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The Columbia Bank (MD) 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
The Columbia Bank Savings
0.05% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

Established in 1988, The Columbia Bank has assets totaling $2 billion as well as $2 billion in deposits, making it a large bank. The Columbia Bank, whose headquarters are in Columbia, Maryland, lacks premium access to customer service, with no live chat or all-day service options available. It is an online bank, featuring convenient online and mobile apps for customer service and accounts, but without the traditional walk-in service. With a commendable 4.3 stars out of 5, The Columbia Bank proves it is a great bank that you should seriously consider. 

The Columbia Bank offers a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. The Columbia Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, The Columbia Bank's ordinary checking account does not have a monthly fee. Using one bank for checking and savings is ideal when you want to get the highest interest rates on your deposits while maintaining access to your funds without getting penalized for taking out your money.

Service Quality

The Columbia Bank is an online-only bank. With mobile and web apps, The Columbia Bank makes account access easy, even on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 8:00 p.m. ET; Saturday, 8:00 a.m. to 3:00 p.m. ET. 

The Columbia Bank gets moderately good scores from customers for its mobile banking services: the The Columbia Bank mobile app has an overall rating of 4.4 out of 5 (with 390 reviews on Apple and Android) compared to the national average of 3.8. You can access The Columbia Bank's app to manage your accounts by looking at account balances, transferring funds as well as accessing customer service. The Columbia Bank gets a superb consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.30% APY
  • 36 Month: 1.35% APY
  • 48 Month: 1.45% APY
  • 60 Month: 1.55% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.21% APY $1,000 Compare Offers
Checking Accounts 0.02% APY $1,000 Compare Offers

The Columbia Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. The Columbia Bank does not have the best savings rate, which means you should consider looking elsewhere 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. The Columbia Bank's CD rates are fair compared to the national average.

Rates

With a savings rate of 0.05%, The Columbia Bank ranks below the mean in comparison to other U.S. banks. The Columbia Bank's one-year CD has a rate of 0.20% and the five-year CD has a rate of 1.55%, while its highest-yielding money market account has an APY of 0.21%. Given The Columbia Bank's below average savings rate, you should think about other options to earn more on your deposits.

Compare The Columbia Bank to Other Competitive Offers

Fees

The Columbia Bank has typically extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. 

Financial Health

The Columbia Bank ranks as a large bank owning assets totaling $2 billion as well as deposits totaling $2 billion. Its Texas Ratio is 1.88%, indicating an exceptionally small probability of failure. Additionally, The Columbia Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a The Columbia Bank Near Me

The Columbia Bank is an online-only bank with no physical branch locations.

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