Finances (US)

Spring Bank Review: is it trustworthy?

This Spring Bank review will show you all about this first B Corp bank in New York. Check it out to understand all, and decide if starting banking with it is suitable for your finances.

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by Aline Augusto

Published on 07/13/2022

Spring Bank: the first B Corp in New York

Spring Bank is the first B Corp Bank in New York. Do you know what it is? Check it out! Source: Spring Bank.
Spring Bank is the first B Corp Bank in New York. Do you know what it is? Check it out! Source: Spring Bank.

A B Corp certification is only given to those companies which comply with high standards in transparency, performance, and accountability, on the whole chain. Spring Bank is certified and you can be part of a new way of banking, focused on ethics and commitment to communities. So to learn more, check out our Spring Bank full review!

Financial products offeredPersonal Checking, Personal Savings, Personal Lending, Business Checking, Commercial Lending, and Small Business Lending
FeesAccounts feature waived fees if you maintain minimum balance
Minimum balanceFrom $100. Each type of account requires a minimum balance in order to waive maintenance fees
join Spring Bank

How to start banking with Spring Bank?

Check out how to join Spring Bank and enjoy its advantages.

Spring Bank offers a wide range of accounts for both personal and business needs and goals. If you are a resident of New York, it might be worth considering starting banking with this new way of thinking about finances. Check out how it works right below!

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How is banking with Spring Bank?

Spring Bank is a B Corp, which means it is certified as a company that focuses on delivering products and services with transparency, performance, and accountability on the complete chain, considering communities, too. 

It offers a wide range of products, including accounts and lending options for both personal and business needs and goals.

On personal, this bank offers checking and lending options.

First of all, on the checking option, Spring Bank provides a Money Market account for you to earn interest and access the benefits of checking and savings.

Also, it offers a basic option, an Interest Checking, and a Green Checking for those concerned with the planet.

The accounts with interest have APYs ranging from 0.25% to 0.65%.

All accounts require a minimum to open and a minimum balance. But, if you manage to maintain this minimum, you will be able to waive maintenance fees.

As for savings, the bank offers CDs, Club/Vacation for specific goals, IRA Savings, and a basic option. All accounts require a minimum to open, except Interest on Lawyer Accounts, which feature the lowest rate. 

And the APYs on savings options is 0.75%. On the other hand, CDs have competitive rates that range from 0.65% to 2.50%, according to the terms chosen.

Furthermore, Spring Bank offers business checking accounts, from a basic option to Money Market and Nonprofit Banking.

Moreover, you may enjoy the variety of loans and lines of credit featured, from personal to commercial lending. 

Finally, Spring provides 24-hour support and easy access to ATMs for free in the MoneyPass and Citibank networks and branches.

Spring Bank experience: highlights

Keep reading our Spring Bank review. Source: Canva.
Keep reading our Spring Bank review. Source: Canva.

Besides the whole package of checking and savings accounts for personal and business banking, the rates are relatively competitive compared to other banks.

Spring Bank also offers many lines of credit and lending options for many purposes and flexible terms.

The app is easy-to-use and designed for those who want convenience. Although it is mostly an online bank, you can access the 24-hour-a-day support if needed.

Also, you can access your money through a vast network across the country. 

Advantages

  • The bank offers a wide range of products and services for personal and business banking;
  • It provides competitive rates on interest accounts and CDs;
  • You get a 24-hour day of support;
  • It features a great mobile app;
  • It offers many lending options;
  • You can access ATMs for free nationwide.

Disadvantages

  • Accounts have fees, and you need to maintain a minimum balance to avoid them;
  • Most products have a minimum to open.

Why should you choose Spring Bank?

If you like convenience, you may enjoy this bank. Besides its commitment to transparency, accountability, performance, and community, Spring Bank offers many products and services with competitive rates for both personal and business banking.

How to start banking with Spring Bank?

Now, learn how to open an account or borrow some money at Spring Bank! Keep reading right below!

join Spring Bank

How to start banking with Spring Bank?

Check out how to join Spring Bank and enjoy its advantages.

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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