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Columbia Bank Review

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Columbia Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1926, Columbia Bank has $6 billion in assets as well as deposits totaling $4 billion, ranking it as a large bank. Columbia Bank, whose headquarters are in Fair Lawn, New Jersey, lacks premium access to customer service, with no options for 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. On the whole, Columbia Bank is an exceptional bank that you should seriously consider, with a rating of 4.6 out of 5 stars from our team. Columbia Bank provides customers with a full choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Columbia Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Columbia Bank's most basic checking account does not carry a monthly maintenance fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best bet for getting the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.6/5
National Average: 4.1

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

Rates

4.1
SmartAsset Average: 3.5

Columbia Bank features a savings rate of 0.15%, which is fair as compared against the national average. Its one-year CD earns at a rate of 2.10% and the five-year CD earns at a rate of 2.50%, while its highest-yielding money market account has an APY of 0.25%. Given its noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Columbia Bank's Savings Rates Compare

Columbia Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Columbia Bank charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, Columbia Bank is ideal for people who want a simple banking experience. For those who frequent the ATM, it is ideal because it charges no out-of-network ATM fees. Columbia Bank doesn't reimburse out-of-network ATM fees, which means you'll need to find a Columbia Bank ATM or accept the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

Columbia Bank is a brick-and-mortar bank, with 48 total bank locations in New Jersey. With mobile and web apps, Columbia Bank makes account access convenient, even on the go. It does not have all-day customer service with representatives. You can get help during its 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 platforms get great scores from customers. The Columbia Bank mobile app scored a 4.7 out of 5 (with 750 reviews on iOS and Android) compared to the national average of 3.8. You can access Columbia Bank's mobile app to control your accounts by checking monthly statements, transferring funds as well as accessing support representatives. Columbia Bank receives a superb consumer satisfaction score due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Columbia Bank is currently a large bank and handles assets totaling $6 billion and deposits totaling $4 billion. Columbia Bank's Texas Ratio is 1.16%, suggesting that the bank is in terrific financial shape and far from 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.

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Compare Columbia Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.1% APY $500
Certificates of Deposit
  • 12 Month: 2.10% APY
  • 24 Month: 1.75% APY
  • 36 Month: 2.65% APY
  • 48 Month: 2.25% APY
  • 60 Month: 2.50% APY
$500 for all terms
Money Market Accounts 0.2% APY 0.25% APY $10000 $15000

Columbia Bank has several deposit products including 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 think about other options 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 compared to the average U.S. bank.

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Find a Columbia Bank Near Me

Columbia Bank has 48 locations across the U.S.

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