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Coastal Community Bank (WA) 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
Coastal Community Bank Savings
0.03% APY

Overview

Our Rating: 4.1/5 How we calculated this rating

Coastal Community Bank was founded in 1997 and its headquarters are located in Everett, Washington. Coastal Community Bank manages $806 million in assets along with $706 million in deposits, classifying it as a medium-size bank. Coastal Community Bank lacks premium access to support representatives, with no options of live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. SmartAsset experts rated the bank 4.1 out of 5 stars, suggesting Coastal Community Bank is a good bank that you should consider. 

Coastal Community Bank has a full choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. Coastal Community Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking does not carry a monthly maintenance fee. Using the same bank for checking and savings is ideal when you want to get the highest return on your income while maintaining easy access to your funds.

Service Quality

Coastal Community Bank is a brick-and-mortar bank, with 13 total branches in Washington. It also offers access to mobile and web apps for simple access and banking on the go.  

Coastal Community Bank gets reasonably decent ratings from users for its mobile app: with 41 customer reviews on both iOS and Android platforms, the Coastal Community Bank mobile app rates a 4.0 out of 5 (compared to the national average of 3.8). Coastal Community Bank's mobile app allows you to manage your accounts by checking current statements, sending and receiving funds as well as reaching customer service. Coastal Community Bank receives a superb consumer satisfaction rating based on comparatively few complaints filed 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 0.03% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 0.70% APY
  • 24 Month: 1.06% APY
  • 36 Month: 1.16% APY
  • 48 Month: 1.26% APY
  • 60 Month: 1.36% APY
$1 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.08% APY
  • 25K tier: 0.15% APY
  • $5,000
  • $25,000
Compare Offers
Checking Accounts 0.03% APY $100 Compare Offers

Coastal Community Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. Coastal Community Bank 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. Coastal Community Bank's CD rates are fair in comparison to other U.S. banks.

Rates

Coastal Community Bank has a savings rate of 0.03%, which is fair as compared against the national average. Its one-year CD earns at a rate of 0.70% and the five-year CD earns at a rate of 1.36%, while its highest-yielding money market account has an APY of 0.15%. Given Coastal Community Bank's below average savings rate, you should contemplate other options to earn more on your deposits.

Compare Coastal Community Bank to Other Competitive Offers

Fees

Coastal Community Bank charges its customers average fees compared to the national average. Coastal Community Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who will need cash in a pinch, Coastal Community Bank is fair because it charges an ATM fee of $2.50, which is fair in comparison to the average U.S. bank. Coastal Community Bank reimburses any incurred ATM charges (with conditions), which means easy access to cash at any time.

Financial Health

Coastal Community Bank is a medium-size bank with assets totaling $806 million as well as deposits totaling $706 million. Coastal Community Bank's Texas Ratio is 2.06%, signifying that Coastal Community Bank is in superb financial well-being and very far from failure. Additionally, Coastal Community Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Coastal Community Bank Near Me

Coastal Community Bank has 13 physical branches in the U.S.

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