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Seacoast National Bank Review

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by Javier Simon Updated
Seacoast National Bank

After the 1924 Florida land crash destroyed most banks in the region, Seacoast National Bank emerged from the disaster in 1926. It’s still headquartered in Stuart, Florida and it now runs dozens of full-service branches from Palm Beach County up to Orlando. You can find several banking products at these locations ranging from basic checking and savings accounts to long-term certificates of deposit (CD) and individual retirement accounts (IRA), as well as mortgages.

Products Offered

Product Key Features
Savings Account
  • Low monthly service fees, which can easily be waived
Certificates of Deposit
  • Terms ranging from one month to five years
  • Promotional options with high interest rates
Money Market Accounts
  • One option with low minimum opening balance
  • Tiered interest rates
Checking Accounts
  • Five accounts including one option designed for senior citizens
  • Some offer ATM fee reimbursements or surcharge-free access to ATMs
Individual Retirement Accounts
  • May provide more investment options than a 401(k)

Seacoast National Bank Interest Rate Comparison

Seacoast Savings Account

Key Features Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $15 quarterly maintenance fee unless you meet a minimum balance requirement
Current Terms and Rates 0.02% APY

This is Seacoast National Bank’s bare bones savings account. You can open it with a small minimum of $50. However, it currently offers an APY of just 0.02%. That figure falls below the national average interest rate for savings accounts. So, it can’t really compete with the best savings accounts in the market today. 

However, the account is fairly easy to manage. While most banks charge monthly service fees on their savings and checking accounts, the standard savings option by Seacoast charges a low rate on a quarterly basis. You can also waive the $15 fee entirely as long as you maintain a minimum balance of $500. So this option may suit you if you’re new to saving, as the fee waiver opportunity may incentivize you to stick to a regular savings routine. But it’s not the best account to invest a large sum if you want it to generate a strong return. 

Nonetheless, the account offers the following benefits free of charge: 

  • Online banking
  • Mobile banking
  • Automatic transfers from your Seacoast Checking Account
  • 24/7 Florida customer support

Sail into Savings

Key Features Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $15 unless you meet certain requirements
Current Terms and Rates 0.02% APY

This Seacoast National Bank account allows you to put your savings on autopilot. Each time you use a Seacoast debit card to make a purchase or engage in online bill pay, the bank will automatically transfer $1 into your Sail into Savings account. At the end of each business day, the bank calculates the total number purchases you’ve made with your debit card and electronic payments before transferring the corresponding amount ( $1 x number of qualified transactions) from your checking account into your savings account. In addition, having at least one transfer per quarter will waive the monthly maintenance fee. 

You also don’t need to commit to any minimum balance requirements. In addition, this account also features the same free benefits as the Seacoast Savings account, including online and mobile banking. 

However, the Sail into Savings account currently offers a low APY of 0.02%. You can find higher-yielding options by comparing savings accounts from multiple banks, including online institutions. 

Certificates of Deposit (CDs)

Key Features Details
Minimum Deposit $1,000 or $10,000 for promotional rates
Access to Your CD Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $15 monthly maintenance fee unless you meet a minimum balance requirement
Current Terms and Rates
  • 1 Month: 0.05% APY
  • 3 Months: 0.05% APY
  • 6 Months: 0.15% APY
  • 12 Months: 0.25% APY
  • 18 Months: 0.25% APY
  • 24 Months: 0.40% APY                        
  • 30 Months: 0.40% APY
  • 36 Months: 0.65% APY
  • 42 Months: 0.80% APY
  • 48 Months: 0.80% APY
  • 50 Months: 1.00% APY
  • 60 Months: 1.00% APY
Current Promotions (Requires $10,000 minimum deposit)
  • 9 Months: 1.00% APY
  • 12 Months: 1.75% APY
  • 24 -36 Months: 2.25% APY

Through Seacoast National Bank, you can open CDs with terms ranging from three months to 60 months (five years). Across the board, the bank’s CD menu doesn’t offer the best CD rates out there. But you can currently earn a strong APY of 1.00% by locking in your money for a year. 

However, you should ask a bank representative about promotional CD rates. You can currently generate some powerful APYs by depositing at least $10,000 into one of the bank’s promo CDs. For example, a current promotional CD of 24 months can get you an interest rate of 2.25%. 

By investing in any CD, however, you’d be locking in your money in exchange for a fixed interest rate. This means you’d face an early withdrawal penalty if you take your money out of your CD before its term ends. 

At Seacoast National Bank, early withdrawal penalties are handed out as follows: 

  • Loss of three months’ worth of simple interest for CDs with terms of one year or less
  • Loss of six months’ worth of interest for CDs with terms of one year or longer

Money Market Account

Key Features Details
Minimum Deposit $50
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $15 monthly maintenance fee unless you meet a minimum balance requirement
Current Terms and Rates
  • $0 - $100,000: 0.05% APY
  • $100,001 - $500,000: 0.12% APY

The Seacoast National Bank Money Market Account does not offer the strongest interest rates. Its current peak APY of 0.12% falls below the national average, and you need a high minimum balance of $500,000 to earn it. However, this account offers you easier access to your money. You can also waive the monthly service fee by maintaining a $2,500 minimum daily balance. 

Still, you can find stronger options by comparing money market accounts (MMAs) across the banking industry. 

Individual Retirement Accounts (IRAs)

Key Features Details
Minimum Deposit $100
Access to Your IRA Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees IRS may impose early withdrawal penalties.
Current Terms and Rates Varies

Seacoast National Bank offers an individual retirement account (IRA) that could potentially offer you more investment options than your current IRA or 401(k) account. By investing in an IRA, your earnings will be tax-deferred until you make qualified withdrawals, which you’d be eligible to make when reaching age 59.5. You can contact the bank directly to speak to a representative who can help you pick an investment option that’s right for you based on your financial situation and goals. 

But as with any major retirement planning decision such as rolling over your nest egg to another plan, you should contact a financial advisor. If you’re not sure how to find the right one, you can use our SmartAdvisor tool. It asks you a few simple questions about your financial outlook to connect you with local advisors who may meet your specific needs. You can then review their credentials and even set up interviews before deciding which one to work with.  

Banking Freestyle 

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 fee

This is the basic checking account issued by Seacoast National Bank. It’s fairly easy and inexpensive to manage. You can open an account with as little or as much as you want. You can also waive its $7 monthly service fee by either opting to receive free electronic statements or by making a minimum $250 direct deposit into this account each month. 

In addition, you also get four Non-Seacoast ATM rebates per month. However, you may still face fees charged by the other bank or ATM owner. 

Classic 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 maintenance fee unless you meet a minimum balance requirement

The Classic Checking Account by Seacoast National Bank offers several benefits. For starters, you can open one with a low minimum deposit of $50. You also get a free debit card. You can use this card surcharge-free at more than 1,000 ATMs. In addition, Seacoast will provide you with four non-Seacoast ATM rebates per month. 

You can also waive the $14 monthly maintenance fee if you meet one of the following requirements. 

  • Keep a minimum daily balance of $1,000
  • Maintain an average daily balance of $2,500
  • Stick to total $5,000 minimum daily balance across your Seacoast savings account, money market account, CDs and IRAs
  • Have a consumer loan or line of credit

Senior Classic Checking

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 $7 maintenance fee will apply unless you meet certain requirements
Current Terms and Rates 0.02% APY

This interest-earning account is designed for customers who are at least 55 years old. You can use the debit card linked to this account for surcharge-free transactions at more than 1,000 ATMs in the Public network. 

You can waive the monthly service fee by meeting the following requirements. 

  • Make one direct deposit of at least $250 per month
  • Keep a minimum daily balance of $750
  • Maintain a minimum monthly balance of $1,500
  • Keep a minimum combined balance of $5,000 among your savings account, money market account, CDs or IRAs
  • Have a consumer loan or line of credit

In addition, account holders get the following benefits: 

  • Free standard checks
  • Safe deposit box discount
  • Free digital banking services
  • Up to 0.25% off installment loan rates with auto-deduct from your Seacoast Checking Account
  • Four non-Seacoast ATM rebates per month

Premium Checking

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 $21 monthly maintenance fee will apply unless you meet certain requirements
Current Terms and Rates 0.02% APY

As its name implies, the Premium Checking account by Seacoast National Bank offers several exclusive benefits including the following free of charge. 

  • Standard checks
  • Money orders
  • Cashier’s checks
  • Stop payments
  • Digital banking services

In addition, you get six non-Seacoast ATM fee rebates and a 50% discount on safe deposit boxes. Your debit card also gives you access to the Publix ATM network. 

You can waive the $21 monthly service charge if you meet one of the following requirements: 

  • Maintain a minimum daily balance of $5,000.
  • Keep a minimum monthly average balance of $7,500
  • Maintain a minimum daily combined balance of $15,000 among all Seacoast deposit accounts Establish a trust relationship with Seacoast Wealth Management
  • Have a consumer or commercial loan or line of credit
  • Maintain a residential mortgage

Premium Elite Checking

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 $28 monthly service fee will apply unless you meet certain requirements. 
Current Terms and Rates
  • For balances of $0 - $99,999: 0.02% APY
  • For balances of $100,000 - $499,999: 0.04% APY
  • For balances of $500,000+: 0.09% APY

As Seacoast National Bank's elite checking account, this option offers plenty of convenient perks. For starters, you get surcharge-free access to any ATM machine. You also get the following bonuses: 

  • Free incoming and outgoing wires
  • Free safe deposit box
  • Higher ATM and debit card transaction limits

In addition, you get the free benefits offered by the bank's other accounts such as free online and mobile banking. You can also waive the monthly maintannce fee if you meet any of the following requirements. 

  • Keep a minimum average monthly combined balance of $75,000 in personal deposits excluding time deposits.
  • Have a Trust relationship with Seacoast Wealth Management.
  • Engage in a Brokerage relationship with Seacoast Financial Solutions.

Branch Locations

Today, Seacoast National Bank runs more than 30 branches throughout 14 counties in Florida. You can reach its main customer service number by dialing 800-706-9991.

Financial Statistics & Bank Health Rating

Seacoast National bank has $5.79 billion in assets and $3.81 billion in loans, according to the FDIC. By opening an account with Seacoast National Bank, you’d be parking your money along with the roughly $4.59 billion the bank holds in deposits. If you’re concerned about the risk level of working with Seacoast National Bank, you can review its Texas Ratio. This percentage indicates a bank’s trustworthiness. It is calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. Seacoast National Bank currently has a Texas Ratio of 3.69%. A bank with a Texas Ratio below 5% is recognized as having excellent reliability.

Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

Worse
Better
Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study