Spring Bank Review 2024
Written by
Edited by
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
-
Spring Bank offers valuable services to underserved communities and small businesses.
-
Customers don’t need to make large deposits to open some accounts.
-
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.
We want to know what you think about Spring Bank
Do you have experience with Spring Bank? Let us know your thoughts.
Spring Bank banking products
Spring Bank savings overview
Pros
-
The basic savings account pays an above-average APY.
-
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 BankAPYAPY last updated between 5/7 and 5/13.APYAPY last updated between 5/7 and 5/13.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
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 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
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.
Thank you for sharing your experience with Bankrate
