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Columbia Bank Review: A Customs Banking Option With Low Account Minimums

GOBankingRates Score


Our take:
Columbia Bank has some compelling features, although you’ll need higher balances or qualifying activities to unlock all of the bank’s all-time features.

  • Client Service

  • Account Offerings

  • Account Minimums

  • Services and Accessibility

How did we calculate this?

Pros

  • High-quality mobile app
  • Community-based personal service
  • Variety of checking and money market accounts

Cons

  • No complimentary savings accounts without qualifying activities or minimums

About Columbia Depository financial institution

Columbia Banking company is a community bank that traces its roots back to 1993. Headquartered in Tacoma, Washington, Columbia Bank now has more 145 branches throughout Washington, Idaho and Oregon. It offers the standard checking and savings accounts you expect in a customs bank, besides as personal and home loans, credit cards, business accounts and investment services.

Columbia Bank Products

Even though it’s a community-based institution, Columbia Banking company offers a comprehensive range of account types. Here’due south a quick overview:

Product Fundamental Details
Savings Account
  • Depression, easily avoidable monthly fee
  • Mobile app and eStatements
Money Marketplace Account
  • Ii account options to choose from
  • Tiered interest rates
  • Complimentary perks with higher-level account
Checking Account
  • 3 business relationship options
  • I interest-bearing account
  • Top-tier account offers numerous perks
CDs
  • Low minimum deposit
  • Available in both taxable accounts and IRAs
  • Jump & Bump option allows one-time rate adjustment
Loans
  • Personal loans, lines of credit, vehicle loans and home equity lines of credit
Credit Cards
  • Six different credit card choices

Columbia Banking concern Checking Accounts

Columbia Bank has three dissimilar checking accounts. The Foundation Account is for customers historic period 17 and younger, the Neighborhood Business relationship is the standard checking business relationship, and the Relationship Business relationship is the banking concern’s premier checking option.

Features

  • $iii monthly fee for the Foundation Account
  • $5 monthly fee for the Neighborhood Account, which can be waived with either a $2,500 minimum daily balance, ane direct deposit, 10 debit card transactions, or if the customer is historic period 62 or older or has a military or student ID
  • $20 monthly fee for the Relationship Account, which tin can exist waived with a $10,000 minimum daily balance or combined balances of $25,000 or more
  • Involvement earned on Relationship Account balances of $2,500 or more
  • All checking accounts have a $25 minimum to open up

Pros

Columbia Banking concern offers a variety of checking accounts to meet customer needs. The top-tier Human relationship Account refunds non-Columbia Bank ATM fees, and it offers three complimentary boxes of checks per year and up to a $25 almanac refund on a safe eolith box rental. At that place are no overdraft fees with the Foundation Business relationship because the bank declines transactions when there’s not enough money in the account.

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Cons

Merely one of the Columbia Depository financial institution checking accounts pays interest, and the annual percentage yield is depression, peaking at 0.03% for Relationship Account customers with at least $250,000.

Columbia Bank Savings Account

Columbia Bank offers a single savings business relationship, dubbed Everyday Savings. In addition to paying interest, the account offers free in-network ATM transactions.

Features


  • $3 monthly maintenance fee, only tin can be waived with one or more than of the following: a minimum $300 daily residuum, automatic $25 monthly transfers from some other Columbia Bank account, or an account holder below age 18
  • $25 minimum opening eolith, or $5 for those historic period 17 and younger
  • Gratis Columbia Bank ATM transactions; $2.50 for out-of-network transactions

Pros

The Columbia Bank Everyday Savings account has a low monthly fee that is easily avoidable, forth with a modest $25 minimum opening deposit.

Cons

Columbia Bank has a $35 overdraft fee, which is higher than at certain other banks. Rates may vary by location and rest, but nigh the bank’s Spokane location, the Everyday Savings APY is a rock-bottom 0.01%.

Columbia Banking concern Money Market Accounts

Columbia Bank offers 2 coin market accounts: the Boost Money Marketplace and Premier Money Market place. Y’all get more perks with the Premier Coin Market place business relationship, including one free pack of checks per yr.

Features

  • Tiered interest rates
  • Free eStatements
  • Access to more than 140 gratuitous ATMs
  • One complimentary pack of checks per year for the Premier Coin Marketplace
  • $15 monthly fee for the Premier Money Market place business relationship, but information technology can exist waived with a minimum $10,000 daily balance
  • $10 monthly fee for the Heave Money Marketplace, which can exist waived with a $ane,000 daily remainder

Pros

There are no check or debit charges with either money market account at Columbia Banking concern. ATM use at Columbia Banking company machines is free, equally is ane pack of checks per year with the Premier Money Market account.

Cons

The Columbia Bank money market accounts accept loftier monthly maintenance fees of $10 and $15, and the balances required to avoid those fees are as well on the loftier side, at $i,000 and $10,000, respectively. APYs are low compared with other banks, topping out at a 0.05% APY for Premier Money Market balances of at least $i 1000000.

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Columbia Depository financial institution CD Accounts

Columbia Bank offers CDs in both taxable accounts and individual retirement accounts. GOBankingRates has ranked Columbia Bank’s CD offerings among the Best CD Accounts of 2021.

Features

  • $500 minimum eolith
  • Maturities from 30 days to lx months
  • Jump & Crash-land CD allows extra deposits and a one-time rate spring, if applicative
  • Interest compounded quarterly on traditional CDs with maturities of at least one year
  • Jumbo CDs for deposits of at to the lowest degree $100,000

Pros

The low minimum deposit of $500 on CDs provides like shooting fish in a barrel admission for well-nigh customers. The Jump & Crash-land offering allows unlimited boosted contributions, with a minimum addition of $100. Rates are tiered, although currently at that place is no bonus given for larger deposits.

Cons

The maturity schedule is fairly limited, with no offerings with term lengths longer than sixty months available. Rates beyond the board for traditional CDs are low, topping out at 0.05% even for jumbo CDs, although the Jump & Crash-land offering does carry a 0.06% APY to offset.

Banking Feel

Every bit a community bank, the Columbia Banking company experience is more than tailored to in-person interactions. The website provides bones information, including helpful financial calculators and articles on finance, merely overall the digital feel isn’t as robust as with online-only banks.

Concrete Branch Locations

Columbia Bank has more than 145 branch locations in Washington, Oregon and Idaho.

Mobile and Digital Feel

Columbia Bank offers complete access to customer accounts via online and mobile platforms, letting customers deposit checks, pay bills and transfer funds wherever they are. The mobile app, which receives 4.5 stars on the App Store and 4.four stars on Google Play, offers remote check eolith.

How To Open a Columbia Bank Account

To open an account at Columbia Bank, you’ll demand to visit a branch.

Customer Service

You lot can achieve Columbia Bank at 877-272-3678. Hours are 6 a.one thousand. to eight p.chiliad. PT Monday through Friday, and 8 a.m. to 5 p.m. on Saturdays. The banking concern also offers 24/7 telephone banking at 800-304-0050 also every bit a live chat facility online.

Cardinal Information

Client service number:
877-272-3678

Routing number:
125108272

Columbia Bank Fees

Every bit a traditional bank, Columbia has a roster of fees. Most can be avoided by meeting certain criteria, especially in terms of monthly maintenance fees. The $35 overdraft fee at Columbia is higher than at certain other banks, as is the price of a wire transfer, which can hit $45. If you lot make more than half-dozen monthly transactions in your savings or money market account, you’ll get striking with a $5 excess transaction fee. Cashier’south checks cost $viii each, and non-Columbia Bank ATM transactions cost $2.l.

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Final Take

Columbia Bank has a broad range of products and services, only information technology is geographically limited to the Pacific Northwest, and its APYs tin’t compete with online competitors. The high-quality mobile app keeps customers in touch fifty-fifty if they stray out of the depository financial institution’s chief service area, so location shouldn’t necessarily preclude potential customers from opening an account.

Editor’s Favorite

Low account minimums and a good variety of basic account types brand Columbia Depository financial institution a decent choice for those in the Pacific Northwest looking for a community banking pick.

Columbia Bank FAQ

Here are the answers to some usually asked questions about Columbia Bank.

  • Where is Columbia Bank located?
    • Columbia Bank has branches in Washington, Idaho and Oregon. It is headquartered in Tacoma, Washington.
  • How many branches does Columbia Bank accept?
    • Columbia Depository financial institution has more than 145 branches.
  • Does Columbia Banking concern use Zelle?
    • Columbia Bank offers Zelle, and peer-to-peer transfers are complimentary.
  • Does Columbia Bank have mobile deposit?
    • Yeah, Columbia Bank offers mobile eolith via iPhone, iPad or mobile telephone or tablet for Android.
  • Does Columbia Banking company offer costless money for signing upward for an account?
    • Columbia Bank doesn’t currently offering whatsoever promotions for signing up for an account.


Rates are subject to alter. Information on accounts is authentic as of Dec. 2, 2020.


This content is non provided past Columbia Bank. Any opinions, analyses, reviews or recommendations expressed in this commodity are those of the writer alone and take not been reviewed, approved or otherwise endorsed by Columbia Banking company.

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Subsequently earning a B.A. in English with a Specialization in Business concern from UCLA, John Csiszar worked in the financial services industry every bit a registered representative for 18 years. Along the mode, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed every bit a life amanuensis, while working for both a major Wall Street wirehouse and for his own investment advisory house. During his time every bit an advisor, Csiszar managed over $100 one thousand thousand in client assets while providing individualized investment plans for hundreds of clients.

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Source: https://www.gobankingrates.com/reviews/columbia-bank/




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