Applied Bank Review

How does your bank stack up?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
0.10%APY
Savings/MMA

Pros:

  • Variety of different personal accounts
  • Low opening required amounts
  • Checking and saving rates are not tiered
  • Business accounts offered

Cons:

  • Accounts have low-interest rates
  • Jumbo CDs do not offer higher rates
  • Accounts have monthly fees
  • High interest in MMA requires a large sum

What You Need to Know

Applied Bank has a variety of different personal accounts. There are basic savings, checking, and money market accounts. Checking accounts for people over 50 are available. There are specific savings accounts for youth and specific goals like a vacation. CDs, loans, and credit cards are available through Applied Bank.

Most Applied Bank accounts have a low opening required amount. The savings and checking account requires $100 to open. The club savings account only requires $10 to open. The money market account requires $500 to avoid a fee and earn interest. The CDs require $1,000 to open. The checking account for those over 50 does not have required amounts.

The interest rates for Applied Bank checking and savings accounts are not tiered. The savings account only requires $100 to earn the most competitive rates. The Club Savings account only requires $10 to earn competitive rates. The checking account requires $1,000.

Applied Bank offers business accounts. They offer checking accounts, loans, and lines of credit for businesses. They also offer merchant processing options in select states. Online banking is available for business accounts.

Interest rates for Applied Bank accounts are low. The rates are similar to your typical brick and mortar bank rates. Even the CDs rates are low. The most competitive interest rates are the Club and youth saving accounts. Those rates are higher than the other savings account. They are still much lower than other online-only accounts.

Applied Bank offers jumbo CDs. These CDs require at least $95,000 to open. The interest rates for the jumbo CDs are not any higher than the regular CD interest rates. The jumbo CD terms range from six-months to five-years. Those CDs are available for businesses, nonprofits, and personal deposit accounts.

Applied Bank accounts have a monthly fee if you do not keep a minimum amount in the accounts. The amounts required to avoid the fee are low. The checking and savings accounts require $100. The money market requires $500. The monthly fee is $10 per account per month if minimum balances are not met. The only fees for CDs are for withdrawing money before the maturity date.

The highest interest rates for the Applied Bank money market account requires a large sum. To earn the most competitive rate requires $25,000 in the account. Amounts over $500 earn interest, just a much lower rate. Any amount over $25,000 earns the highest rate.

Cool Things

Club Savings Accounts

Applied Bank offers Club Savings accounts. These accounts are specifically for holidays, vacations, or other big purchases. The amount required to open the account is $10. There is no monthly fee. Money can be directly deposited into the Club Savings accounts. If the account is for Christmas, the money will mature on November 15 of each year.

History

Applied Bank headquarters are in Wilmington, Delaware. It is a state-chartered bank. The bank opened in 1996. They offer a variety of different personal and business accounts. Applied Bank is a leader in offering credit cards to those who have little or no credit.

Awards and Recognition

  • "Five Star Superior Rating" by Bauer Financial
  • "Safe and Sound Five Star Rating" by Bankrate.com
  • "A+ Rating" by the Better Business Bureau

Giving Back

Applied Bank gives back to the communities they live in. They have participated in local events such as literacy programs and the United Way. They support Junior Achievement and Interfaith Community Housing.

In 2017, Applied Bank partnered with the Delaware SPCA. This organization is an animal welfare program. They help ensure the humane treatment of animals. Applied Bank is financing a new shelter for the Delaware SPCA.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. Applied Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

ATM or debit cards, checks, and electronic transfers. Free bill pay is available with each checking account. You can visit a local branch to withdraw money. If you plan to withdraw more than $5,000, you must give the bank written notice 48 hours before withdrawal.

Does this bank offer mobile banking?

Specific apps are not listed on the website. Applied Bank does offer online banking. With online banking, you can see account information and view checks. You can transfer money between different accounts and pay bills.

Is this a good bank?

Applied Bank offers a variety of personal deposit accounts. Their interest rates are low. There is no mobile app listed, but Applied Bank does offer online banking. Applied Bank does have a few branch locations.

Is this bank free?

Most accounts have a monthly fee. The fees are waived if you keep a set amount in the accounts. The amounts range from $100 to $500 depending on the account.

Is this bank secure online?

They offer Secure Socket Layering to protect your information. All of their accounts are password protected.

Does this bank offer competitive interest rates?

No. Applied Bank rates are not competitive with other online-only accounts. They are similar to your brick and mortar bank rates.

Can I use this bank for my business accounts?

Some business accounts are available. Merchant processing is only available in a few states. Those are Delaware, Pennsylvania, Maryland, and New Jersey. Business checking accounts, loans, and credit cards are available.

How is the online bank different from the online banking my bank offers?

It is not different. The interest rates at Applied Bank are similar to your brick and mortar bank rates. You can access your account online. There are some branch locations to serve you.

Do their checking accounts pay interest?

Yes. Applied Bank checking accounts earn interest for any amount over $1,000. The interest rates are low, but they do earn interest. Any amount over $1,000 earns the highest rate offered.

How do I reach customer service?

By phone, mail, or by visiting a local branch. You can follow Applied Bank on Facebook or LinkedIn.

Does this bank offer bill pay?

Yes. Free bill pay is available for Applied Bank checking accounts.

Can I deposit cash?

At a local branch location.

How long do transfers take?

Money directly deposited, or cash deposits are available the same day. Wire transfers are available the first business day after the deposit. Other check deposits are available the second business day after the deposit. Checks deposited into money market accounts are available the fifth business day.

Can I sign up for direct deposit to this account?

Yes. Money can be directly deposited into Applied Bank accounts.

Bank Contact Information

Find a local branch
888-839-7952

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