Ocean Bank Review

Ocean Bank Savings

0.10% APY

Ocean Bank was founded in 1982 with headquarters in Miami, Florida. It has assets totaling $6.37 billion as well as deposits totaling $5.56 billion, which makes it a large bank. Ocean Bank does not have the customer service bells and whistles of other banks. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.2 stars out of 5, Ocean Bank proves it is a solid pick to be your bank. 

Ocean Bank provides customers with a variety of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Ocean Bank has a fair savings rate, which means other popular banks have higher rates. A great, everyday account, Ocean Bank offers one without a maintenance or monthly fee. Opening accounts in one place can be best when you want to get the most return on your money while retaining convenient access to your funds.

Service Quality

Ocean Bank is a brick-and-mortar bank, with 23 total bank locations in Florida. With mobile and web apps, Ocean Bank makes mobile banking easy, even on the go.  

Ocean Bank gets acceptable marks from customers for its online presence: out of 64 customer reviews on both Apple and Android platforms, the Ocean Bank mobile app is scored at 2.9 out of 5 (compared to the national average of 3.8). You can use Ocean Bank's app to manage your accounts by looking at monthly statements, transferring money as well as accessing customer service. Ocean Bank gets a superb consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

It has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Ocean Bank does not have the best savings rate, which means you should consider 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. Ocean Bank's CD rates are competitive as compared against the national average.

Rates

With a savings rate of 0.20%, Ocean Bank ranks below the mean compared to the national average. Ocean Bank's six-month CD has a rate of 4.30% and the eight-month CD earns at a rate of 3.01%, while its highest-yielding money market account has a rate of 0.50%. It has a fair savings rate, which means you can find higher rates with other banks. Think about taking a look at other banks for savings accounts.

Fees

Ocean Bank generally has extremely low fees compared to other U.S. banks. With no monthly fee, Ocean Bank is ideal for those who want a simple checking account. 

Financial Health

Ocean Bank ranks as a large bank and has assets totaling $6.37 billion as well as $5.56 billion in deposits. Its Texas Ratio is 1.07%, denoting that Ocean Bank is in excellent financial health and very improbable to fail. Additionally, Ocean Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find an Ocean Bank Near Me

Ocean Bank has 23 locations in the U.S.