Spring Bank review: Eco-friendly bank in New York with competitive savings accounts
Spring #Spring
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The bottom line: Spring Bank could be an excellent choice for New York residents who want to be part of a mission-driven financial institution. The bank also pays high interest rates on savings accounts, CDs, and money market accounts. Make sure you’re eligible to waive monthly service fees, though.
Compare Spring Bank products
Spring Bank Basic Checking Account
Spring Bank Savings Account
Spring Bank Money Market Account
Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Overall bank rating Pros and cons
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25 Pros
Cons
More Information
The Spring Bank Basic Checking Account may be worthwhile if you meet one of the requirements to waive the $3 monthly service fee. If you’re unable to keep at least $1,000 in your account or can’t receive $500 in direct deposits each month, consider checking out our best checking accounts guide for free checking account options.
Annual Percentage Yield (APY)
1.50% APY
Minimum Deposit Amount
$25
Annual Percentage Yield (APY)
1.50% APY
Minimum Deposit Amount
$25 Pros
Cons
More Information
The Spring Bank Savings Account is a great choice if you regularly keep at least $100 in your account. By maintaining a $100 balance daily, you’ll earn 1.50% APY and waive the account’s $5 monthly service fee.
Annual Percentage Yield (APY)
1% to 3.15% APY
Minimum Deposit Amount
$250
Annual Percentage Yield (APY)
1% to 3.15% APY
Minimum Deposit Amount
$250 Pros
More Information
Spring Bank pays competitive CD rates that are much higher than what many banks or credit unions offer right now. You’ll also need only $250 upfront to open an account.
Annual Percentage Yield (APY)
1.15% to 1.25% APY
Minimum Deposit Amount
$500
Annual Percentage Yield (APY)
1.15% to 1.25% APY
Minimum Deposit Amount
$500 Pros
Cons
More Information
The Spring Bank Money Market Account might be a decent choice if you frequently use paper checks.
But keep in mind the Spring Bank Savings Account pays a higher interest rate and has lower minimum balance requirements.
How Spring Bank works
Spring Bank is an environmentally friendly financial institution that serves New York residents. It has checking accounts, savings accounts, CDs, and money market accounts that you can open online or at a physical branch.
The bank has two branches in the New York City area. Customers may access MoneyPass ATMs or Citibank ATMs for free.
The bank’s mobile app is rated 3.9 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
To contact customer service, call from 9 a.m. to 5 p.m. ET Monday through Friday.
Spring Bank is FDIC insured. Up to $250,000 is secure in an individual bank account, and $500,000 is secure in joint bank accounts.
Social and environmental impact of Spring Bank
According to the bank’s website, Spring Bank offset over 192,000 kg of carbon dioxide equivalent in 2019. In 2020, the bank helped provide PPP loans to small businesses and non-profits affected by the COVID-19 pandemic.
Spring Bank has also received certifications and designations from the following organizations for its social and environmental impact:
Spring Bank trustworthiness and BBB rating
Spring Bank hasn’t been involved in any recent public controversies.
We usually also include ratings from the Better Business Bureau, so you can see how financial institutions resolve customer issues and handle transparency.
However, Spring Bank hasn’t been rated by the BBB, yet.
BBB ratings won’t guarantee you’ll have a smooth relationship with a bank, though. To see if Spring Bank might be a good fit for you, you can talk to current customers or read online customer reviews.
Spring Bank vs. Atmos Financial
Spring Bank and Atmos Financial are both eco-friendly financial institutions with strong high-yield savings accounts. Deciding between these two banks will likely come down to whether you meet the requirements to earn a competitive interest rate.
At Spring Bank, you’ll need to maintain $100 in your account to earn 1.50% APY on the Spring Bank Savings Account. At Atmos Financial, you must donate at least $1 per month to a non-profit organization partnered with the online banking platform.
You’ll also want to consider which account you’d like to open.
Spring Bank will be your go-to option for getting a money market account or CD because Atmos Financial only offers a high-yield savings account and cash-back checking account.
Spring Bank vs. Amalgamated Bank
Spring Bank and Amalgamated Bank are two socially responsible banks with branches in New York. Your decision between these two institutions may ultimately depend on which bank’s branch is closest to where you live.
You’ll also want to consider which accounts you’d like to open.
Spring Bank pays high interest rates on savings accounts, CDs, and money market accounts. Some of the accounts may entail monthly service fees, though. You’ll need to determine if you meet the requirements to waive fees.
In comparison, Amalgamated Bank checking and savings accounts have zero monthly service fees but require a minimum opening deposit of $100. The Amalgamated Bank Give-Back Checking Account pays up to 0.35% APY, and the Amalgamated Bank Give-Back Savings Account pays 0.45% APY, but Amalgamated will also give the equivalent of half the interest you earn to a non-profit organization that it’s partnered with.
Frequently asked questions
Spring Bank is a local bank in New York. Spring Bank is a good local banking option for New York residents because it provides banking services and lending opportunities to low-income and disadvantaged communities.
Spring Bank has one branch in Harlem, New York, and one branch in Bronx, New York.
Spring Bank has received certifications to make sure it meets certain standards or commitments toward social and environmental impact. Spring Bank is a Certified B Corp, and designated as a CDFI by the US Department of Treasury’s Community Development Financial Institutions Fund.
Yes, Spring Bank is federally insured. When a bank is insured by the FDIC, your money will be safe even in the rare event that a bank shuts down. Your money will be either transferred to another bank account that’s FDIC insured, or it will be mailed to you as a check.
Sophia Acevedo, CEPF
Junior Banking Reporter