Wednesday, 25 November 2020

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

Columbia Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts
27 Oct
8:38

Columbia Bank (NJ)’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Columbia Bank (NJ) Statement Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.00%

CD Rates

Columbia Bank (NJ) 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.65%

CD Rates

Columbia Bank (NJ) 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.25%

CD Rates

Columbia Bank (NJ) 60 Month CD

3.10%

Barclays 60 Month Online CD

on Barclays’s secure website

Member FDIC

Columbia Bank’s checking account options

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How Columbia Bank’s checking accounts compare

The rates for the Yield Plus Checking account are on par with some of those on our list of the best online checking accounts. But unlike many of those competitors, it does require a high minimum account balance. We also think the sign-up bonus, along with the cashback feature of the Advantage Plus Checking account, is pretty good if you believe you can maximize that feature. Otherwise, you may want to look elsewhere.

Columbia Bank’s savings account options

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How Columbia Bank’s savings accounts compare

We’re not impressed with these savings accounts (even with the bonus on the kids’ option) because the rates fall way short compared to our list of the best online savings accounts. Most don’t have minimum balance requirements, so it looks like you may be better off going elsewhere.

Columbia Bank’s CD rates

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How Columbia Bank’s CD rates compare

We noticed that some of these CD terms are fairly competitive compared to the ones on our list of the best CD rates. Fortunately, the ones you can open online are some of the higher ones. If you’re not a New Jersey resident though, you have no choice but to look elsewhere.

Columbia Bank’s money market account options

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How Columbia Bank’s money market accounts compare

Sadly, Columbia Bank is on a bit of a roll when it comes to low rates for its savings accounts. Combined with the fact that you can only open an account in person, you’re probably better off looking at competitors, such as the ones on our list of the best money market accounts.

Columbia Bank’s IRA account options

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How Columbia Bank’s IRA CD rates compare

Most of these CD rates fall flat when compared to other places. Even with the Bump Up CD option, you’re probably not going to get nearly as high of a rate of return like the ones on our list of the best IRA CD rates. You may want to do yourself a favor and do some comparison shopping.

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Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/columbia-bank/

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