Academy Bank Review 2022: Is It Right for You?

GOBankingRates Score

3.1
Quick Take:Academy Bank has some reasonable benefits, but overall it performs poorly on APYs when compared to other banks. Consumers may want to look at the alternatives to earn more from their savings.
  • APYs
    2.5
  • Benefits
    3.9
  • Products
    3.0
  • Customer Service
    3.0
How did we calculate this?

Pros

  • Over 30,000 fee-free ATMs
  • Good range of products
  • Cards for building credit

Cons

  • Relatively low APYs
  • Few customer contact options

Academy Bank Overview

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

Key Features

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

  1. APYs
  2. Benefits
  3. Products
  4. Customer Service

APYs

Measuring Academy Bank’s annual percentage yields involves four core accounts:

  • Checking
  • Savings
  • Money Market
  • Certificates of Deposit

Academy Bank has three main checking accounts. Unfortunately, two of these accounts — the Simple Account and the Select Account — do not earn any interest on the balance.

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

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

The Premier Money Market Fund by Academy Bank offers an impressive initial APY for six months for first-time account holders. To qualify for this promotion, customers must deposit at least $10,000 when opening the account and the rate is only eligible for a maximum of $3 million.

Once the six-month window is finished, the standard rates of 0% to 0% APY apply.

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

The highest APY offered on a CD from Academy bank is the 24-month term, with a rate of %. Other terms have different rates.

Benefits

In addition to its attractive promotional rate on money market funds, Academy Bank has several other benefits. It has more than 70 branches dispersed conveniently in its serviced regions, and debit cards are free with a checking account. On top of this, customers have access to over 30,000 fee-free ATMs that can be located from the bank’s mobile app.

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

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

Products

Academy Bank has a range of lending and mortgage service offerings in addition to its checking and savings account options. Some of the loans customers can apply for include:

  • Auto loans 
  • Express loans 
  • First-time buyer loans
  • Home equity loans
  • Jumbo loans
  • CD term loans

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

Customer Service

Academy Bank has chatbots on its website to assist with any simple queries.

For more complex needs, customers can speak with a representative at one of its branches or contact the customer support team by phone.

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

How Does Academy Bank Stand Out?

Academy Bank stands out from its competitors for its large network of over 30,000 ATMs that customers can access for free. 

Comparable Options

Here’s how Academy Bank performs against some of its close competitors.

Cornerstone Bank

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

People’s United Financial

People’s United Financial (PFS) has two interest-earning checking accounts compared to Academy Bank’s single option. The PFS mobile app also ranks considerably higher on the Apple App Store, achieving an average 4.8-star rating versus Academy Bank’s 2.6 stars.

How To Apply

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

Customers can then choose the account they would like to open, provide necessary information as required and provide an ID for verification purposes.

Who Academy Bank Is Best For

Academy Bank is a good option for consumers who value convenience and aim to minimize costs associated with ATMs.

Final Take

While Academy Bank offers customers a decent range of services with some great benefits, 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 managed assets.
  • Is Academy Bank a good bank?
    • Academy Bank has a broad range of lending services as well as checking and savings accounts. However, it is rated poorly on the App Store, so customers looking for mobile banking may be better off with another option.
  • Is Academy Bank a major bank?
    • Academy Bank is a subsidiary of Dickinson Financial Corporation, which serves customers in all 50 U.S. states.
  • How do I check my balance at Academy Bank?
    • Customers can check their balance using Academy Bank's mobile app or online banking.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 24, 2022.

Editorial Note: This content is not provided by Academy Bank. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have 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, as well as over five years of investing experience.

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