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Financial Rates:
1.0
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Customer Service:
3.5
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Website Experience:
3.0
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Bank Fees:
3.5
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
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.
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.
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.
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.
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.
They offer Secure Socket Layering to protect your information. All of their accounts are password protected.
No. Applied Bank rates are not competitive with other online-only accounts. They are similar to your brick and mortar bank rates.
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.
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.
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.
By phone, mail, or by visiting a local branch. You can follow Applied Bank on Facebook or LinkedIn.
Yes. Free bill pay is available for Applied Bank checking accounts.
At a local branch location.
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.
Yes. Money can be directly deposited into Applied Bank accounts.
Bank Contact Information
Find a local branch888-839-7952
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| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.73% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.80% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: It only takes about 5 minutes to open a fee-free account. |
|
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.