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Colony Bank 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
Colony Bank Savings
0.25% APY

Overview

Our Rating: 4.4/5 How we calculated this rating

Colony Bank started in 1976 and has its headquarters in Fitzgerald, Georgia. It manages assets totaling $1 billion as well as deposits totaling $1 billion, making it a medium-size bank. Colony Bank does not have the same customer service perks that others do. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. We gave the bank a 4.4 out of 5 stars, suggesting Colony Bank is a solid pick to be your bank. 

Colony Bank provides customers with a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Colony Bank offers an average savings account interest rate, making it a suitable option if you need a place to stash your money. If you're looking for a checking account for everyday use, Colony Bank offers one without a monthly fee. Using one bank for checking and savings can be best for getting the highest interest rates on your money while keeping convenient access to your money.

Service Quality

Colony Bank is a brick-and-mortar bank, with 26 total branches in Georgia. With mobile and web apps, Colony Bank makes account access straightforward, even on the go.  

Colony Bank gets high praise from customers for its mobile platform: out of 160 ratings across both Apple and Android platforms, the Colony Bank mobile app is scored at 4.1 out of 5 (compared to the national average of 3.8). You can access Colony Bank's mobile app to manage your finances by checking monthly statements, transferring funds as well as reaching customer service. Colony Bank receives an excellent consumer satisfaction rating based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.35% APY
  • 36 Month: 1.00% APY
  • 48 Month: 2.01% APY
  • 60 Month: 1.00% APY
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.15% APY
  • $2,500
Compare Offers
Checking Accounts 0.02% APY $1,000 Compare Offers

Colony Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Colony Bank does not have the best savings rate, which means you should think about other options 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. Colony Bank's CD rates are competitive compared to other U.S. banks.

Rates

Colony Bank features a savings rate of 0.10%, which is moderate compared to the national average. Its one-year CD has a rate of 1.00% and the five-year CD has a rate of 1.00%, while its highest-yielding money market account has an APY of 0.15%. Colony Bank has a fair savings rate, which means other popular banks have higher rates. Think about other options to earn more on your deposits.

Compare Colony Bank to Other Competitive Offers

Fees

Colony Bank has typically extremely low fees as compared against the national average. Colony Bank's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. 

Financial Health

Colony Bank is currently a medium-size bank with $1 billion in assets and $1 billion in deposits. Its Texas Ratio is 9.39%, signifying a small likelihood of failure. Additionally, Colony Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Colony Bank Near Me

Colony Bank has 26 physical locations across the U.S.

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