Spring Bank is a local New York bank that offers a great alternative to the big national banks. They provide personal attention and competitive rates, making them a great choice for New Yorkers.
Our Spring Bank Review can help you sort through the options and make a decision that works for your unique financial needs. From interest rates to fees, we’ll break down everything you need to know about this local bank. Ready to learn more? Let’s get started!
About Spring Bank
Spring is a relatively new bank, having been founded in 2007. But it has made a big splash, thanks to its competitive yields on savings accounts, checking accounts, and CDs. Spring Bank also has two branches, one in the Bronx and one in Manhattan.
Spring is also FDIC Insured with wide certificates no # 58668, so your money is always safe and sound.
So if you’re a New Yorker who’s looking for a good deal on your banking products, Spring Bank is worth considering.
Now that we’ve given you an overview of Spring Bank, let’s take a closer look at some of the key product offerings.
Savings accounts
A savings account is a type of bank account that allows you to save money. The money in a savings account earns interest, which means that you can make money by leaving your money in the account.
At Spring Bank, you can open basic savings account for just $25. The account requires a minimum balance of $100 to earn interest, and there’s a $5 monthly fee if the balance falls below $100. The interest rate on this account is 0.50% APY.
This is a competitive interest rate, and it’s higher than what you’ll find at most big national banks. So if you’re looking for a place to park your money, Spring may be a good option.
Now let’s take a look at the Pros and Cons of Spring .
+Pros:
- Competitive interest rates on savings accounts, checking accounts, and CDs
- Two branches in the Bronx and Manhattan
- FDIC Insured with wide certificates no #58668
-Cons:
- The $100 minimum balance required to earn interest on the basic savings account may be too high for some people
- There is a $25 minimum deposit required to open an account, which may be too high for some people
Checking accounts
A checking account is a type of bank account that allows you to easily access your money and make payments. Checking accounts typically have features such as online banking, a debit card, and the ability to write checks.
Spring Bank offers two different types of checking accounts: Basic Checking and Green Checking Account.
Basic Checking Account
This account has an opening deposit of $25 and a monthly service fee of $3, which can be waived if the customer meets one of the following requirements:
- Have at least one direct deposit per month
- Keep a minimum daily balance of $1000
The Interest rate on this account is 0.25% APY.
This account doesn’t offer a lot of features, and the interest rate is very low. So if you’re looking for a checking account with a lot of bells and whistles, Spring may not be the best choice.
In addition to ATMs in the branches and MoneyPass network, Basic Checking customers can utilize Citibank ATMs. They’ll receive up to $15 per statement cycle reimbursed for out-of-network ATMs as long as $1000 is kept in the account.
Green Checking Account:
The Green Checking Account is one of the accounts offered by Spring Bank. It is designed to help customers save money and live a more sustainable lifestyle. The application for this account is paperless and easy to fill out. Many features make this checking account great for customers.
The account offers all the features of the Basic Checking Account. In addition, this account has a $0 monthly maintenance fee and No Overdraft Fees.
Let’s break down the Pros and Cons
+Pros:
- Two different types of checking accounts to choose from
- No monthly maintenance fee for the Green Checking Account
- Paperless application for the Green Checking Account
- You can access your money at over 38,000 ATMs through MoneyPass networks and Citibank ATMs.
- Reimbursement for some out-of-network ATM fees.
Cons:
- Account-holders must fulfill specific criteria to waive the monthly charge.
Money market accounts
A money market account (MMA) is a deposit account that generally pays a higher interest rate than a savings account. It may offer check-writing privileges and the ability to make withdrawals by check. Money market accounts are typically offered by commercial banks, thrift institutions, and credit unions.
At Spring Bank, you can open a money market account with a $500 deposit. To waive the $0 monthly service charge, you must have a minimum balance of $5000.
Check-writing privileges are available on this money market account, which might be useful for making small payments.
+Pros:
- High-interest rates
- Check-writing privileges
- No monthly service fee if you maintain a $5000 balance
-Cons:
- $500 minimum deposit to open the account
- You must have a $5000 balance to waive the monthly service fee
CDs
A certificate of deposit (CD) is a type of savings account offered by banks, thrift institutions, and credit unions. CDs generally offer a higher interest rate than savings accounts, but they also have a longer maturity date.
At Spring you can open a CD with a $250 deposit. The bank offers eight different CDs with terms ranging from three months to five years. All of the CDs require only $250 to open and pay very competitive rates.
Here are the Pros and Cons of Spring Bank CDs:
+Pros:
- Competitive yields
- $250 minimum deposit
- Long maturity date
-Cons:
- No specialty products such as no-penalty or bump-rate CDs.
Other products and services
Spring Bank also offers other products and services, such as:
- Non-Profit Banking
- Business Checking
- Business Loan
To learn more about these products and services, visit Spring website or give them a call.
Alternative of Spring Bank
If you’re not interested in Spring Bank, there are other options available. Some other banks that offer great rates and products include:
- Capital One 360
- Ally Bank
- Discover Bank
- Quontic Bank
Each of these banks has its own strengths and weaknesses, so it’s important to do your research before deciding on an account.
To learn more about these alternative banks, read our reviews of Capital One 360, Ally Bank, and Discover Bank.
However, here I am sharing with you a comparison image with the above bank for your quick decision.
Spring Bank Vs Capital One
Capital One 360 is a great alternative to Spring . They offer competitive interest rates on savings and checking accounts, as well as CDs. They also have a wide variety of products and services to choose from.
Capital One 360 is a great alternative to Spring . They offer competitive interest rates on savings and checking accounts, as well as CDs. They also have a wide variety of products and services to choose from.
You can see that on Saving Accounts, Spring Bank offers a higher APY on its Regular Savings Account. One Checking account also offers a higher APY, but the other two have lower rates. For CDs, Capital One 360 offers higher interest rates across the board.
When it comes to products and services, both banks offer similar options. However, Spring has more branches in New York City, which could be helpful if you live in the area.
Spring Bank Vs Ally Bank
Here’s a comparison of Spring Bank and Ally Bank. Both banks offer great interest rates on savings and checking accounts, as well as CDs.
When it comes to savings accounts, Ally Bank offers a higher APY than Spring Bank. For checking accounts, Ally Bank offers one account with a higher APY and another with a lower rate. And for CDs, Ally Bank offers higher interest rates across the board.
When it comes to products and services, both banks offer similar options. However, Ally Bank has better product reviews than Spring.
Spring Bank Vs Discover Bank
Here’s a comparison of Spring Bank and Discover Bank. Both banks offer great interest rates on savings and checking accounts, as well as CDs.
When it comes to savings accounts, Discover both offers a higher APY and no minimum balance requirement. For checking accounts, Discover offers higher interest rates across the board. And for CDs, Discover offers higher interest rates and no minimum balance requirement.
When it comes to products and services, both banks offer similar options. Discover offer more interest rates and better product reviews than Spring.
Spring Bank Vs Quontic Bank
Here’s a comparison of Spring and Quontic . Both banks offer great interest rates on savings and checking accounts, as well as CDs.
In all the accounts, Quontic Bank offers more interest than Spring . For savings accounts, the APY is nearly double. For checking accounts, the difference is less dramatic, but Quontic still offers better rates. And for CDs, Quontic offers higher interest rates across the board.
Who is Spring Bank Best For?
Spring 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.
Final Thought: Is Spring Bank Worth it?
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Plus, customers have access to a mobile app that is favorably rated by Apple and Android users. Of course, there are some things to keep in mind – like minimum balance requirements to waive fees on some accounts – but overall we think Spring Bank is a great choice for your banking needs.
Have you tried out Spring Bank? We would love to hear about your experience in the comments below.
