Academy Bank Review: Is It Right for You?

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GOBankingRates score

Fast recording:Academy Bank has some reasonable advantages, but overall it compares poorly to other banks on APYs. Consumers may want to look for alternatives to earn more from their savings.

  • APYs
  • advantages
  • Products
  • Customer service

How did we calculate that?

advantages

  • Over 30,000 toll-free ATMs
  • Good range of products
  • Construction loan cards

Disadvantages

  • Relatively low APYs
  • Few customer contact opportunities

Overview of the Academy Bank

Academy Bank is a community bank serving Colorado, Kansas, Missouri and Arizona.

main features

Several aspects contribute to the performance of a banking provider. The four factors examined here are:

  1. APYs
  2. advantages
  3. Products
  4. Customer service

APYs

Measuring Academy Bank’s annual percentage returns includes four main accounts:

  • examination
  • savings
  • money market
  • Certificates of Deposit

Academy Bank has three main checking accounts. Unfortunately, two of these accounts – the Basic Account and the Selected Account – earn no interest on the balance.

The third option, the Elite Account, comes with higher monthly fees and minimum balance requirements that may not justify the interest earned that falls in between % and % APY depending on balance.

The Academy Bank Savings Account offers an APY of just %. In addition, customers are required to deposit $25 when opening an account. A minimum balance of $100 is also required to waive the $5 monthly fee.

Academy Bank’s Premier Money Market Fund offers first-time account holders an impressive six-month initial APY. To qualify for this promotion, customers must deposit a minimum of $10,000 upon account opening and the installment is only eligible for a maximum of $3 million.

Once the six month window has expired, the standard rates of 0% to 0% APY applies.

Academy Bank also offers CD accounts with terms ranging from 30 days to five years. A minimum deposit of $500 is required to qualify, and interest is deducted if customers withdraw funds early.

The highest APY offered on a CD by Academy Bank is the 24 month term at a rate of %. Different conditions have different prices.

advantages

In addition to the attractive promotional interest rate for money market funds, the Academy Bank offers several other advantages. It has more than 70 branches conveniently located throughout the regions served, and debit cards are free with a checking account. In addition, customers have access to over 30,000 fee-free ATMs that can be found through the bank’s mobile app.

Academy Bank also has a feature called Saving Cents that rounds up any purchase amount to the nearest dollar. The additional amount is then automatically transferred to save.

Another useful product is Academy Bank’s Credit Builder Secured Visa Card, which helps customers improve their credit scores and develop better financial habits.

Products

Academy Bank offers a range of credit and mortgage services in addition to its checking and savings account options. Some of the credits customers can apply for include:

  • car loans
  • express credits
  • First Buyer Loan
  • home loan
  • jumbo loan
  • CD loan

In addition, Academy Bank has credit cards that offer cash advances, no annual fees, up to $15,000 in available balance, and APRs starting at 9.99%.

Customer service

Academy Bank has chatbots on their website to help with simple questions.

For more complex requirements, customers can speak to a representative in one of the offices or call the customer service team.

Academy Bank also takes calls from Telecommunications Relay Services for customers who are deaf or hard of hearing.

How does Academy Bank stand out?

Academy Bank sets itself apart from its competitors with its large network of over 30,000 ATMs that customers can access free of charge.

Comparable options

Here’s how Academy Bank compares to some of its close peers.

corner bench

Academy Bank has better APY rates on CDs than Cornerstone. However, Cornerstone offers users comprehensive wealth management services through subsidiaries, while Academy Bank does not.

People’s United Financial

People’s United Financial (PFS) has two interest-bearing current accounts versus Academy Bank’s single option. The PFS mobile app also ranks significantly higher in the Apple App Store, earning an average rating of 4.8 stars versus 2.6 stars from Academy Bank.

How to apply

The process of becoming an Academy Bank customer can be completed in a few simple steps. It requires visiting their website or visiting a branch.

Customers can then select the account they wish to open, provide the required information as required and provide an ID for verification purposes.

Who the Academy Bench is best for

Academy Bank is a good option for consumers who value convenience and want to minimize ATM-related costs.

Final recording

While Academy Bank offers its customers a decent range of services with some great perks, consumers can likely find better deals from other banks.

FAQ

Here are some questions people ask about Academy Bank.
  • Is Academy Bank a real bank?
    • Academy Bank is an FDIC-insured bank with more than $1 billion in assets under management.
  • Is Academy Bank a good bank?
    • Academy Bank offers a wide range of credit services as well as current and savings accounts. However, it gets poor reviews in the App Store, so customers looking for mobile banking might be better off with another option.
  • Is Academy Bank a big bank?
    • Academy Bank is a subsidiary of Dickinson Financial Corporation, which serves customers in all 50 states.
  • How do I check my balance at Academy Bank?
    • Customers can check their balances through the Academy Bank mobile app or through online banking.

Prices are subject to change; Unless otherwise stated, prices are updated regularly. All other account information is correct as of June 24, 2022.

Editor’s Note: This content is not provided by Academy Bank. Any opinion, analysis, review, rating or recommendation expressed in this article is solely that of the author and has not been reviewed, approved or otherwise endorsed by Academy Bank.

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About the author

David is a qualified financial advisor in the Republic of Ireland. He has a bachelor’s degree in business and entrepreneurship and over five years of investment experience.

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