b1BANK Review

b1BANK Simplicity Checking

0% APY

Headquartered in downtown Baton Rouge, Louisiana, b1BANK offers online and mobile banking, as well as branch locations across Louisiana and Texas. The bank offers a standard range of deposit accounts that includes checking accounts, savings accounts, money market accounts, or certificates of deposits (CDs).

The bank also offers Reliant Checking, which is a checking account for those who are 50 years of age or older. b1BANK offers mobile banking applications for both Android and Apple users that provide free access to manage your accounts at any time, including bill payments and the ability to transfer funds from the app. 

Products Offered

b1BANK Overview

Founded in 2006, b1BANK has 51 locations across Louisiana and Texas. To first use b1BANK's mobile services, download the Apple or Android app under the name "b1BANK mobile banking."

 e-Access Checking Account

b1BANK's e-Access Checking Account is designed for clients who carry a high balance in their account and are looking to maximize earned interest. When you open the e-Access Checking Account, you will have to deposit $100 to get started but you are not required to maintain a minimum daily balance. You will be required to pay a service charge unless you enable a direct deposit of $250 or more, sign up for eStatements and complete 10 debit card transactions per month.

The e-Access Checking Account has three interest tiers, with tier one at less than $25,000.01. Tier two is more than $25,000 but less than $250,000.01, and tier three, is more than $250,000. However, interest rates are not available publicly, so you will have to contact b1BANK for more information. The e-Access Checking Account also offers a free debit card that you can use at ATM locations worldwide.

And there are no ATM fees, as b1BANK will fully refund them back to you. The checking account also comes with cellphone replacement coverage, meaning you won't lose access to your mobile banking. In terms of monthly fees, there is a $6 monthly service charge if you don't do the following: Enroll in e-statements, make 10 debit card transactions per month and a direct deposit of $250 or more.

Simplicity Checking

The Simplicity Checking Account is made to make banking as simple as possible for clients. There are no interest rates or APYs associated with this checking account, so that means you don't have to worry about maintaining a daily balance to earn interest.

And when you open the Simplicity Checking Account, there is a $100 minimum deposit you are required to make. The Simplicity Checking Account comes with a complimentary debit card to help you make transactions quickly on the go. The checking account also comes with IDProtect ®+ service, which protects you against identity theft.

In terms of monthly service charges, you will receive a $7 charge if your Simplicity Checking Account is less than $700 during the statement cycle. However, there are no charges if you keep up with the following three conditions:

• Your balance is $700 or more at all times during the statement cycle or;
• If you have a $25,000 combined personal deposit relationship on the statement cycle date.
• The service charge is also waived when the account holder is 25 years old or younger.

Reliant Checking

The Reliant Checking Account is created for clients who are ages 50 and up. There is minimum balance required to get started with this checking account, which is $100. Once you open the checking account, you will be able to receive a complimentary debit card and a complimentary order of check annually. When you order checks, shipping charges will apply. Reliant Checking Account users will have access to safe deposit box rentals at 20% off the original price.

And like the Simplicity Checking Account, the Reliant Checking Account comes with IDProtect®+ service to protect you against identity theft. For monthly service charges, you will receive a $4 charge if your Reliant Checking Account balance is less than $500 during the statement cycle.

If you have an e-Statement, the service charge gets reduced to $2. However, there are no charges if you keep up with the following three conditions: Your balance is $500 or more at all times during the statement cycle or if you have a $25,000 combined personal deposit relationship on the statement cycle date.

Consumer Savings

The Consumer Savings Account is designed for clients who want to set aside money for the future. When you open the Consumer Savings Account, you will be required to make a $100 minimum deposit. For current interest rates, contact b1BANK for more information. The savings account also offers a debit card, but that is only if you have it linked to a checking account. In addition, the savings account does allow you to make four free debits per month.

But after that, there is a $5 fee for each additional debit. For monthly service charges, you will receive a $5 charge if your Reliant Checking Account balance is less than $300 during the statement cycle. If you have an e-Statement, the service charge gets reduced to $3. There are no charges if you if you maintain $300 in your savings account. Also, if the account holder is 18 years old or younger, the service charge is waived.

Christmas Club

The Christmas Club Savings Account is designed to help you get ready for holiday shopping with a temporary interest rate. The best way to take advantage of the Christmas Club Savings Account is to set up an automatic deposit in October, which is just in time for the holiday. And watch your savings grow.

When you open the Christmas Club Savings Account, there is a $25 minimum deposit to get started and you won't have to deal with any monthly or service fees. In addition, there is a $25 monthly deposit requirement to be made from another b1BANK account. However, there is no debit card available for this account. If you carry a $0 balance for 45 days then the account will automatically close. 

Premier Money Market

The Premier Money Market Account is designed to help your keep growing with quality interest rates, and you will get more access to your money than what is usually allowed with typical savings accounts. In terms of interest, the Premier Money Market Account has different tiers ranging up to $5 million and over. 

Rates are not publicly available, so you will need to contact b1BANK for more information. When you open a Premier Money Market Account, you will be required to make a $100 minimum deposit. You will receive a complimentary debit card and have eight free debits to use over the course of a month. After the eight free debits are used, there will be a $10 charge for each additional debit.

Along with opening the Premier Money Market Account, you will get access to b1BANK online banking. This is so that you can keep up with your finances on the go, in addition to mobile banking, billing and e-Statements. For monthly service charges, you will receive a $10 charge if your Premier Money Market Account balance is less than $2,500 during the statement cycle. However, if you are able to maintain a $2,500 at all times during the statement cycle, there are no charges.

Certificate of Deposit (CD)

The CD account with b1BANK is geared towards helping you diversify your savings with a great 4.33% APY with no stock market risks to take on. And with the CD account ranging from 90 days to 60 months, you get an opportunity to set your savings to your liking over the long term.

The minimum deposit when you open the b1BANK CD account is $1,000. But once you open the CD account, you won't be able to make withdrawals until your CD matures without a penalty. So, if you choose to open the CD account, you need to make sure that the money you deposit there will stay there.

Where Can I Find b1BANK?

b1BANK is both an online and branch-based bank. b1BANK has 51 locations across Louisiana and Texas. You will be able to find local branches on the b1BANK mobile app on your Apple or Android device. You can also check out b1BANK's branch locations on its website.

What Can You Do Online With b1BANK?

At b1BANK, you can apply on the web for a online savings account, online money market account, CD account and an online checking account. You will be able to view your transactions online on your desktop or on your mobile device. If you're on the go and looking to make a deposit, you access to do so from your mobile device.

How Do I Access My Money?

You can access your money at 51 branch locations across Louisiana and Texas. b1BANK also offers unlimited ATM reimbursements wherever you are worldwide with no fees.

How Can I Save More Money With a b1BANK Account?

For checking account customers who are looking to avoid fees, your best options are enrolling into the Simplicity Checking Account. If you are at least 50 years old, you may want to enroll with Reliant Checking Account. From a savings account perspective, the Christmas Club Savings Account is a great option during the holidays, starting in October. There are no fees and you will gain interest as you deposit a minimum amount of $25 a month from another b1BANK account.

What’s the Process for Opening an Account With b1BANK?

To get started applying for an account with b1BANK, you need to remember these two requirements:

• Your Social Security Number
• A form of identification (driver's license or another government-issued ID)

Once you are set up verifying your information, you will need a $100 minimum balance on hand if you're looking to open a checking, savings or money market account.

What’s the Catch?

b1BANK only has in-person branch locations in Louisiana and Texas. And all 51 branches are within those two states combined. So, if you are looking to speak to a representative, your best bet is to live in of those states. Otherwise, online banking is your best resource if you are not close by.

Bottom Line

b1BANK offers a variety of bank accounts that can fit your spending and savings profile. For example, if you want a regular checking account, the Simplicity Checking Account might be right for you. If you are at least 50 years old and looking for a checking account, the Reliant Checking Account is your best option.

If you are specifically looking to save money during the holidays, starting in October, the Christmas Club Savings Account is a good choice. And with the Christmas Club Savings Account, you can begin earning interest as you make monthly deposits. However, a number of these accounts have monthly fees ranging from $2 to $10 if you don't maintain a certain balance per statement cycle.