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APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Columbia Bank is a New Jersey-based community bank that’s been serving Garden State residents since 1927. It has several checking account options, including an interest checking account, as well as basic savings accounts, CDs, credit cards, and mortgages. Keep reading to find out whether Columbia Bank is the right place to keep your money.
Columbia Bank has a decent mix of checking and savings accounts, but its credit card and loan offerings are somewhat more limited. Savings APYs are so-so, but the bank has checking accounts that allow you to earn APY or cash back. Overall, Columbia Bank is worth considering for Garden State residents who want to bank locally.
Pros
Interest-bearing checking account available
Ability to earn cash back with debit card purchases
Highly rated mobile apps
Low requirements for waiving monthly fees
High APY savings account available through Raisin
Cons
Low APYs for savings accounts opened directly with the bank
Limited relationship banking
Branches are limited to New Jersey
Overdraft fees
Columbia Bank savings accounts review
Columbia Bank offers a trio of savings accounts, including a high-yield savings account in partnership with Raisin, plus a standard savings account and a savings account designed for kids.
Columbia Bank High-Yield Savings Account
Thanks to a new partnership with online marketplace Raisin, Columbia Bank now offers an FDIC-insured high-yield savings account that boasts a 5.27% APY. The account is online-only and is available to savers nationwide. At this point, however, the account's features are limited. You can only make deposits and withdrawals through a linked banking account, and you're limited to a single linked account.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
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2 stars equals Fair.
1 star equals Poor.
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
APY
5.27%
Min. To Earn APY
$1
High APY
No account fees
An unlimited number of deposits and withdrawals
FDIC insured
Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked external account)
No checking accounts offered through Raisin
Limited customer service hours
Cannot link Raisin accounts to third-party apps (e.g. personal budgeting apps)
No branch access; online only
Closing in on 100 years in operation (it was founded in 1927), Columbia Bank is an FDIC-insured bank with close to $10 billion in assets. The high-yield savings account through Raisin offers savers an APY higher than you'd get directly through the bank, plus the ability to manage your money through Raisin's simple, online interface and access to its online marketplace of savings products. The trade-off is that the account is online only -- no branch banking -- and options for deposits and withdrawals are limited to one external account that you connect to Raisin.
Statement Savings Account
The Statement Savings Account requires an opening deposit to start earning APY. But the APY is a lackluster 0.5%, which is around the national average. There's also a $4 monthly maintenance fee that's waived with a $50 minimum daily balance.
Kids Count Statement and Passbook Savings
This Kids Count Statement and Passbook Savings is designed for children and starts earning the 0.5% APY with a deposit of just $1. There are no fees or minimum opening deposits, and Columbia Bank will even match your initial deposit up to $15.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
4.25%
Rate info
4.25% annual percentage yield as of June 28, 2024
Columbia Bank offers both traditional CDs and IRA CDs, which are certificates of deposit that you hold in an individual retirement account.
Traditional CDs
Traditional CD terms at Columbia Bank range from four months to 72 months. These are fairly typical terms, though some banks don't offer CD terms longer than six months.
Most of Columbia Bank's CDs require a $500 minimum deposit. However, there are two 12-month CDs that pay a higher APY but require a $25,000 minimum deposit of funds that weren't previously held by Columbia Bank.
IRA CDs
As with its traditional CDs, Columbia Bank's IRA CDs have terms ranging from four months to 72 months, with most requiring a $500 initial deposit. An IRA 12-month New Money CD offers a higher APY to customers who deposit at least $25,000 that wasn't held by the bank previously.
Compare CD rates
Columbia's CD APYs are generally above the national average, though they aren't among the best CD rates we could find. Before you open a CD at Columbia Bank or anywhere else, be sure to compare APYs, terms, and minimum deposits with CDs at other financial institutions.
Columbia Bank offers four different checking accounts, two of which can be opened by savers as young as 13 with a parent or legal guardian. All checking accounts come with free access to online and mobile banking features, like online bill pay and digital wallets.
Yield Plus Checking
Columbia Bank Yield Plus Checking is an interest checking account that pays a tiered APY. As with most interest-bearing checking accounts, the rates are modest. You'll earn an APY of Columbia Bank Yield Plus Checking: 0.05% APY on balances of less than $1,000. 0.10% on balances between $1,000 and $9,999.99. Balances above $10,000 earn 2.15%.
The account has a monthly maintenance fee of $20, waived for a $1,000 minimum daily balance. You can also have six ATM fees reimbursed per month (up to $20 total) when you use non-Columbia Bank ATMs.
up to 2.15%
Rate info
0.05% APY on balances of less than $1,000. 0.10% on balances between $1,000 and $9,999.99. Balances above $10,000 earn 2.15%.
Min. To Earn APY
N/A
Interest-bearing checking account available
Ability to earn cash back with debit card purchases
Highly rated mobile apps
Low requirements for waiving monthly fees
High APY savings account available through Raisin
Low APYs for savings accounts opened directly with the bank
Limited relationship banking
Branches are limited to New Jersey
Overdraft fees
Cash Back Checking
The Cash Back Checking account allows you to earn unlimited 0.25% cash back on all qualifying debit card purchases above $2. Though the best cash back credit cards offer between 1% to 6%, it's pretty unusual to earn any cash back whatsoever when you use a debit card.
The account charges a $10 monthly fee, but you can avoid it by making 10 point-of-sale debit card purchases or by having at least $1,000 of direct deposits during the month. The fee is also waived for customers younger than 23. You can get up to four ATM fees from non-Columbia Bank ATMs waived each month (up to $15 total).
Ideal Checking
The Ideal Checking account is a good starter checking account. You won't have to pay the $10 monthly fee if you maintain a daily balance of just $50. The account is available to customers 13 and older, though minors must apply in person and have a parent or guardian as the secondary owner.
Forward Checking
The Forward Checking account is also available to customers as young as 13. As with the Ideal Checking account, minors need to apply at a bank branch and have a parent or guardian as a co-owner.
There are no monthly service fees or minimum balance requirements, but the account doesn't support check writing or allow overdraft protection. If you don't have sufficient funds to cover a purchase, the transaction will be declined but you won't be charged a fee.
Compare checking accounts
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.
Columbia Bank received a 2022 Bank Customer Experience award in the Best Branch Experience category. Its mobile apps also get strong ratings from customers, with a 4.2-star rating in the Google App store and 4.8-star rating in Apple's App store.
The bank's customer service call center is open Monday through Friday from 7:30 a.m. to 8 p.m., and 8 a.m. to 4 p.m. Saturday and Sunday.
Columbia Bank relationship benefits
Some banks offer relationship benefits, like higher APYs on savings products or lower APRs for loans, to customers who have multiple accounts at the same institution. Columbia Bank offers a 12-month CD with a promo APY to customers who have a Yield Plus or Cash Back checking account. However, the promo APY requires a minimum opening deposit of $25,000 of new funds that haven't been held by Columbia Bank. The offer is only good in branch locations.
Alternatives to Columbia Bank
Columbia Bank is a solid option for New Jersey residents, but it's important to compare what other banks offer before you open an account. Here are two Columbia Bank alternatives.
Chase Bank
If you want a full suite of online banking products as well as the ability to visit branch locations throughout the U.S., consider Chase Bank. The bank offers extensive relationship rewards, as well as various checking and savings options. Plus, it gets consistently high marks for customer satisfaction.
Discover® Bank
Columbia Bank's Cash Back Checking is unique in that it offers cash back on debit card purchases. But if you want to earn cash back at an even higher rate using your debit card, check out Discover® Bank, which offers the Discover® Cashback Debit account. You'll also avoid fees and have access to over 60,000 fee-free ATMs.
Is Columbia Bank right for you?
Columbia Bank may be right for you if:
You live in New Jersey and like having the option to visit a brick-and-mortar location.
You're seeking an interest-bearing checking account.
You want to earn cash back on purchases without using a credit card.
Other products by Columbia Bank
Columbia Bank has a few more offerings you should be aware of, including:
Yield Money Market Account
Traditional and Roth IRAs
Health savings accounts for those with high-deductible health plans
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Yes, Columbia Bank only has branch locations in New Jersey.
Columbia Bank charges overdraft fees, however, the bank revamped its overdraft policy in 2023. Customers only incur an overdraft fee if they overdraw their accounts by more than $50. In that event, you're limited to a single $35 fee.
Columbia Bank's savings accounts offered directly through the bank have a 0.50% APY, which is around the national average. However, through a partnership with the Raisin platform, the bank offers an online high-yield savings account with an APY over 5%.
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Fact Checked
Nathan Alderman
