A good savings account can be your life raft in times of trouble as well as a key tool in budgeting and building your nest egg for retirement. That’s why it’s worth taking the time to shop around for the best savings account option for you.
One account to consider if you live in the Southeast is the Personal Savings Account from Fidelity Bank. Founded in Atlanta in 1974, Fidelity Bank, also known as Lion Bank, has become a strong regional player with branches throughout metro Atlanta and Florida. Fidelity Bank just might offer a savings account that meets your needs.
Fidelity Bank Savings Account Review
Fidelity Bank offers two main savings account options: a personal savings account and a money market account. Both offer identical tiered interest rates, starting at 0.15% APY for balances up to $25,000, rising to 0.30% APY for balances at $250,000 and above. The money market account includes check-writing capabilities but requires a higher daily balance to avoid fees.
Savings account fees and requirements:
- $50 minimum opening deposit
- $12 maintenance fee if your minimum daily balance falls below $200
- 6 free withdrawals each statement cycle; each additional withdrawal of any type will incur a $3 excessive withdrawal fee.
Money market account fees and requirements:
- $50 minimum opening deposit
- $6 maintenance fee if your minimum daily balance falls below $1,000
- 6 free withdrawals each statement cycle; each additional withdrawal of any type will incur a $10 excessive withdrawal fee.
Fidelity Bank Savings Account: Pros
A Fidelity Bank personal savings account is one that might come with a more personal touch. As a smaller, community bank — Fidelity has 60 branches, 1,500 employees and $4.5 billion in assets — its primary selling point is its ability to offer more personalized service and a greater connection to the metro Atlanta region.
The bank is active in the community through philanthropy, its small business lending, mortgage lending and the financial literacy classes it offers. But even if you aren’t local to one of its branches, Fidelity Bank has options for banking and paying your bills online so you can still access accounts 24/7 with or without a branch. It even offers the option to check account balances and recent transactions just by sending a text. Fidelity Bank also offers a variety of checking account options.
Additionally, a Little Lion’s Savings Account is available for anyone under the age of 18 years with a $1 minimum opening deposit, no minimum balance and no monthly maintenance fee.
Fidelity Savings Account: Cons
Although the 0.15 percent starting APY is more than competitive with some of the basic savings accounts offered by national banks, you can secure a better rate by opting for a high-yield savings account from an online bank.
Related: 10 Best Online Banks of 2018
Before signing up with Fidelity Bank, there are several potential fees you should consider. A $12 maintenance fee is assessed each statement cycle to personal savings accounts falling below the $200 daily minimum balance, and a $3 fee for withdrawals in excess of the six each month. Although the maintenance fee is halved for the money market account, the required minimum daily balance jumps to $1,000 and the excess withdrawal fee goes up to $10.
Because it isn’t a readily available option on the bank’s website to link your savings account to your checking account for overdraft protection, you could also be in danger of being assessed the $34 overdraft fee if you’ve authorized overdrafts.
Is Fidelity Bank Right for You?
As a community bank, the biggest benefits of a Fidelity Bank savings account would appear to be for those people who reside in metro Atlanta or Florida and would have access to one of the 60 physical branches. You might be able to begin building a relationship with a local financial institution that will make it easier if you ever want to pursue a mortgage or small business loan.
Click through to read a comprehensive review of Fidelity Bank.
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