Academy Bank Review: Save on Your Loans

Academy Bank online and mobile might work for you.

Academy Bank provides its clients with a full-service range of financial options and banking products through dozens of locations across five states — Colorado, Kansas, Missouri, Arizona and Florida — or through its Academy Bank online and mobile services. It also has Walmart locations so you can integrate shopping and banking. Here’s a review of what you can expect if you set up an Academy Bank account.

Read more about the best online banks of 2018 if you need help picking the right one.

Academy Bank Accounts

Academy lets individuals choose among savings, checking, money market accounts and CDs. You can use your Academy debit card at one of the 24,000 ATMs within the MoneyPass network, charge-free. Academy’s Saving Cents initiative, available through checking, savings and money market accounts, helps you boost your savings by rounding up your purchases to the nearest dollar. It then deposits the difference between the rounded figure and the actual charge figure into your account. For example, if you buy something for $30.23, 77 cents would go into your account.

Signing up for an account takes roughly 10 minutes, but you will need proper documentation such as your Social Security number as well as a state-issued ID.

Understand: Why Banks Require a Minimum Balance

Academy Bank Savings Account

Academy’s savings account comes with 0.05% APY no matter what the deposit is. A $25 initial deposit is required and there is also a $5 monthly maintenance fee, though that is waived for the first six months upon the account’s opening. You can get paperless statements to avoid an additional $3 charge every month.

Academy Bank Checking Accounts

Academy offers four checking accounts to its members. Simple checking is what it sounds like. Select checking gives you an expansive selection of Academy’s MoneyPass network, along with other perks. Elite checking is a tiered interest option for those able to maintain higher account balances. Student checking is geared toward college students under 23 years old. All accounts give customers the option of using eStatements (thus avoiding a fee), free mobile check deposit and use of online or mobile banking.

Academy Bank Checking Accounts
Account NameMoneyPass NetworkFree Money OrdersInterestSpecial Loan DiscountsMonthly Fee
SimpleNoNoNoNo$10; waived with 10 debit card purchases per cycle
SelectYesYesNoNo$8; offset by a 10 cents rebate for each debit card purchase up to $8
EliteYesYes0.05% APY to 0.10% APY depending on balanceYes$10; waived with a daily balance of $5,000 or an average balance of $10,000 per cycle
StudentNoNoNoNo$5; waived when enrolled in online banking AND signed up for eStatements AND under 23 years old
Information accurate as of July 23, 2018.

Academy Bank Money Market Accounts

Academy’s money market accounts require a $25 opening deposit. You will be charged a $10 monthly maintenance fee unless you can maintain a minimum balance of $10,000 per statement cycle or maintain an average balance of $5,000 per statement cycle.

Academy Bank Money Market Accounts
BalanceAPY
$25-$9,999.40%
$10,000-$24,999.60%
$25,000-$49,999.70%
$50,000-$99,999.80%
$100,000-$249,999.90%
$250,000+1.51%
Information and rates accurate as of July 23, 2018.

Be Prepared: What to Ask Before Opening a Money Market Account

Academy Bank Certificate of Deposit

The fixed-rate CD options offered by Academy all require a $500 minimum deposit. A withdrawal of funds before the maturity dates results in a penalty charge depending on how long the CD was able to mature. Terms range from 30 days to five years.

Academy Bank CDs
TermAPY
30 Days0.45%
1 Year1.51%
2 Years2.52%
3 Years2.32%
4 Years2.42%
5 Years2.63%
Rates accurate as of July 23, 2018. Please note this is an incomplete list of Academy’s CD products.

Academy Bank Financial Services

Academy Bank provides its customers with a variety of tools and terms they can use to save money.

Mortgage

Customers considering an Academy Bank loan can use its website’s monthly payment calculator for budget planning on their FHA loan, VA loan, conventional loan or jumbo loans for amounts over $453,100. Academy also has conditions in place that might result in a credit of $500.

Auto Loans

Academy’s auto loan features include a speedy loan approval process whether you’re purchasing used or new. Customers who set up automatic monthly payments through an Academy Bank deposit account will receive a 0.50 percent discounted interest rate.

Mobile and Online Banking

The Academy Bank mobile app is available for both Android and iOS phones. Customers can use the app to check their account balance and history on the go, plus set up transfers and payment schedules.

Academy Bank online banking features most of the same perks as mobile banking but also includes web chat to easily communicate with the bank online.

Academy Bank Overview

Academy Bank could or could not be right for you, so you’ll want to weigh the pros and cons before making a final decision.

Perks

  • Flexible CD options
  • Multiple checking accounts depending on your financial needs
  • Discount or credit options for certain loans
  • Low, waivable monthly fees

Conditions

  • Academy Bank locations are consolidated in a few states and there is only one branch in Florida
  • Low APY for savings and checking accounts
  • Not all personal banking accounts can use the MoneyPass network

Read: How to Save Money With These 8 Banking Products

The Bottom Line on Academy Bank

Academy Bank showcases some strong CD rates and might benefit individuals looking for low-level investments. The full-service bank also comes with ways to save on loans through discount options, notably with its auto loans. The conditional use of the MoneyPass ATM network might be limiting for those looking for flexible, surcharge-free deposit account options. If you have further questions, Academy Bank hours are usually 9 a.m. to 7 p.m. central time Monday through Friday and 10 a.m. to 4 p.m. central time on Saturdays.

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Rates are accurate as of July 23, 2018.

This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved, or otherwise endorsed by Academy Bank.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.