When it comes to building a brighter financial future, the bank you work with can help or hurt your efforts. While many banks will hold you back with minimal APYs and high fees, not every bank will.
Select Bank is one of the banks offering products that can help you build your savings, including personal accounts with competitive yields. They also offer business accounts with competitive features. We take a closer look at Select Bank in this review.
- Earn up to 5.25% APY through Select Bank’s high-yield savings account.
- No monthly fees and only requires a $1 deposit.
- The bank also offers an interest-bearing checking account.
High-Yield Savings Account
What Is Select Bank?
Select Bank is a Virginia-based bank that is owned entirely by local shareholders. While it’s smaller than many banks, it still boasts $455 million in assets. The bank provides in-person and online services. Through either channel, you can access the bank’s suite of products.
What Does It Offer?
Select Bank offers a wide range of personal and business products. On the business side, you can find checking and savings accounts, loans, and credit cards. In terms of personal products, you can find checking accounts, savings accounts, CDs, IRAs, credit cards, mortgages, home equity loans, auto loans, HELOCs, and personal loans.
For the purpose of this Select Bank review, I’ll focus on the personal products they offer.
High-Yield Savings Account
Select Bank offers a high-yield savings account through Raisin. As of writing, the account is offering a 5.25% APY. When compared with the national average rate of 0.45%, that’s over 11 times as much in interest. But even compared to other high-yield savings accounts, it’s an attractive interest rate.
Interest-Bearing Checking Account
Interest-bearing checking accounts aren’t that common, but Select Bank offers this option as the Kasasa Cash account. As of writing, you can earn up to 2.50% APY on balance of up to $50,000. In order to take advantage of this interest-earning opportunity, you must meet one of the following requirements each month:
- Make at least 12 debit card purchases
- Be enrolled in eStatements
- Be enrolled in, and log into, online banking
If you meet one of the requirements, you’ll qualify to earn interest. And you won’t even face a monthly fee or minimum balance requirement.
Cash Back Checking Account
If earning cash back on your debit card purchases is more your speed, the Kasasa Cash Bank account might be the right fit. You can 2% cash back on your debit card purchases. But you’ll reach a limit of earning $6 in cash back per month.
This account doesn’t come with a monthly maintenance fee. And it only requires an opening deposit of $25.
Are There Any Fees?
Select Bank’s fees vary based on the accounts you open and the services you use. Unfortunately, the bank isn’t very forthcoming about account fees. While the accounts generally don’t have a monthly maintenance fee attached, you may have to contact the bank directly to obtain a full fee disclosure.
How Does Select Bank Compare?
Select Bank isn’t the only place to store your savings. Here’s a look at how it compares to the competition.
In terms of APYs offered, Select Bank’s high-yield savings account is competitive. But the bank isn’t offering the top rates. You can find higher interest rates on high-yield savings accounts through Western Alliance Bank,
which currently offers a nearly identical 5.25% APY on its high yield savings account. Both Select Bank and Western Alliance offer personal and business banking products.
Likewise, the interest-bearing checking account available through Select Bank is attractive but doesn’t offer the highest rates. For example, Juno offers a 5.00% APY on your cash balance of up to $250,000. It’s a rate that’s difficult to beat. But you won’t find business banking products available through Juno.
How Do I Open An Account?
If you want to open an account with Select Bank, you can start the process online or in person. Be prepared to provide your Social Security number, government-issued ID, and funding account information.
But if you are interested in opening a high-yield savings account, you’ll sign up directly through Raisin. Raisin will ask for similar details when you apply for the savings account.
Is It Safe And Secure?
Select Bank is backed by the Federal Deposit Insurance Corporation (FDIC). The insurance provided by the FDIC protects your funds for up to $250,000 per depositor, per account. With that, the funds you stash with Select Bank are as safe as possible.
How Do I Contact Select Bank?
You can get in touch with Select Bank by calling 434-455-1700. You also have the option of sending a message to the bank online. If you prefer in-person service, you can head to one of the seven branch locations. You’ll find branches in Virginia and North Carolina.
Unfortunately, the mobile apps offered by the bank don’t have any reviews, which makes it difficult to guess how your experience might feel. But the A+ Better Business Bureau rating is encouraging.
Is It Worth It?
Select Bank offers a worthwhile opportunity for savers looking for a competitive high-yield savings account. If you want to tap into the attractive rate, Select Bank might be a good fit. It’s also a good option for anyone who wants an interest-bearing checking account. If you can meet the usage requirements, you’ll be rewarded with a relatively high interest rate on your checking account balance.
However, you can find higher APYs available for both a high-yield savings account and interest-bearing checking account. Take time to explore all of your options before diving in.
Select Bank Features
High-Yield Savings, Checking Accounts, CDs Business Banking Products
Minimum Deposit on Savings
Mon-Thurs: 9 AM – 5 PM, Fri: 9 AM – 6 AM