Banking » Reviews » Associated Bank Review 2024: Savings & Checking Account, CDs and MMAs
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Associated Bank Review 2024: Savings & Checking Account, CDs and MMAs

Associated Bank offers a wide range of financial products as well as modern facilities such as online banking, advanced mobile app and digital payments.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Associated Bank

Associated bank review
Associated bank review

Associated Bank

Fees

$12 Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account

Minimum Deposit

$100

Current Promotion

None

APY Savings

0.10% – 2.40%

You can say that Associated Bank found its niche in the Midwest and it has proven very advantageous to them. This is a bank that you can call traditional in the sense that they offer the basic bank products and services. They have several types of checking accounts, savings account, CDs, money market accounts, mortgages, debit and credit cards, HELOC, and more.

By concentrating around its birthplace, the bank has positioned itself side-by-side with the larger banks servicing the states of Illinois, Minnesota, and Wisconsin. It now boasts of around 176 locations all over the three states with a physical branch, drive up, ATM or a combination thereof.

Of course, their partnership with MoneyPass Network has extended their ATM coverage not only within the 3 states but throughout the United States and other countries as well.

  • Traditional And Modern Banking
  • Good Advocacies
  • 24/7 Customer Service
  • Fees
  • Lower Rates on Savings
  • Only 3 states

Associated Bank Review

Benefits & Drawbacks

For customers who are looking for the traditional feel of a modern bank, this is the choice.

They have both the physical branches and fully-loaded mobile & online banking apps.

Their strong advocacies that benefit the community is also an endearing value.

People can feel they are giving something back to the community.

The bank prides itself as a relational bank and one proof of this is that customers can reach them 24/7 through their Customer Care hotline.

While many banks do not invest in this kind of access, Associated Bank is allocating resources to keep the communication lines with their customers open all the time.

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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

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• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
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Although the bank has several checking accounts on its roster, they do not pay out any interest, while there are many checking accounts with high APY.

The downsides about a regional bank like this are not about size but the limited reach.

Since they only have a physical presence in three states, they cater only mostly to the residents and businesses within.

Being a traditional bank also restricts them from doing away with many of the fees and charges as well as from giving above-average deposit rates. For example, the  Capital One savings account APY is much higher – 4.35% as of May 2024.

Savings Account

888_Associated_B_ank_bb33c756-5056-a36a-0973cf4f73b74140

Initial Deposit

$25

Minimum Balance

None

APY

0.10% – 2.40%

This savings account is pretty straightforward – nothing fancy, complicated, nor extraordinary about it. Depositors need a minimum of $25 to open an account but those who want to earn higher APYs can start with a higher initial deposit ($25,000 and up) and maintain a higher minimum balance ($10,000 and up). However, the rates are quite low – as a comparison, the Discover Bank savings account APY is much higher – as of May 2024, the rate is 4.25% .

The account comes with an ATM card that customers can use to check their balance, make withdrawals and transfers using Associated Bank ATMs or their affiliate networks’ ATM. These services come free of charge but if you use non-Associated ATMs, you might pay a small fee. You can find Associated Bank’s own ATMs all over the 3 states we mentioned above.

The bank also offers a good selection of Retirement Savings Account that answers the different needs of individuals. They have several types of IRAs, Self-directed Brokerage IRAs, Annuities, and Nonqualified Retirement Plans.

Cheking Account

888_Associated_B_ank_bb33c756-5056-a36a-0973cf4f73b74140

Initial Deposit

$100

Minimum Balance

None

APY

0.15%

Associated Bank’s line of checking accounts segments the market according to their need for a physical checkbook and if they can afford the minimum deposit.

The features are almost identical for most parts except for the Choice Checking Account that appears to be a product for the high-end market.

All the checking accounts are available through mobile and online banking.

The bank tied-up with several partners to service the other ends of digital banking. Depositors can send money to other people through Zelle, a money remittance mobile app.

For check deposits and bills payments, the Associated mobile app comes with SnapDeposit and SnapPayments to handle the two transactions respectively.

Certificate Of Deposits (CDs)

888_Associated_B_ank_bb33c756-5056-a36a-0973cf4f73b74140

Initial Deposit

$1000

Minimum Balance

3 – 60 months

APY

0.02% – 5.00%

Associated Bank’s CDs follow the average norm of most banks so there’s really nothing that can set them apart from their competitors.

They can be good ‘companion’ accounts to the main deposit accounts such as checking and savings because the bank can give better rates to customers with multiple deposit relationships.

When you talk of CDs, the first feature that customers will look for is the interest rate. There is no real advantage to their rate offerings as customers can find that many banks can give them rates that are even 5X higher.

Money Market Account

888_Associated_B_ank_bb33c756-5056-a36a-0973cf4f73b74140

Initial Deposit

$1000

Minimum Balance

None

APY

0.50% – 1.00%

The Associated Select Money Market Account comes with five interest rate tiers. The higher your balance, the higher the interest. It’s convenient because the bank gives you access to your account through an ATM card, online, and/or a checkbook.

The rates are within the national averages but increase the moment your balance climbs to $10,000 upwards. You can still earn interest even if you go below the minimum – at least, it softens the impact of the $16 fee. Here are the main key specs of MMAs:

  • Minimum opening deposit of $1,000
  • Minimum daily balance of $1,000
  • Interest credited and compounded monthly
  • Free online banking and combined statement
  • Comes with ATM card
  • Checkbook available
  • $16 fee for going below minimum

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Alternatives Banks For Consideration

Here are our alternatives to Associated Bank:

sofi logo
CIT-Bank-Logo
Capital One
APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
up to 4.60%
5.00%
4.35%
Checking Account Fee The monthly fee on checking account
$0
$0
$0
Checking Minimum Deposit
$0
$100
$50
Mobile App Rating
4.8/5 on iOS, 4.2/5 on Android
4.6/5 on iOS, 4.2/5 on Android
4.8/5 on iOS, 4.7/5 on Android
BBB Rating
A+
B
A

How We Rate And Review Banks: Our Methodology

The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:

  • Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.

  • Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.

  • Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.

  • Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.

  •  

By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Savings Rate: 5.21% APY
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$0
 
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The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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