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

The Columbia Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
15 Jan
12:19
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

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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

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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

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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

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on Goldman Sachs Bank USA’s secure website

Member FDIC

The Columbia Bank’s checking account options

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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

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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

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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

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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

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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.

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

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