-free access to the more than 45,000 MoneyPass and Citibank ATMs, making the bank very convenient for South Bronx residents, where it operates its sole branch. As it also allows online account opening, it may also be a good option for everyone else who doesn't mind banking online or through the mobile app. 

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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