Spring Bank review: is it trustworthy?
Read this Spring Bank review and learn how you can help society and the environment with this bank.
Understanding Spring Bank: Help the environment with this bank!
This is an eco-friendly bank in New York with competitive rates, mission-driven, and certifications for social and environmental impact. Here is our Spring Bank review.
Spring Bank is ideal for New York residents who want to be part of a mission-driven financial institution and prioritize social and environmental impact.
- Financial products offered: Checking accounts, savings accounts, CDs, and money market accounts.
- Fee: $5 monthly service fee (waivable by keeping $100 balance)
- Minimum balance: $100 daily balance to waive the $5 monthly service fee for the Spring Bank Savings Account, $250 upfront to open a CD account, and $500 for the Spring Bank Money Market Account.
How is banking with Spring Bank?
Spring Bank is an eco-friendly financial institution located in New York that offers competitive savings accounts, CDs, and money market accounts.
The bank is ideal for New York residents who want to be part of a mission-driven financial institution.
The Spring Bank Basic Checking Account can be a good option if you’re able to waive the $3 monthly service fee.
You may want to consider other free checking account options if you fit the following descriptions:
- You can’t keep at least $1,000 in your account.
- You can’t receive $500 in direct deposits each month.
The Spring Bank Savings Account is a great choice if you regularly keep at least $100 in your account.
Maintaining a $100 balance daily earns you 3.00% and waives the account’s $5 monthly service fee.
Spring Bank also pays competitive CD rates that are much higher than many other banks or credit unions.
The bank’s mobile app is well-rated, and customer service is available from 9 a.m. to 5 p.m. ET Monday through Friday.
Spring Bank is FDIC insured, and the bank offset over 192,000 kg of carbon dioxide equivalent in 2019.
Additionally, the bank helped provide PPP loans to small businesses and non-profits affected by the COVID-19 pandemic.
Spring Bank has received certifications and designations. B Lab and the US Department of Treasury’s Community Development Financial Institutions Fund have awarded it for its social and environmental impact.
The bank hasn’t been involved in any recent public controversies and has not yet been rated by the Better Business Bureau.
However, to ensure Spring Bank is a good fit for you, you can talk to current customers or read online customer reviews.
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Significant benefits and disadvantages you may find
Now that you are familiar with this bank’s details, let’s have a look at its pros and cons. Our Spring Bank review would be incomplete without it.
So have a look at the list of benefits and disadvantages we have prepared for you below.
- Competitive interest rates
- Eco-friendly focus
- Social and environmental impact certifications
- FDIC insured
- Limited locations
- Monthly fees for some accounts
- Minimum balance requirements
- Lack of BBB rating
Why should you choose Spring Bank?
Spring Bank offers a unique value proposition for customers looking for a financial institution that aligns with their values. It offers competitive interest rates, an eco-friendly focus, certifications for social and environmental impact, and is FDIC insured.
How to start banking with Spring Bank
Do you like what you have seen in this Spring Bank review? If so, click the link below to check out our application guide and start banking with them today!
About the author / Danilo Pereira
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