Biscayne Bank Review

Biscayne Bank Savings

0.15% APY

Established in 2005, Biscayne Bank has assets totaling $893 million and deposits totaling $680 million, which makes it a medium-size bank. Biscayne Bank, whose headquarters are in Coconut Grove, Florida, lacks premium access to customer service, with no options of live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.4 stars out of 5, Biscayne Bank proves it is a great bank that you should seriously consider. 

Biscayne Bank provides customers with a complete suite of product offerings, including savings accounts, checking accounts, money market accounts, mortgage products and credit cards. Perfect for those who have extra money to save, Biscayne Bank's savings account APY is extremely competitive. The bank's standard checking account maintains a $25.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Using the same bank for checking and savings can be best for getting the most return on your deposits while keeping easy control over your funds.

Service Quality

Biscayne Bank is a brick-and-mortar bank, with five total bank locations in Florida. It also offers access to mobile and web apps for an easy mobile-banking experience.  

Biscayne Bank gets positive ratings from users for its mobile app: with 3 ratings on iOS and Android platforms, the Biscayne Bank mobile app is scored at 5.0 out of 5 (compared to the national average of 3.8). Biscayne Bank's mobile app allows you to control your bank accounts by looking at monthly statements, transferring money as well as reaching customer service. Biscayne Bank gets an exceptional consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Biscayne Bank has several deposit products including savings accounts, checking accounts and money market accounts, providing you with many options to manage your money. Biscayne Bank's savings account APY is extremely competitive, great if you want to grow your money while still having it accessible.

Rates

With a savings rate of 0.15%, Biscayne Bank ranks moderately high compared to other U.S. banks. Its highest-yielding money market account has a rate of 1.26%. With a terrific savings rate, Biscayne Bank's savings account can be used to save towards a significant landmark such as a new mortgage.

Fees

Biscayne Bank charges customers high fees in comparison to the average U.S. bank. Biscayne Bank's checking account has a monthly fee of $25.00, making it fair for anyone looking for a simple account. Also, at $35, Biscayne Bank has a lower overdraft fee compared to the average overdraft fee charged by U.S. banks, making it good for those who take out money in large amounts. 

Financial Health

Biscayne Bank is a medium-size bank owning $893 million in assets and $680 million in deposits. It has an excellent Texas Ratio of 2.69%, signifying a very minute chance of failure. Additionally, Biscayne Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Biscayne Bank Near Me

Biscayne Bank has five physical locations across the U.S.