Columbia Bank Review

Overview

Established in 1926, Columbia Bank has $9.77 billion in assets and $7.60 billion in deposits, classifying it as a large bank. Columbia Bank, whose headquarters are in Fair Lawn, New Jersey, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Columbia Bank is a superb bank that you should strongly consider, with a rating of 4.6 stars out of 5 from the SmartAsset experts. Columbia Bank provides customers with a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Columbia Bank's standard checking does not carry a monthly maintenance charge. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best option for getting the most income on your deposits while maintaining convenient access to your money.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

With a savings rate of 0.50%, Columbia Bank ranks poorly in comparison to the average U.S. bank. Columbia Bank's CDs feature a rate of 5.15% and 3.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 1.00%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Columbia Bank's Savings Rates Compare

On average, Columbia Bank charges customers extremely low fees compared to the average U.S. bank. With no monthly fee, Columbia Bank's checking account is perfect for those who want an easy checking account. For those who will need cash in a pinch, Columbia Bank is perfect because it has no out-of-network ATM fees. Columbia Bank does not reimburse out-of-network ATM fees, which means you'll have to find a Columbia Bank ATM or eat the withdrawal fee.

Columbia Bank is a brick-and-mortar bank, with 70 total branches in , , , , and . With mobile and web apps, Columbia Bank makes account access convenient, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 7:30 a.m. to 8:00 p.m. ET; Saturday, and 8:00 a.m. to 2:00 p.m. ET. Columbia Bank's online and mobile banking services get positive feedback from customers. Out of 750 customer reviews across both iOS and Android platforms, the Columbia Bank mobile app rates a 4.7 out of 5 (compared to the national average of 3.8). Columbia Bank's mobile app lets you manage your funds by reviewing monthly statements, transferring funds as well as accessing customer service. Columbia Bank receives a superb consumer satisfaction score due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Columbia Bank is a large bank and has $9.77 billion in assets and deposits totaling $7.60 billion. Columbia Bank's Texas Ratio is 1.09%, denoting a low possibility of failure. Additionally, Columbia Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Products Offered

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

Find a Columbia Bank Near Me

Columbia Bank has 70 locations in the U.S.