Fulton Bank Review

Fulton Bank Savings

0.02% APY

Fulton Bank is a midsized regional bank based in Lancaster, Pennsylvania. It has 217 branches scattered throughout five mid-Atlantic states: New Jersey, Maryland, Delaware, Virginia, and Pennsylvania.

For its deposit account customers, Fulton Bank prioritizes low fees and low balance requirements. Its basic checking account has no monthly fee and no balance requirement, and the basic savings account has a balance requirement of just $100 to avoid a monthly fee.

The trade off is that interest rates at Fulton Bank are not especially high. Its savings and money market accounts (MMAs) offer rates that are at or below industry averages. Most of its certificates of deposit (CDs) likewise have low rates, though it does offer high promo rates on CDs with certain term lengths. 

Products Offered

Fulton Bank Interest Rate Comparison

Fulton Bank Overview

Founded in 1882 in Lancaster, Pennsylvania, Fulton Bank has been around for a while. Today it is a largely regional bank, with more than 250 branches spread among five mid-Atlantic states (Pennsylvania, Delaware, Virginia, Maryland and New Jersey). But it has modernized beyond its 19th-century roots, offering a full array of online and mobile services to its customers.

In addition to its small business and commercial offerings, Fulton Bank has numerous types of deposit accounts for individuals. In addition to the basic savings and checking accounts, there are CDs and MMAs, as well as low-fee specials aimed at seniors and students.

Fulton Bank Account Features

Accounts at Fulton Bank all include online and mobile access, with features like mobile check deposit and free bill pay. In general, there is no minimum deposit required to open an account in a Fulton Bank branch and a low deposit to open one online. There are also minimum balances to avoid monthly fees and earn interest, but these tend to be lower than those many other banks require.

If you have a savings account and a checking account with Fulton Bank, you can set up overdraft protection. This enables transfers between your accounts in the event that you draw your balance below zero. It avoids the steep overdraft fees, but there is still a daily $12 transfer fee each day that there are overdraft transfers.

Fulton Bank Statement Savings Account

Fulton Bank’s traditional savings account is a low-fee low-interest-rate option for those who need a safe place to store their money. The minimum balance to avoid monthly fees is just $100. However, the interest rate is a mere 0.02%, lower than rates many other banks offer on comparable accounts.

For people under the age of 23, Fulton Bank offers a similar account, with no minimum balance requirement and no monthly fees. It also allows five surcharge-free uses of non-Fulton ATMs with this account (ATM owner fees will still apply).

Fulton Bank Certificates of Deposit

Certificates of deposit offer the opportunity to earn a higher interest rate on your savings, if you are willing to give up flexibility and access to your money. In general, you agree to a certain term and are paid a fixed interest rate for the length of that term. If you withdraw your money before it is over, you pay a penalty.

Fulton Bank CDs range from three months to six years. Longer terms tend to have better rates, but there are some exceptions. In particular, Fulton Bank offers promos on some term lengths with higher interest rates that can compete with some of the best CD rates out there. Currently, there is a 13-month CD promo with a rate of 4.85%. (Note that they can end these promos at any time, so you may need to check their website for current promos.)

Other promos include a 12-month Variable CD, which has a rate that can change during the term (this is quite similar to a regular savings account, except that you can’t withdraw your money until the end of your term), and a 36-month Bump-Up CD. This allows you to change your interest rate once during the length of your term, so that you can increase your rate if interest rates go up. 

Fulton Bank IRA Money Market Account and Platinum Money Market Account

Money market accounts work like a mix between a savings account and a checking account. They typically offer higher interest rates than a savings account and come with the federal withdrawal limits, too. You can also usually access your money market account in more ways like a checking account with a debit card and checks.

Fulton Bank offers two money market accounts. The first, the standard IRA Money Market Account, definitely earns at a better rate than the Fulton Bank Statement Savings account. It does, however, have a higher balance minimum requirement to earn interest and to waive the monthly fee. 

The Platinum Money Market Account offers even higher rates but at even higher balances as well. You’ll need at least $2,500 to waive the monthly fee and to start earning interest. If you have an even higher balance, you do have the opportunity to earn at better rates.

Fulton Bank Simply Checking Account

Like the savings account, there are fairly low requirements to open a checking account at Fulton Bank. Opening an account online requires a $25 minimum deposit, but there is no minimum account balance once your account is open.

There are no monthly fees on the account. You have full access to Fulton Bank’s online banking and mobile app. Checking account holders can also open a Visa debit card, with access to Fulton Bank’s ATMs.

Because of the low balance requirement, you may keep your account pretty close to zero. If you do, make sure you avoid overdrafts. The overdraft fee at Fulton Bank is fairly high, at $32 per overdraft. If you also have a savings account with Fulton Bank, you can link it to your checking account for overdraft protection transfers. That will cost you a little less $12 per day, any time you make a transfer.

There is also a checking account for young adults (under the age of 24). It is similar to the standard checking account, but it also allows four surcharge-free ATM uses at non-Fulton Bank ATMs per statement cycle.

Fulton Bank Interest Checking and Relationship Banking Account

In addition to its regular checking accounts, Fulton Bank also offers checking accounts that pay interest. The interest rate on these accounts is quite low, so while this is a nice perk, it is not exactly a great way to build up your savings.

Unlike the regular checking account, there is a monthly fee on the interest checking account. The fee is $10, but you can waive this fee if your account has a balance of at least $1,000. 

Fulton Bank also offers a Relationship Banking account. This account is similar to the regular interest checking account, but accounts with a balance of at least $10,000 earn 0.03% APY. The minimum balance requirement for Relationship Checking is $1,000 to earn interest. Relationship checking accounts also get surcharge-free use of non-Fulton Bank ATMs (not including fees charged by ATM owners).

Where Can I Find Fulton Bank?

Fulton Bank and its affiliate banks (Fulton Bank of New Jersey and The Columbia Bank) have branches in five states in the Mid-Atlantic region: Pennsylvania, Delaware, Virginia, Maryland, and New Jersey. 

What Can You Do Online With Fulton Bank?

Fulton bank’s website and mobile app allow you to manage your accounts and keep an eye on your money. You can transfer funds between accounts and deposit checks through the mobile app. You can also set up automatic bill pay to take care of your loan payments or utility bills online.

Fulton Bank’s mobile app is very highly rated on the Google Play store, with a rating of 4.5 stars. The Apple version has a rating of 3.5 stars.

How Do I Access My Money?

Most accounts come with a debit card or an ATM card. Fulton Bank has more than 300 ATMs, and transactions at these are surcharge-free. You can also access your money at Fulton Bank branch locations.

How Can I Save More Money With Fulton Bank?

If you want to build up your savings, Fulton Bank has some accounts and features that may help you accomplish that. For starters, its accounts generally have low fees, which means at the very least you won’t face too many roadblocks as you add to your savings. 

Interest rates on Fulton Bank’s traditional savings and money market accounts aren’t great. Some of its longer CDs have decent rates when you compare CD rates at competitors, but you can find the best CD rates on the CD promos. For example, there is currently a 13-month CD promo with a rate of 5.00%, well above industry averages. Note that rates on these promos can change frequently, so you need to check the Fulton Bank website or your local branch to see what’s currently available.

What’s the Process for Opening an Account With Fulton Bank?

The easiest way to open an account is through Fulton Bank’s website. Choose the type of account you want to open. The process takes less than half an hour. It requires a Social Security number and government-issued ID, as well as the funds you will use to open the account. 

To fund your account you can use another savings or checking account, or a debit or credit card. Most accounts have a minimum opening deposit requirement of at least $25.

What’s the Catch?

While Fulton Bank has fairly low balance requirements and monthly fees, it does not offer particularly great interest rates on most deposit accounts. Rates on its standard savings accounts are especially low. There are some exceptions, such as certain CD promos. But in general, you should not expect to receive a great return on your savings.

Bottom Line

Fulton Bank is a mid-sized regional bank with locations across five Mid-Atlantic states. It offers a variety of deposit accounts, with fairly low fees and low balance requirements. In fact, its basic checking account does not have any balance requirements. On the other hand, interest rates on its savings vehicles are less than spectacular, so those looking to maximize interest payments may want to look elsewhere.