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Columbia Bank Review

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Columbia Bank Savings
0.01% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1993, Columbia Bank has assets totaling $13 billion and deposits totaling $11 billion, making the institution a large bank. Columbia Bank, whose headquarters are in Tacoma, Washington, has above-average customer service access with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated the bank 3.7 out of 5 stars, indicating that Columbia Bank is a decent choice, but with better options out there. Columbia Bank provides customers with an array banking products, which include savings accounts, checking accounts, money market accounts and credit cards. Columbia Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product maintains a $5.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Institutions that offer free checking as well as a high savings APY are your best option for accruing the highest income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.01%, Columbia Bank ranks poorly as compared against the national average. Columbia Bank's one-year CD has a rate of 0.07% and the five-year CD has a rate of 0.16%, while its highest-yielding money market account has an APY of 0.02%. Given Columbia Bank's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Columbia Bank's Savings Rates Compare

Columbia Bank Savings 0.01 National Average 0.26 Compare Offers
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Fees

3.6
SmartAsset Average: 4.4

Columbia Bank has generally above-average fees in comparison to other U.S. banks. Its checking account has a monthly fee of $5.00, making it fair for anyone looking for a simple account. For those who will need cash in a pinch, Columbia Bank is not the best product because it has an out-of-network ATM fee of $2.50, which is less than the best option as compared against the national average. Also, at $35.00, Columbia Bank has a lower overdraft fee compared to the average U.S. overdraft fee. Columbia Bank doesn't refund out-of-network ATM charges, meaning you will need to find a Columbia Bank ATM or accept the withdrawal fee.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee $2.50 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

Columbia Bank has both an online and physical presence, with 156 total bank locations in Idaho, Oregon and Washington. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 6:00 a.m. to 8:00 p.m. PT; Saturday, and 8:00a.m. to 5:00 p.m. PT. Columbia Bank also offers a live chat feature, key for getting quick access to customer service. Columbia Bank gets inferior feedback from users for its mobile banking services. With 120 customer reviews on iOS and Android platforms, the Columbia Bank mobile app is scored at 2.6 out of 5 (compared to the national average of 3.8). You can access Columbia Bank's mobile app to manage your accounts by monitoring current statements, transferring funds as well as accessing customer service. Columbia Bank gets a superb consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 2.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal Yes
Live Chat Yes
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Financial Health

4.9
SmartAsset Average: 4.8

Columbia Bank ranks as a large bank and has assets totaling $13 billion as well as $11 billion in deposits. Its Texas Ratio is 3.72%, indicating that Columbia Bank is in terrific financial shape and improbable to fail. 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

3.72%
High Risk 75% 50% 20% 10% Low Risk

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 0.01% APY $1
Checking Account 0.01% APY $2500
Certificates of Deposit
  • 12 Month: 0.07% APY
  • 24 Month: 0.12% APY
  • 36 Month: 0.12% APY
  • 48 Month: 0.16% APY
  • 60 Month: 0.16% APY
$10000 for all terms
Money Market Accounts 0.01% APY 0.02% APY $10000 $15000

Columbia Bank has several deposit products including savings accounts, checking accounts and money market accounts that provide you with many options to manage your money. Columbia Bank does not have the best savings rate, which means you should consider 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 in comparison to other U.S. banks.

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Find a Columbia Bank Near Me

Columbia Bank has 156 branches in the U.S.

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