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Reviews

Frost Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1899
Total Assets$31.3B
LEARN MORE Frost Bank’s secure websiteMember FDIC

Frost Bank is a pioneer-era institution that has grown into the third-largest bank in Texas. It was first established in 1868 in San Antonio to help Texans obtain the materials they needed to succeed in the frontier. After surviving hardships like the Great Depression, the bank has grown to about 4,300 employees more than 140 locations.

Frost Bank currently offers checking, savings, money market and CDs for its personal banking customers. To open any of these accounts, you’ll need to have proof of a Texas address, though you will still be able to keep your account open if you move out of state. Here we’ll break down each product to help you determine if one of them could be the right account for you.

Frost Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Frost Bank Savings

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.75%

CD Rates

Frost Bank 12 Month CD

2.75%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.25%

CD Rates

Frost Bank 30 Day CD

2.90%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.25%

CD Rates

Frost Bank 60 Day CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Frost Bank checking account options

Personal Checking

Frost Bank’s lone checking account option offers a miniscule amount of interest for a pretty high minimum balance amount.
APYMinimum Balance to Earn APY
0.05%
$5,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $8 ($4 for students under age 25); can be waived with a monthly direct deposit of at least $100, by maintaining a $1,000 balance, or by maintaining a combined balance of $5,000 among all Frost Bank personal accounts
  • ATM fee: None on Frost Bank ATMs; $2 on out-of-network ATMs
  • ATM fee refund: Frost Bank occasionally refunds ATM fees for out-of-state customers; contact the bank for further details
  • Overdraft fee: $34 on amounts over $5, up to a maximum of $170 per day

This account earns a small amount of interest on balances of $5,000 or more, which is compounded monthly. And while the monthly fee is fairly easy to avoid as a working adult, it could prove to be more challenging for students — so the lowered fee for students is a nice touch for those who may not be able to afford it. The account also offers:

  • Mobile banking access via an iPhone or Android app
  • Mobile check deposit of up to $25,000 daily
  • Free overdraft protection by linking the account to another Frost Bank account to cover overdraft amounts
  • Unlimited transactions and check writing
  • Unlimited online and mobile bill pay
  • Unlimited online and mobile transfers to other financial institutions
  • Frost Bank debit card
  • Online statement delivery

How to get Frost Bank’s checking account

Texas residents can open an account either online, via the app, or in person. To do so, you’ll need a Texas state address, a government-issued ID such as a driver’s license, as well as your Social Security number.

LEARN MORE Secured

on Frost Bank’s secure website

Member FDIC

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How Frost Bank’s checking account compares

With such a low interest rate and high minimum balance to even earn it, we give this account a big “Why bother?” Its monthly fees are fairly easy to avoid, so we’ll give Frost Bank that, but there are so many truly free accounts out there that offer the ability to earn better rates on much lower balances, along with other perks like no ATM fees from their end, and ATM fee refunds to boot. We urge you to shop around, possibly considering those on our list of the best online checking accounts.

Frost Bank’s savings account options

Personal Savings account

The bank’s savings account offers a low interest rate on all balances.
APYMinimum Balance to Earn APY
0.25%
$0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $3.50; can be waived if a minimum monthly balance of $500 is maintained
  • ATM fee: None on Frost Bank ATMs; $2 on out-of-network ATMs
  • ATM fee refund: Frost Bank occasionally refunds ATM fees for out-of-state customers; contact the bank for further details
  • Overdraft fee: $34 on amounts over $5, up to a maximum of $170 per day

This account earns a small amount of interest on all balances, which is paid quarterly. As with the checking account, its low monthly service fee is fairly easy to avoid with a small minimum monthly balance requirement. You can make online transfers into and out of the account with ease, and it can be used as overdraft protection to cover your checking account at no charge. Federal Reserve Regulation D normally limits certain transfers and withdrawals up to six per month, but make note of the fact that this account only permits you to make two free ones per month.

LEARN MORE Secured

on Frost Bank’s secure website

Member FDIC

Health Savings account

This savings account is intended to solely cover medical expenses.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $3 without imaged checks or $5 with imaged checks; can be waived if a minimum monthly balance of $3,000 is maintained
  • ATM fee: None on Frost Bank ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This health savings account allows you to earn a small amount of interest on all money you put in it. You may be eligible to open this account if you fit all of the following criteria:

  • You’re covered under a high-deductible health plan (minimum of $1,300 if you’re single, and $2,600 for a family)
  • You are not covered by any other health plan
  • You are not entitled to Medicare benefits
  • You are not a dependent on another person’s tax return.

While its monthly fee is fairly low, the minimum balance to be able to waive it is on the higher end. Contributions to this account could be tax deductible, though you should consult a tax advisor or the IRS to make sure. You can contribute up to $3,400 annually if you’re single, or $6,750 for a family. Although Federal Reserve Regulation D normally limits certain withdrawals and transfers up to six per month on savings account, this account permits three free check withdrawals every month, then charges $5 on each one thereafter. Unused balances on this account automatically carry over from year to year, and transfers made from your checking account are counted toward your current year contribution limits.

How to get Frost Bank’s savings accounts

To open one of Frost Bank’s savings accounts, you can call the bank at 866-376-7889 or visit a bank location in person. Be sure you’re prepared with your minimum opening deposit, proof of a Texas state address, government-issued ID and Social Security number.

LEARN MORE Secured

on Frost Bank’s secure website

Member FDIC

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How Frost Bank’s savings accounts compare

You can look at the interest rates of these accounts alone to give them a hard pass. Their monthly fees, and the requirements to waive them, make them lose points as well. While the bank does have easy-to-navigate online and mobile banking platforms, that just isn’t enough to make these accounts stack up against better offerings out there. Consider one of the free accounts on our list of the best online savings accounts, many of which offer higher rates and no fees whatsoever.

Frost Bank’s CD rates

Personal CDs

Frost Bank’s CDs are available in fairly short term lengths with pretty mediocre rates.
TermAPYMinimum Opening Deposit
14 days0.25%
$100,000
30 days0.25%
$100,000
60 days0.25%
$100,000
90 days1.20%
$1,000
90 days1.35%
$100,000
180 days1.45%
$1,000
180 days1.55%
$100,000
12 months1.75%
$1,000
12 months2.00%
$100,000
24 months2.30%
$1,000
24 months2.50%
$100,000
  • Minimum opening deposit: Varies; see table
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: For certificates issued for less than 30 days, it’s the interest that the withdrawn portion has earned, but no less than seven days of interest; for certificates with terms in length from 30 days to 1 year, it’s 30 days’ interest; for certificates issued for more than 1 year, it’s 90 days’ interest

A $1,000 minimum opening deposit is pretty standard as far as CDs go, but the jump to $100,000 is pretty drastic, especially since the rate increase doesn’t exactly match that jump. While most of these rates do beat out national averages, there are still better offerings out there offering higher rates for lower amounts on deposit.

How to get Frost Bank’s CDs

To be able to open a Frost Bank CD, you’ll need to call the bank at 866-376-7889, or visit a bank location in person. Be sure to be prepared to begin by having your opening deposit, government-issued ID, proof of Texas state address and Social Security number handy.

LEARN MORE Secured

on Frost Bank’s secure website

Member FDIC

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How Frost Bank’s CD rates compare

While the rates on these CDs can be described as competitive, there are definitely better rates to be had out there, many of which can be applied to much lower balances than $100,000. We urge you to shop around and possibly consider one of the products on our list of the best CD rates to ensure you truly get the best bang for your buck.

Frost Bank’s money market account options

Frost Bank’s money market allows you to earn interest at several different tiers.
APYMinimum Balance to Earn APY
0.50%
$0.01
0.50%
$10,000
0.55%
$25,000
0.60%
$50,000
0.95%
$100,000
1.35%
$250,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $15; can be waived if minimum monthly balance of $15,000 is maintained
  • ATM fee: None on Frost Bank ATMs; $2 on out-of-network ATMs
  • ATM fee refund: Frost Bank occasionally refunds ATM fees for out-of-state customers; contact the bank for further details
  • Overdraft fee: $34 on amounts over $5, up to a maximum of $170 per day

Although this account offers a pretty low opening deposit requirement, the balance requirement to avoid the monthly fee is rather hefty. You can earn interest on any amount (paid monthly on this account), but the rates don’t really start to even slightly creep up until your balance reaches six figures. The account comes with free imaged checks, and it’s available to be used as overdraft protection to cover your checking account. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

How to get Frost Bank’s money market account

As with the savings accounts and CDs, you’ll have to either call the bank at 866-376-7889 or visit a bank location in person to be able to open a money market account. For either method, be sure you’re ready with your opening deposit, proof of Texas state address, government-issued ID and Social Security number.

LEARN MORE Secured

on Frost Bank’s secure website

Member FDIC

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How Frost Bank’s money market account compares

The bank boasts competitive rates on its accounts, but they really don’t even come close to the ones on our list of the best money market rates. Not only that, but the highest rates it offers only apply to balances of over $100,000, and you have to be able to maintain a large monthly balance to be able to avoid the monthly fee. Needless to say, this account isn’t worth your while; do your due diligence in shopping around, possibly considering one of the accounts on our list instead.

Overall review of Frost Bank’s banking products

Give most of Frost Bank’s personal accounts a pass. With the exception of some of its CDs, all of the accounts seem to come with some sort of catch — primarily high minimum balance requirements to avoid the monthly fees — for what are mostly mediocre rates. Not only that, but the fact that you can’t open accounts other than the checking account online is likely to be an inconvenience for people who don’t live near a branch.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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Reviews

The Columbia Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1988
Total Assets$2.5B
LEARN MORE The Columbia Bank’s secure websiteMember FDIC

The Columbia Bank, headquartered in historic Ellicott City, Md., is part of the Fulton Financial Corporation, giving customers access to a network of 250 branch locations and almost 300 ATMs throughout Pennsylvania, New Jersey, Maryland, Delaware, and Virginia.

To help you find the best personal banking services for your needs, we researched all of The Columbia Bank’s account offerings and weighed them against the best accounts on the market. While The Columbia Bank’s rates ended up falling short when compared to the competition, they do offer some fee-free accounts that are worth considering if you live within this bank’s geographical footprint.

The Columbia Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.21%

Savings

The Columbia Bank Money Market Account

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.20%

CD Rates

The Columbia Bank 12 Month CD

2.75%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.55%

CD Rates

The Columbia Bank 3 Year CD

2.90%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.70%

CD Rates

The Columbia Bank 5 Year Promotional CD w/ Relationship

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

The Columbia Bank’s checking account options

Simply Checking

This basic checking account doesn’t bear interest and has no monthly fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: Fulton Financial Corporation ATMs are free (also includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). Transactions at ATMs outside of the Fulton Financial Corporation network will be charged a fee of $2.50 each.
  • ATM fee refund: None
  • Overdraft fee: $39

While The Columbia Bank’s Simply Checking account does not earn interest, it also doesn’t charge a monthly maintenance fee, so you’ll never have to worry about maintaining a minimum balance amount. You’ll also get access to the full range of mobile and online banking services free of charge.

This account is a good option for anyone who wants to avoid monthly fees and isn’t concerned about earning interest on their checking balance. The only major downside are the ATM fees for out-of-network ATM use, which can add up and aren’t refunded.

LEARN MORE Secured

on The Columbia Bank’s secure website

Member FDIC

Interest Checking

You’ll earn interest with this account but it charges a waivable monthly fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $12, can be waived
  • ATM fee: Fulton Financial Corporation ATMs are free (also includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). Transactions at ATMs outside of the Fulton Financial Corporation network will be charged a fee of $2.50 each.
  • ATM fee refund: None
  • Overdraft fee: $39

The Interest Checking account is The Columbia Bank’s standard interest-earning checking account. Rates are not publicly available, but you can call the bank for the most current rates. You’ll need to maintain a sizeable minimum daily balance in order to earn interest.

This account’s monthly fee isn’t small, but as long as you maintain the $1,000 minimum daily balance (which is also the amount required to earn interest), the monthly fee can be avoided; it can also be waived with a monthly direct deposit. However, it’s best to opt for free checking accounts so you don’t have to worry about your balance falling below this requirement. Apart from earning interest, this checking account doesn’t come with any other perks that you can’t get with the bank’s free checking option, so it may not be the best option for most customers.

LEARN MORE Secured

on The Columbia Bank’s secure website

Member FDIC

Relationship Banking

A premium checking account with a monthly fee for customers with a higher balance.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10, can be waived
  • ATM fee: This account comes with unlimited free ATM transactions at both in-network and out-of-network ATMs. However, be aware that other institutions may impose a charge at their ATMs.
  • ATM fee refund: None
  • Overdraft fee: $39

This checking account earns tiered interest and is designed for customers who maintain high balances; you can call the bank for the most recent rates. If you’re unable to maintain a minimum daily balance of at least $2,000, you’ll be charged a monthly service fee. You’ll also need to maintain a minimum daily balance of $1,000 in order to earn interest. Because of these requirements, the Relationship Banking account isn’t our favorite checking option at this bank for most customers.

Still, it is worth noting that you get free unlimited ATM transactions with this account, which can save you a good amount of money over time. If you’re able to maintain a minimum of $15,000 in total deposits or $20,000 in deposits and consumer loan balances combined, you’ll also get occasional bonus rates on the bank’s CDs, one free order of specialty checks per year, and a discount on safe deposit boxes.

LEARN MORE Secured

on The Columbia Bank’s secure website

Member FDIC

Student Checking

A non-interest-bearing checking account for students ages 16 to 22.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: Fulton Financial Corporation ATMs are free (also includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). and The Columbia Bank. Student Checking account holders get 5 no-fee transactions per statement cycle at ATMs outside the Fulton Financial Corporation network. Each additional transaction at out-of-network ATMs will be charged a $2.50 fee.
  • ATM fee refund: None
  • Overdraft fee: $39

This checking account is available to students ages 16 to 22 with a valid student ID. It comes with no minimum account balance requirement and no monthly maintenance fee. In addition, you’ll also get your first five ATM transactions at out-of-network ATMs free each month. Although this account doesn’t come with unlimited free ATM transactions, this is still a relatively generous policy.

Along with minimal fees, you’ll also get all the online and mobile banking features of a standard checking account free of charge, including online statements, online bill pay and mobile check deposits. This account does not earn interest.

LEARN MORE Secured

on The Columbia Bank’s secure website

Member FDIC

Prime Life Interest Checking

A fee-free, interest-bearing checking account for folks 50 years of age and older.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: This account comes with unlimited free ATM transactions at both in-network and out-of-network ATMs. Be aware that other institutions may impose a charge at their ATMs.
  • ATM fee refund: None
  • Overdraft fee: $39

This account is designed for customers age 50 and older. If you qualify for this account, it is one of the bank’s best checking options — it earns interest but doesn’t come with a monthly maintenance fee. Interest rates for this account are tiered, meaning rates differ depending on the balance you maintain; to qualify to earn interest, you must maintain a minimum balance of $1,000. You can call the bank for the most recent interest rates.

In addition to earning interest, you’ll also get free online and mobile banking services and a discount on safe deposit boxes. Finally, this account comes with unlimited free ATM transactions whether at in-network or out-of-network ATMs, which is a feature we like to look for in checking accounts.

How to get The Columbia Bank’s checking accounts

You can apply for any of this bank’s checking accounts online by providing your social security number, a government-issued ID, and your opening deposit. Your account can be funded online with a checking account, savings account, debit card or credit card.

LEARN MORE Secured

on The Columbia Bank’s secure website

Member FDIC

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How The Columbia Bank’s checking accounts compare

Overall, The Columbia Bank has a few checking options worth considering. While a few of their accounts charge monthly fees that we don’t think are worth it for most customers, their Student Checking, Simply Checking and Prime Life Interest Checking are all free.

The Prime Life Interest Checking is The Columbia Bank’s most competitive offer because it earns interest, charges no fees, and offers unlimited free ATMs; the rest of the bank’s checking accounts are less competitive. The best online checking accounts are not only fee-free, but they also offer unlimited free ATMs, and many of them bear interest with no minimum balance amount required.

The Columbia Bank’s savings account options

Statement Savings

This interest-bearing savings account comes with a monthly fee that can be waived.
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $6, can be waived
  • ATM fee: Fulton Financial Corporation ATMs are free (includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). Transactions at ATMs outside of the Fulton Financial Corporation network will be charged a fee of $2.50 each.
  • ATM fee refund: None
  • Overdraft fee: $39

The Columbia Bank’s standard savings account is open to all customers; it bears interest on balances of $100 or more, though you’ll have to call the bank for the most recent rates. This account does come with a monthly maintenance fee — but while it can be waived by maintaining a minimum daily balance of at least $100, we always prefer savings accounts with no monthly fees. The monthly fee is also waived if the account holder is less than 19 years old.

Remember that Federal Reserve Regulation D limits all savings accounts up to 6 certain electronic transfers or withdrawals per month.

LEARN MORE Secured

on The Columbia Bank’s secure website

Member FDIC

Student Statement Savings

A fee-free savings account for students up to 22 years of age.
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: Fulton Financial Corporation ATMs are free (includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). Student Checking account holders get 5 no-fee transactions per statement cycle at Non-Fulton Financial Corporation ATMs. Transactions at ATMs outside of the Fulton Financial Corporation network will be charged a fee of $2.50 each.
  • ATM fee refund: None
  • Overdraft fee: $39

This interest-bearing savings account for students age 22 or younger has no monthly account maintenance fee, so you don’t have to worry about keeping a minimum balance. Interest rates vary, but you can call the bank for the latest rates. You’ll get access to all of The Columbia Bank’s mobile and online banking services with this account as well, including mobile check deposit, online statements, and 24/7 access to your accounts.

With a student account, you’ll also get your first 5 ATM transactions at non-Fulton Financial Corporation ATMs free each month. After that, a small fee will be charged by The Columbia Bank on out-of-network ATM transactions.

According to Federal Reserve Regulation D, because this is a savings account, you’re only allowed up to 6 certain electronic transfers or withdrawals each month.

How to get The Columbia Bank’s savings account

Applications are available online for both of The Columbia Bank’s two savings accounts. You’ll need to provide your social security number, a government-issued form of identification, and an opening deposit for your account. Your deposit can be funded online using a checking or savings account or a debit or credit card.

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on The Columbia Bank’s secure website

Member FDIC

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How The Columbia Bank’s savings accounts compare

All of The Columbia Bank’s savings accounts earn interest, which is a plus. Keep in mind that the best online savings accounts tend to offer significantly higher APYs than traditional brick-and-mortar banks. You should call The Columbia Bank to obtain their current savings account rates and compare them to the competition.

The biggest advantage of the best online savings accounts is that many of them don’t charge any monthly fees, don’t have account minimums, and some even offer unlimited free ATMs. In comparison, The Columbia Bank’s Statement Savings account does come with a monthly fee and only earns interest if your balance stays above the minimum requirement, and they doesn’t waive ATM fees at out-of-network ATMs. If you qualify for it, the Student Statement Savings account offers a more generous ATM fee policy, but it does still charge a monthly fee.

The Columbia Bank’s CD rates

Certificates of Deposit

Certificates come in a variety of options, from variable rate CDs to no penalty CDs.
TermAPY
  3 Month0.05%
  6 Month0.05%
  9 Month No Penalty0.05%
  9 Month No Penalty Promo Relationship Banking  0.30%
12 Month0.20%
  12 Month Variable Rate0.05%
  15 Month0.20%
  18 Month Promo Relationship Banking1.45%
  2 Year0.30%
  30 Month0.76%
  3 Year1.55%
  4 Year1.35%
  5 Year Promo Relationship Banking1.70%
  72 Month1.01%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms of up to 6 months, the early withdrawal penalty is equal to 7 days of interest or all interest accrued, whichever is greater. For terms of 6 months to 36 months, the early withdrawal penalty is 182 days of interest. For terms of 36 months or more, the penalty is 12 months of interest.

The Columbia Bank builds a lot of flexibility into their CD offerings. Not only can you choose from terms as short as 3 months and as long as 72 months, but they also offer no penalty certificates, variable rate certificates, and promotional CD rates.

Their 9 Month No Penalty CD allows you to withdraw your money at any time without incurring a penalty as long as you wait at least 7 days after opening. The 12 Month Variable Rate CD comes with an APY that can change at any time after account opening, while the other CD options maintain the same APY throughout the full term of the CD. Finally, the 9 Month No Penalty Promo Relationship Banking CD, 18 Month Promo Relationship Banking CD, and 5 Year Promo Relationship Banking CD offers higher promotional rates for Relationship Banking account holders who maintain a minimum at least $15,000 in total deposits or $20,000 in deposits and consumer loan balances combined.

The bank also offers promotional CD rates at times on certain certificates that offer higher rates than listed above. You can call the bank or visit their website for current promotions.

How to get The Columbia Bank’s Certificates

You can open a Certificate of Deposit by visiting any of The Columbia Bank’s branch locations and applying in person.

LEARN MORE Secured

on The Columbia Bank’s secure website

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How The Columbia Bank’s Certificate rates compare

You’ll find a wide range of CD options at The Columbia Bank. Their No Penalty CDs and Promo Relationship Banking CDs are unique offerings worth looking into, and you should also consider any promotional CD rates that are currently on offer. Their minimum opening deposit and minimum balance to earn APY requirements are reasonable and on par with other banks.

When compared to best CD rates, though, most of The Columbia Bank’s CDs lag behind. Some of their CDs, such as the 3 Month CD, 6 Month CD, and 9 Month No Penalty CD, have APYs so low you likely won’t even notice as interest accumulates. That being said, if you’re a Relationship Banking customer and meet the account requirements to earn Promo Relationship Banking rates, they are much higher. Keep in mind that several banks offering the best CD rates outearn even The Columbia Bank’s promotional rates, and with minimum balance requirements that are easier to meet.

The Columbia Bank’s money market account options

Money Market Account

Earn interest while maintaining easy access to your funds.
APYMinimum Balance to Earn APY
0.21%
$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10, can be waived
  • ATM fee: Fulton Financial Corporation ATMs are free (includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). Transactions at ATMs outside of the Fulton Financial Corporation network will be charged a fee of $2.50 each.
  • ATM fee refund: None
  • Overdraft fee: $39

This money market account charges a monthly maintenance fee, although it can be waived as long as you maintain a minimum daily balance of $1,000 or more. You’ll need to maintain this balance in order to earn interest anyway.

This account gives you the opportunity to earn a small amount of interest and build your savings while still maintaining easy access to your money. But while you can access your funds immediately, money market and savings accounts are still limited to 6 certain electronic withdrawals each month according to Federal Reserve Regulation D.

LEARN MORE Secured

on The Columbia Bank’s secure website

Member FDIC

Platinum Money Market

Earn tiered interest rates with a higher minimum daily balance.
APYMinimum Balance to Earn APY
0.23%
$10,000 - $24,999
0.26%
$24,999.01 - $49,999
0.27%
$49,999.01 - $74,999
0.28%
$74,999.01 - $99,999
0.28%
$99,999.01 - $249,999
0.28%
$249,999.01 - $999,999
0.28%
$999,999.01 - $1,999,999
0.28%
$1,999,999.01 or more
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: $25, can be waived
  • ATM fee: Fulton Financial Corporation ATMs are free (includes ATMs at FNB Bank, Fulton Bank, Fulton Bank of New Jersey, Lafayette Ambassador Bank and Swineford National Bank). Transactions at ATMs outside of the Fulton Financial Corporation network will be charged a fee of $2.50 each.
  • ATM fee refund: None
  • Overdraft fee: $39

If you’re able to commit to maintaining a large balance in your account, the Platinum Money Market account will help you earn slightly higher rates than those offered by their regular money market account. You will need to maintain a minimum daily balance of at least $10,000, or else you’ll be charged a pretty steep monthly maintenance fee. Balances below that amount won’t earn interest either.

This money market account gives you easy access to your funds, although you won’t get any ATM fee waivers if you’re withdrawing money from out-of-network ATMs. Keep in mind that you’re limited to 6 certain electronic transfers or withdrawals per month according to Federal Reserve Regulation D.

How to get The Columbia Bank’s Money Market accounts

You can open The Columbia Bank’s Money Market accounts online by filling out their online application form. It will require that you submit your social security number and a government-issued form of identification, and you can fund the account using funds from a checking or savings account or a debit or credit card.

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How The Columbia Bank’s money market accounts compare

The monthly maintenance fees charged by The Columbia Bank’s money market accounts are rather high, and although they can be waived, it’s often best to go with accounts that have low or no fees.

In terms of rates, even the Platinum Money Market account earns an APY that’s far lower than the best money market rates. Some of the best money market rates are roughly ten times higher than those offered by The Columbia Bank, and there are even a few online banks that offer higher rates with no minimum balance requirement and no monthly fees.

The Columbia Bank’s IRA account options

IRA Certificate rates

The IRA CDs earn interest and offer promotional rates for Relationship Banking customers.
TermAPY
3 Month0.05%
6 Month0.05%
12 Month0.20%
15 Month0.20%
18 Month Promo Relationship Banking1.45%
2 Year0.30%
30 Month0.76%
3 Year1.55%
4 Year1.35%
5 Year Promo Relationship Banking1.70%
72 Month1.01%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms of up to 6 months, the early withdrawal penalty is equal to 7 days of interest or all interest accrued, whichever is greater. For terms of 6 months to 36 months, the early withdrawal penalty is 182 days of interest. For terms of 36 months or more, the penalty is 12 months of interest.

The Columbia Bank’s IRA CDs all have reasonable minimum opening deposit and minimum balance amount to earn APY requirements. There are no penalty free CDs available as IRA accounts, but you can access promotional APYs if you qualify for their 18 Month Promo Relationship Banking IRA CD or their 5 Year Promo Relationship Banking IRA CD. You’ll need to be a Relationship Banking customer in order to access these rates, and you’ll also have to have a minimum balance of at least $15,000 across all deposits or $20,000 across deposits and consumer loans.

How to get The Columbia Bank’s IRA CDs

You can open an IRA CD with The Columbia Bank by visiting them in person at one of their branch locations.

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How The Columbia Bank’s IRA CD rates compare

When compared to the best IRA CD rates, most of The Columbia Bank’s IRA CD rates are notably lower. The bank’s most competitive IRA CDs are those that offer promotional rates for Relationship Banking customers, but those are only available in 18-month and 5-year terms, and you have to keep a fairly high balance in your The Columbia Bank accounts in order to qualify for these rates.

IRA money market account

Earn interest with a low minimum deposit.
APYMinimum Balance to Earn APY
0.08%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0
  • ATM fee: ATM cards are not available to IRA money market account holders.
  • ATM fee refund: None
  • Overdraft fee: $39

If you’re looking for a tax-advantaged retirement savings account, The Columbia Bank offers free IRA money market accounts that give you the opportunity to take advantage of changes in interest rates. Interest is compounded daily on these accounts.

Keep in mind that withdrawal options from your IRA money market account might be limited, given that it is a retirement account. Typically, any money withdrawn before you hit age 59 ½ is considered premature, and you may have to pay an early withdrawal penalty on those amounts.

How to get The Columbia Bank’s IRA accounts

Head into your local The Columbia Bank branch to talk about getting an IRA account. It’s recommended that you consult a tax professional before opening an IRA.

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Overall review of The Columbia Bank’s banking products

The Columbia Bank offers a handful of personal banking products that come with low fees, and a few of their checking accounts charge no monthly fees at all. That being said, many of the best online banks offer checking and savings accounts that are completely fee-free, regardless of the balance you maintain. You’ll also find that The Columbia Bank’s rates on all of their accounts are relatively low when compared to the competition.

This bank’s best products are those designed specifically for students and seniors, including Prime Life Interest Checking, and their Student Checking and Student Statement Savings accounts. They also offer CDs and money market accounts with premium rates for certain customers, but those rates are less than impressive when you consider the minimum account balances required to earn them.

On the whole, this bank might be worth banking with if you’re looking to build a relationship with them or prefer brick-and-mortar banks and live near one of their branches, but they’re not the best option if you’re seeking high interest rates and want to avoid fees.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Elizabeth Aldrich |

Elizabeth Aldrich is a writer at MagnifyMoney. You can email Elizabeth here

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Reviews, Small Business

OnDeck Small Business Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

OnDeck business loans
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OnDeck is an online lender that has been providing funding to small businesses since 2007 but has recently rolled out partnerships with brick-and-mortar banks, combining OnDeck’s technology with the banks’ deep balance sheets and credit expertise. OnDeck offers term loans and lines of credit to business owners looking to grow their operations. Approval for financing is based on overall business performance, not just credit score. OnDeck has issued more than $8 billion in loans to 80,000 small businesses in more than 700 industries throughout the U.S. OnDeck is based in New York and has been a public company since 2014.

OnDeck small business loan details

Term loans: OnDeck offers up to $500,000 in both short-term and long-term loans.

Short-term loans span three to 12 months and could come with a simple interest rate as low as 9%. OnDeck calculates simple interest as the total amount of interest you would pay as a percentage of your total loan amount. The weighted average rate as of June 30, 2018 was 25.3% simple interest.

Long-term loans have 15- to 36-month terms and could come with an annual interest rate as low as 9.99%. OnDeck determines AIR as the yearly interest percentage you would pay based on your average loan balance, minus fees. To pay back your loan, you would make fixed daily or weekly payments that OnDeck would automatically deduct from your business bank account. The weighted average AIR as of June 30, 2018 was 48.7%.

No matter if you choose a short-term or long-term loan, it’s a good idea to consider the annual percentage rate as well since APR includes the cost of interest plus fees. In 2017, On Deck’s term loan APRs ranged as high as 99.7% with an average APR of 45.2%, according to the company’s annual report.

 Loan amountLoan termAPR rangeFeesTime to funding
Short-term loan$5,000 up to $500,0003 to 12 monthsVaries, with an average rate of 45.2%Origination fee of 2.50% - 4.00%, lower for subsequent loansAs soon as 24 hours
Long-term loan$5,000 up to $500,00015 to 36 monthsVaries, with an average rate of 45.2%Origination fee of 2.50% - 4.00%, lower for subsequent loansAs soon as 24 hours

Lines of credit: Businesses could qualify for a line of credit up to $100,000 with an APR as low as 13.99% though, like term loans, your APR could be higher. The weighted average APR was 32.6% as of June 30, 2018. The credit line amount and your interest rate would be based on your business and personal credit, as well as an assessment of your business as a whole. OnDeck would automatically deduct fixed weekly payments from your business bank account as you pay back the debt.

 Loan amountTermsAPR rangeFeesTime to funding
Line of credit$6,000 to $100,000Fixed weekly paymentsAs low as 13.99% with an average APR of 32.3% $20 monthly maintenance fee, waived if you withdraw $5,000 or more in the first 5 days.As soon as 24 hours

What businesses are eligible for an OnDeck loan?

OnDeck’s minimum qualifications are not as strict as banks’ requirements. OnDeck asks for at least one year in business and at least $100,000 in annual revenue. Business owners must also have a personal credit score of 500 or higher.

In 2017, borrowers had a median annual revenue of about $631,000 with 90% of customers having between $162,106 and $3.8 million in annual revenue.

There are several industries OnDeck does not work with, including the following:

  • Adult entertainment/materials
  • Drug dispensaries
  • Firearms vendors
  • Government and nonprofits
  • Public administration
  • Horoscope or fortune telling
  • Lotteries, casinos, raffles, gaming and gambling
  • Money services businesses
  • Religious or civic organizations
  • Rooming and boarding houses

OnDeck has the ability to change the list of restricted businesses at any time. Additionally, all businesses are individually subject to OnDeck’s approval, regardless of industry.

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The pros and cons of an OnDeck small business loan

Pros

  • Credit score isn’t the deciding factor. OnDeck considers your business’s cash flow in addition to your credit score when reviewing your loan application. You wouldn’t be automatically turned down if you have poor credit.
  • Simple application. You may be able to complete OnDeck’s online application in minutes and you could be approved for financing in as little as 24 hours. OnDeck loan specialists are also available if you need assistance.
  • Potential to improve your business credit score. OnDeck reports your term loan payment information to three business credit bureaus, Experian, Equifax and Paynet, each month and reports line of credit information to Experian. Making payments on time and maintaining good credit history with OnDeck would improve your overall business credit profile.

Cons

  • Lowest interest rates are uncommon. The lowest advertised interest rates are usually reserved for borrowers with the strongest creditworthiness and cash flow and those that have previous payment history with OnDeck. The average rate for term loans is 25.3% simple interest and 48.7% AIR.
  • A personal guarantee is required. OnDeck places a general lien on the assets of your business and requires a personal guarantee to secure a loan. Signing a personal guarantee puts you on the hook to pay the debt even if your business defaults.

Application process and requirements

You can apply for an OnDeck loan online or by phone and the process could take a little as 10 minutes. There’s no obligation to accept a loan offer, which is valid for 30 days after you’re approved.

In addition to basic information about your business, OnDeck may ask you to submit the following documents with your application:

  • Business tax ID
  • Bank statements from the past 1-3 months
  • Your Social Security number
  • Your driver’s license and state of issue

If you’re approved, you could receive funding in your business bank account as soon as the next day. OnDeck disperses loans through the Automated Clearing House network or a wire transfer. Customers with a line of credit would receive a debit card connected to the business bank account that OnDeck has on file.

Small business owners could also take advantage of OnDeck’s technology through their existing banks. Chase’s Business Quick Capital allows certain clients to apply for a business loan online and receive funding as soon as the same day. PNC Bank is set to roll out a similar program in 2019 for customers to apply online for loans up to $100,000.

The fine print

Fees. OnDeck charges an origination fee on your first loan that ranges from 2.50% - 4.00%. Each subsequent loan that you get from OnDeck would have a lower origination fee. If you take out a line of credit, you would owe a $20 monthly maintenance fee. That fee can be waived if you withdraw more than $5,000 within one week of opening your line of credit.

No collateral. Although OnDeck puts a general lien on your business assets when you borrow money, you wouldn’t have to offer a specific business asset as collateral. That means you wouldn’t be denied funding solely because you don’t have valuable business assets to use as collateral. Without having to appraise and value particular assets, OnDeck can award funding faster than a traditional bank.

Fixed payments. To collect payments, OnDeck deducts a fixed amount from borrower’s business bank accounts on a daily or weekly basis, depending on the type of loan. These payments could impact your cash flow, but they should be easy to manage because they are predictable and unchanging.

Other alternative small business lenders

LendingClub

Online lender LendingClub offers business loans up to $300,000 and terms of one to five years. Like OnDeck, LendingClub collects fixed monthly payments as you pay back your loan. There are no prepayment penalties and your interest rate could be as low as 5.99%. To qualify for a LendingClub business loan, you would need at least one year in business, at least $50,000 in annual sales and no recent bankruptcies or tax liens. You would also need to own at least 20% of the business and have fair credit or better.

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Kabbage

Kabbage is an online lender that provides both secured and unsecured loans to small business owners. Kabbage offers term loans, lines of credit and working capital loans, among other financing options. Six-month and 12-month term loans are available, and interest rates range from 8.00% to 24.00%. You could be approved for up to $250,000.

Kabbage

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The bottom line

Business owners applying for financing from OnDeck have a chance to secure funding without relying on their credit score or collateral. Compared with a traditional bank, OnDeck’s application process is simple and time to funding is fast. However, your interest rate could be higher than what OnDeck advertises if your credit isn’t in great shape. OnDeck collects fixed payments, which could cut into your daily cash flow. If you’re approved for a loan, make sure it has an interest rate and terms that your business could handle. If you feel comfortable with the offering, an OnDeck loan could be a quick solution to meet your funding needs.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Melissa Wylie
Melissa Wylie |

Melissa Wylie is a writer at MagnifyMoney. You can email Melissa at melissa@magnifymoney.com

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