New York Banking Rates

Savings 101 Q-and-A: How to Grow Your Funds with Spring Bank

Spring Bank

It takes discipline to save your money — and avoiding the temptation to splurge rather than save can be all the more difficult if you don’t have access to high-yield savings interest rates.

With interest rates at historical lows across the country, it can be difficult to find a deposit account that makes saving your money worthwhile — difficult, but not impossible. New York Banking Rates talked to Spring Bank about the savings resources it currently offers, and found out how fledgling savers can best grow their wealth.

New York Banking Rates: Does Spring Bank offer specialized savings products, such as health savings or vacation savings accounts?

Spring Bank: We offer a very competitive money market account, IRA CDs and IRA Statement savings, and Holiday/Vacation Club accounts. Also, to help our neighbors get businesses off the ground, we offer Individual Development Accounts for clients of the Business Outreach Center Network and also residents of New York City public housing (NYCHA).

NYBR: How can parents teach their children about money using a New York savings account?

SB: We’re big on asset building and financial literacy. Our non-profit partner, Ariva, hosts financial literacy workshops in our main branch. We also host Grameen America’s G Next program which empowers low-income NY students. We support many other innovative programs focused on lower-income families throughout the city, so that the whole family has the tools to get ahead.

NYBR: What resources does Spring Bank offer New York customers to help them develop better savings habits?

SB: We partner with several nonprofits to implement programs oriented towards developing long-term asset-building habits. Among these partners are BronxWorks, The Financial Clinic, Ariva Inc., University Neighborhood Housing Program, Food Bank for New York, New York City Office of Financial Empowerment, Business Outreach Center Network, Start Small, Think Big, SoBro, Credit Do and the New York City Housing Authority.

NYBR: How do New York savings account rates compare to the rest of the state?

SB: Our rate is currently the highest rate offered by a local bank in NYC.

NYBR: How would a depositor go about switching from one bank’s savings account to another?

SB: Our account form is on our website, and it’s a fillable PDF. You can fill it in on your computer and e-mail or fax it to us. Once the account is open, depositors can send funds electronically to Spring Bank or visit one of our branches.

NYBR: In addition to the interest rate, what other characteristics should a depositor look for in a savings account?

SB: There’s no minimum balance to maintain your account and we charge no maintenance fee. Our $100.00 minimum to open is very low.

NYBR: What is your most popular New York savings account product and why?

SB: Spring Bank statement savings is our most popular product because it so simple, has such a great rate, and is easy to maintain. Larger depositors love our money market.

NYBR: Does a person need good credit to open a savings account?

SB: No.

NYBR: How does Spring Bank set its savings account rates?

SB: We set our rates to give our customers the APY they need to have more at the end of the month than they began.

NYBR: How can a depositor increase the New York savings account rate he or she is offered?

SB: Our statement savings rate does not vary based on customer activity. However, our money market checking increases based tiered balance minimums. Customers can earn between 0.25% and 1.01% APY depending on their balance, up to $499,999.99

 

Savings 101 Q-and-A: How to Grow Your Funds with Spring Bank