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Academy Bank (MO) Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Academy Bank Savings
0.05% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

Academy Bank was founded in 1966 with its headquarters in Kansas City, Missouri. Academy Bank manages assets totaling $1 billion along with $956 million in deposits, ranking it as a medium-size bank. Academy Bank does not have the same customer service perks that others do. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. With a commendable 4.3 out of 5 stars, Academy Bank proves it is a solid contender in your bank search. 

Academy Bank has a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Academy Bank has a fair savings rate, which means other popular banks have higher rates. Perfect for basic banking needs, the bank's most basic checking does not carry a monthly charge. Why keep checking and savings accounts with the same bank? Quick transferring of funds between the two accounts means you can still get better interest rates in your savings account but still access your money from your checking.

Service Quality

Academy Bank is a brick-and-mortar bank, with 75 total bank locations in Arizona, Colorado, Florida, Kansas and Missouri. With mobile and web apps, Academy Bank makes mobile banking easy, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 7:00 p.m. CT; Saturday, 9:00 a.m. to 5:00 p.m. CT. 

Academy Bank's online and mobile banking platforms receive fairly high ratings from customers: the Academy Bank mobile app rates a 3.4 out of 5 (with 1,300 reviews on iOS and Android) compared to the national average of 3.8. Academy Bank's mobile app allows you to control your funds by looking at monthly statements, sending and receiving funds as well as accessing customer service. Academy Bank gets an exceptional consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts
  • 0.05% APY
$100 Compare Offers
Certificates of Deposit
  • 12 Month: 2.52% APY
  • 24 Month: 2.78% APY
  • 36 Month: 2.88% APY
  • 48 Month: 2.93% APY
  • 60 Month: 3.03% APY
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.60% APY
  • 25K tier: 0.70% APY
  • $10,000
  • $25,000
Compare Offers
Checking Accounts 0.05% APY $25 Compare Offers

Academy Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Academy Bank's CD rates are great in comparison to the national average. 

Rates

With a savings rate of 0.05%, Academy Bank ranks below the mean in comparison to the average U.S. bank. Academy Bank's one-year CD earns at a rate of 2.52% and the five-year CD has a rate of 3.03%, while its highest-yielding money market account has a rate of 0.70%. Academy Bank has a fair savings rate compared to the average savings account. Consider higher earning savings accounts with other banks.

Compare Academy Bank to Other Competitive Offers

Fees

Academy Bank typically has extremely low fees compared to the national average. With no monthly fee, Academy Bank is ideal for people who want a basic checking account. For those who will need cash in a pinch, it is ideal because it has no ATM fees. Also, it has an overdraft fee of $29, which is markedly lower than the average overdraft fee charged by U.S. banks. 

Financial Health

Academy Bank ranks as a medium-size bank and manages $1 billion in assets and deposits totaling $956 million. Its Texas Ratio is 4.54%, denoting that Academy Bank is in outstanding financial well-being and extremely far from failure. Additionally, Academy Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find an Academy Bank Near Me

Academy Bank has 75 branches across the U.S.

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