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Sandy Spring Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Sandy Spring Bank Savings
0.05% APY

Sandy Spring Bank can trace its origins to the post-Civil War era when a group of local businesses and townspeople decided to build a community bank.

Today, Sandy Spring remains committed to local communities throughout Maryland, Virginia and the D.C. area. In fact, the bank made the 2017 Forbes list of America’s Most Trustworthy Financial Companies. 

Sandy Spring Bank offers its customers a range of options from checking, savings and certificate of deposit (CD) accounts to retirement-planning and wealth-management products.

The company also offers mortgages and insurance options through its subsidiaries. 

Read on to learn more about what Sandy Springs Bank has to offer and how it stacks up against the competition.

Products Offered

Product Key Features
Savings Account
  • One option with waivable monthly service fee
  • Can be used as overdraft protection on your Sandy Spring Bank checking account
Certificates of Deposit
  • Choose from terms ranging from 30 days to five years
  • Interest can compound on the CD or be transferred to you
  • Promotional options available periodically
Money Market Accounts
  • Three options with tiered interest rates
Checking Accounts
  • Four options, including one designed for students and another for senior citizens
  • Opportunities to waive monthly service fees

Sandy Spring Bank Interest Rate Comparison

Regular Savings

Key Features Details
Minimum Deposit $25
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $5 monthly service fee unless you meet minimum balance requirement
Current Terms and Rates 0.05% APY

Sandy Spring Bank offers Regular Savings account holders fee-free access to more than 50,000 ATMs throughout the country. You can even locate a machine through the bank’s website by typing in your zip code. 

In addition, this account is fairly simple to manage. You can bypass the $5 monthly service fee by sticking to a minimum daily ledger balance of $300. Sandy Spring Bank will also waive the fee if you establish regular electronic direct deposits or automated transfers into your Regular Savings account. 

You’d also get the following free features:

  • Auto Save: Link your Regular Savings account to a Sandy Spring Bank checking account for easy automatic transfers
  • Overdraft protection: Money in your Regular savings account can cover your checking account when it has insufficient funds to complete a purchase
  • Online banking
  • E-Statements

The bank also compounds interest on a daily basis. However, the Regular Savings account currently generates an annual percentage yield (APY) that falls below the national average for interest rates on savings accounts. You may find options with higher rates and bonuses by examining our analysis of the best savings accounts available today. 

But if simplicity is what you’re looking for in a savings account, Sandy Spring Bank delivers with its Regular Savings account. 

Certificates of Deposit (CDs)

Key Features Details
Minimum Deposit
  • For terms ranging from 30 days to 90 days: $10,000
  • For terms ranging from 6 Months to 60 Months: $1,000
Access to Your CD Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties may apply.
Current Terms and Rates
  • 30 Days: 0.60% APY
  • 60 Days: 0.70% APY
  • 90 Days: 1.25% APY
  • 6 - 11 Months: 1.30% APY
  • 12 - 17 Months:1.70% APY
  • 18 - 23 Months: 1.80% APY
  • 24 - 29 Months: 1.95% APY
  • 30 - 35 Months: 2.00% APY
  • 36 - 47 Months: 2.15% APY
  • 48 - 59 Months: 2.30% APY
  • 60 Months: 2.40% APY

Sandy Spring Bank offers several certificate of deposit (CD) accounts designed to help investors meet both their short term and long-term goals. You can open one with terms ranging from just a few days to five years. 

Overall, the bank’s CDs generate APYs that are on par with some of the best CD rates we’ve examined. In addition, you can elect to have your interest compound on the CD daily or credited to another one of your Sandy Spring Bank accounts on a monthly, quarterly, semi-annually or annually basis. 

On a periodic basis, Sandy Spring Bank offers promotional CDs with even higher rates for different terms. Contact a local branch for more information. 

But like any other bank, Sandy Spring will charge a hefty early withdrawal penalty if you retrieve your deposit before your CD’s term ends. So make sure you open an account for a term you can stick to. 

Compare Sandy Spring Bank to Other Competitive Offers

Money Market Account

Key Features Details
Minimum Deposit $2,500
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly maintenance fee unless you meet minimum balance requirement
Current Terms and Rates
  • 1 cent - $2,499.99: 0.030% APY
  • $2,500 - $24,499.99: 0.030% APY
  • $25,000 - $49,999.99: 0.030% APY
  • $50,000 - $99,999.99: 0.030% A0PY
  • $100,000+: 0.030% APY

Unfortunately, the Money Market Savings Account isn’t the most rewarding product that Sandy Spring Bank offers. For starters, the account requires a rather high opening balance of $2,500. Furthermore, it currently collects a low APY of 0.03% across its different tier levels. So even maintaining a balance of more than $100,000 would still earn you the same interest rate as keeping a cent in the account. 

But if local banking and branch access is important to you, you can avoid the account’s $10 monthly service fee by maintaining a minimum daily ledger balance of $2,500. In addition, you get the same benefits the Regular Savings account offers including online banking and fee-free access to thousands of ATMs. 

Still, you may find more appealing options by exploring our analysis of the best money market accounts throughout the banking industry. 

Market Index Account

Key Features Details
Minimum Deposit $10,000
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly service fee unless you meet minimum balance requirements
Current Terms and Rates
  • $10,000 - $24,999.99: 0.05% APY
  • $25,000 - $49,999.99: 0.39% APY
  • $50,000 - $99,999.99: 0.77% APY
  • $100,000 - $249,999.99: 1.16% APY
  • $250,000+: 1.54% APY

Affluent customers who speculate a high interest rate environment may be interested in opening a Market Index account through Sandy Spring Bank. It offers tiered rates tied to the markets. Currently, the bank offers some generous rates especially if you maintain a minimum balance of $250,000. You can also avoid its $10 monthly service fee if you keep a minimum balance of $10,000. 

Premier Money Market 

Key Features Details
Minimum Deposit $10,000
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates
  • Maximum variable rate for the first six months: 1.70% APY
    • $10,000 - $24,999.99: 0.05% APY
    • $25,000 - $49,999.99: 0.35% APY
    • $50,000 - $99,999.99: 0.71% APY
    • $100,000 - $249,999.99: 1.06% APY
    • $250,000+: 1.41% APY

If you have short term savings goals and are willing to deposit a sizable amount, the Premier Money Market account may be right for you. Sandy Spring Bank guarantees you an APY that would not fall below a certain threshold during the first six months after you open your account. That peak currently stands at a well-above-average 1.70% APY. 

However, your rate would depend on your balance after those six months are up. To generate its current peak tiered APY of 1.14%, you’d need to keep at least $250,000 in your account. So this option may suit more affluent clients as part of their overall savings and investing strategy. 

Individual Retirement Accounts 

Key Features Details
Minimum Deposit $25
Access to Your IRA Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fee, but the IRS may impose an early withdrawal penalty
Current Terms and Rates 0.03% APY

Sandy Spring Bank offers a range of retirement-savings options for savers at all stages. You can invest in a variety of individual retirement accounts (IRAs) including savings, money market and CD options. Regardless of your choice, each IRA enjoys certain tax benefits. For example, the money you contribute grows tax-free until you make qualified withdrawals when you’re at least 59.5 years old. Contributions may also be tax deductible. 

In addition, you can also invest in a Roth IRA through Sandy Spring Bank. These options allow qualified tax-free withdrawals. Furthermore, the bank also offers SEP IRAs. 

Terms on these options vary depending on your individual situation. You can contact your local branch or call a Client Service Center at 800-399-5919 for more information. 

However, any time you’re evaluating your retirement-planning roadmap, you should contact a qualified tax advisor and a financial advisor. But remember that not all are created equal. To find the right professional to work with, you can use our interactive find a financial advisor tool. It asks you a few simple questions in order to connect you to advisors in your area based on your individual needs and preferences. You can then review their credentials and experience. You can also set up interviews before making a decision. 

Premier Banking Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees  $14 monthly service fee unless you meet certain requirements
Current Terms and Rates 0.05% APY

Sandy Spring Bank offers its Premier Banking customers a range of features and benefits. For example, the bank reimburses non-network domestic ATM fees up to four transactions for a total of $12. In addition, you get the following free perks. 

  • Standard checks or 10% discount on special style checks
  • Online banking with bill pay
  • Mobile banking with mobile deposit
  • World debit Mastercard
  • Fee-free access to non-network ATMs (Other institutions may charge fees)
  • American Express travelers checks
  • Financial checkup
  • 50% discount on one annual safe deposit box

In addition, the bank offers a few ways you can bypass the sizable $14 monthly service fee. Just do any of the following: 

  • Maintain minimum combined average balance of $10,000 in Sandy Spring Bank deposit products (checking accounts, savings accoutns, money market accounts, CDs, IRAs) and outstanding personal installment loans or lines of credit during monthly evaluation period. 
  • Have a Commercial Checking account with Sandy Spring Bank
  • Have an Investment or Trust account with Sandy Spring Wealth Management

Nonetheless, the account currently yields a below-average APY. You may encounter better rates by checking out the options that made our best checking accounts list.

My Free Checking Account

Key Features Details
Minimum Deposit $25
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fees

For those seeking a basic checking account without the flashy bells and whistles, Sandy Spring Bank offers My Free checking. You can open one with $25 and you don’t need to meet any minimum balance requirements to keep your account open. Plus, you don’t have to worry about any monthly maintenance fee. 

In addition, you’re eligible for many of the same features that come with some of the bank’s more complex options. For instance, your account provides you with surcharge-free access to thousands of ATMs. You also get the following perks: 

  • Unlimited check writing
  • Financial checkup
  • Online banking with bill pay
  • Mobile banking with mobile deposit

Overall, this is a solid checking account. Most of the standard options offered by similarly sized banks we’ve examined don’t offer as many features as this option. Plus, no monthly fees means one less headache to avoid as you build your finances. 

Student Banking Checking Account

Key Features Details
Minimum Deposit $25
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fees


Designed for college students, this simple checking account comes with several benefits. For starters, opening an account also earns you a free Regular Savings account. Young customers can benefit from utilizing both to develop a healthy budgeting and savings strategy as early as possible. 

They can also use their free debit MasterCard at more than 55,000 ATMs nationwide free of charge. In addition, account holders get the following free perks. 

  • Transfers to and from other financial institutions
  • One overdraft fee refund per calendar year (Call Client Service Center at 800-399-5919)
  • Two non-network ATM transactions per year
  • Online and mobile banking with mobile deposit

Senior Interest Banking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fees

Designed for customers who are at least 55-years-old, the Senior Interest Checking account offers some useful benefits. Customers can open one with $50. From there, they won’t have to worry about any monthly maintenance fees or minimum balance requirements. Account holders enjoy many of the same perks as other deposit product clients such as fee-free ATM access through the AllPoint network.

Branch Locations

Sandy Spring Bank currently operates more than 50 full-service branches throughout Maryland, Virginia and Washington, D.C. You can contact customer service by dialing 800-399-5919.

Financial Statistics & Bank Health Rating

Sandy Spring Bank has $5.44 billion in assets and $4.28 billion loans, according to the latest data published by the FDIC. In addition, it holds about $3.97 billion in deposits. If you’re considering adding to those deposits, a good indicator of a bank’s liability is its Texas Ratio. This industry-recognized metric measures a bank’s level of risk. It is generated by dividing non-performing assets (unbacked current loans and real estate owned) by the total value of the bank’s tangible equity capital along with its loan loss allowances. Sandy Spring Bank holds onto a Texas Ratio of 4.25%, which means it can be considered to provide excellent reliability. A bank with a ratio near 100% is deemed at risk of covering its bad debts.

The preceding rates are current through July 24, 2018 and may be subject to change.

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