Academy Bank Review October 2024: Checking, Savings, CDs, and More

Academy Bank was chartered on June 15, 1966, and is headquartered in Kansas City, Missouri. The bank reported total assets of $2.68 billion on June 30, 2024. It is owned by Dickinson Financial Corporation along with Armed Forces Bank. Some of the bank’s 70-plus branch locations are standalone while others are located inside Walmart shopping centers. 

At one point, the bank was known as a second-chance bank and even offered a second-chance banking product. However, it appears that the product is no longer offered and there are few, if any, mentions of being a second-chance bank on its website. It now offers full-service personal and business banking products and services to both local and online customers.

All rates and fees are current as of October 10, 2024, and are subject to change.

Academy Bank rates and products

Academy Bank offers several free checking account options for those who don’t want to pay a monthly fee. The bank also offers two savings accounts (including one for students), a money market account (MMA), and CDs. Academy Bank offers an individual retirement account (IRA) version of both its MMA and CDs. Only the bank’s Elite Investment Checking earns interest out of the five checking options.

In addition to depositing cash at Academy Bank branch locations, you can deposit cash at Cash2Debit retail locations for $4.95 per transaction.

Checking accounts

Five checking account options are available to new customers. Most of them are free checking accounts with no monthly fees, but Academy Bank does not offer a new account signup bonus.

Academy Bank Simply Free Checking Account

This account has no monthly fee or minimum balance requirement besides a $25 opening balance requirement. The account does not draw interest and does not have access to the MoneyPass ATM network, which means you may incur extra fees at non-Academy Bank ATMs.

Academy Bank Select Rewards Checking Account

While the $6 monthly fee for this account cannot be waived, it comes with many benefits. You can earn travel and leisure discounts, shopping rewards, and fuel savings. You also get identity theft monitoring with this account. Finally, you can get additional insurance on travel, cell phones, rideshare, roadside assistance, and more. This account also gives you access to free ATM transactions at more than 38,000 MoneyPass ATMs nationwide.

 Elite Investment Checking allows you to earn interest as your balances increase. You can earn 0.15% APY on balances less than $10,000, up to 0.50% APY on balances of $250,000 and higher. The opening balance requirement increases to $100, and it has a $20 monthly service charge which can be waived with a daily balance of $5,000 or an average balance of $10,000 per monthly statement cycle.

The account also allows you access to the MoneyPass ATM network. You can also get special loan discounts including mortgage closing discounts. The bank does not charge fees on money orders or cashier’s checks with this account, either.

 Academy Bank Safe Spending Checking Account
 This account does not charge overdraft fees. It also has no account activation, closure, dormancy, or low balance fees. However, there is a $5 monthly fee, and you don’t get access to MoneyPass ATMs. Out-of-network ATM fees are $2.75, plus potential third-party ATM operator fees.

Paper checks are not included with Safe Spending Checking. However, you can purchase them for use with the account. This account also does not draw interest.

 Academy Bank Student Checking Account
For full-time students under 23 years old who are enrolled in high school, college, university, or vocational programs, you can sign up for an Academy Bank Student Checking account. As long as you are enrolled in digital banking and signed up for e-statements, you won’t pay the $5 monthly service charge. This account converts to a Simply Digital Checking Account at age 23.

Savings accounts

Academy Bank has two savings accounts, neither of which would qualify as a high-yield savings account. However, with access to its Saving Cents program, it is still a nice way to earn some small interest yields on reserve funds.

Academy Bank Savings Account

While the interest rate on this account is low compared to other online banks, one area where this account stands out is the Saving Cents feature. This allows you to round up on debit card purchases and deposit the excess funds into your savings automatically. The account has a $5 monthly fee, which is waived with a $100 minimum balance. It can also be waived for 12 months if enrolled in Saving Cents. Enrollment in Saving Cents also waives the $25 minimum opening deposit requirement.

Academy Bank Student Savings Account

Students under the age of 23 can earn interest quarterly with the Student Savings account. The $5 monthly service charge is waived until the account owner turns 23. Students 17 and younger must have a parent or guardian as a joint owner. This converts to a regular savings account at 23.

Academy Bank savings rates compared to current top rates*

While Academy Bank is a great option, some institutions offer higher interest rates.

Money market accounts

While the standard rates on Academy Bank’s MMA are solid, the bank is also offering a bonus introductory rate of 4.25% APY for six months if you deposit a minimum of $25,000 into a new or existing account. You are limited to six withdrawals per statement cycle, with additional withdrawals incurring a $10 fee up to $60 per cycle. Standard rates range between 1.25% APY under $10,000 to 2.85% APY on balances of $250,000 and up. This account has a $10 fee if the balance falls below $1,000 on any day of the month or statement period.

Be sure to compare Academy Bank’s money market rates with the best MMA rates on the market before opening an account. You can also open an IRA MMA with the same rates and fee requirements.

Certificates of deposit 

Academy Bank offers a wide range of standard CDs and IRA CDs for customers to choose from, ranging from 30 days to 60 months. Interest is compounded and credited quarterly, except for shorter-term CDs which are credited at maturity. The bank is offering special rates of 4.75% APY on a nine-month CD and 4.55% APY on a 12-month CD. Other rates range from 1.06% APY to 4.00% APY. The bank’s CD rates compare favorably to the best CD rates on the market.

Each CD requires a $500 minimum opening deposit. The bank charges an early withdrawal penalty which increases as the term increases.

Other services Academy Bank offers

Academy Bank offers a wide range of additional banking products and services, including:

• Lending products: The bank offers express loans, CD term loans, and a wide range of home loan products. You can get Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, conventional home loans, jumbo loans, hero home loans, and home equity lines of credit (HELOCs).
• Credit cards: Academy Bank offers two credit card products. Its standard Visa Credit Card offers low rates and credit lines up to $15,000. The bank’s Credit Builder Secure Visa can help you rebuild your credit with a secured credit card.
• Business deposit accounts: You can open up both business checking and savings accounts with Academy Bank.
• Business loans: You can get Small Business Administration (SBA) loans, business lines of credit, and business term loans from the bank. Academy Bank also offers commercial and industrial loans, commercial real estate (CRE) loans, and corporate banking.
• Business treasury management and fraud prevention: You can access treasury management services and fraud prevention with Academy Bank.

Online banking

You can access your Academy Bank accounts through digital banking services including online banking via desktop and mobile applications. You can view account balances, transactions, and check images through online banking. 

You can also transfer funds between accounts, send and receive money peer-to-peer (P2P) with Zelle, make bill payments, apply for a loan, and even add a bank account. Online banking also allows you to set up and manage account alerts and access electronic bank statements. You can also connect your account to other popular payment apps, such as Apple Pay, Google Pay, Samsung Pay, Venmo, and PayPal.

The Academy Bank platform and customer support

Academy Bank accounts can be accessed via both desktop and mobile banking applications. The mobile apps have mixed reviews, with the app receiving 4.5 stars out of 5 based on nearly 6,000 reviews on the Google Play Store and 2.9 stars out of 5 based on more than 400 ratings on the Apple App Store.

You can contact Academy Bank customer service by phone Monday through Friday, from 8 a.m. to 7 p.m. Central time. You can also message them via secure digital banking chat through the bank’s website. You can also mail correspondences to its P.O. box, or you can visit a branch location for in-person customer service during banking hours.

Is Academy Bank secure?

Academy Bank uses standard security features to keep your account safe. You can use multifactor authentication (MFA) for extra security. Biometrics via fingerprint or facial recognition is also available. You can also set up a passcode for your banking instead of a username and password.

Accounts at Academy Bank are insured by the Federal Deposit Insurance Corp. (FDIC) for up to $250,000 per depositor. The bank also offers a Certificate of Deposit Account Registry Service (CDARS) to spread out funds across multiple CDs at different banks to extend FDIC insurance coverage.

Academy Bank user reviews

Online reviews are limited, but generally not positive, for Academy Bank. The bank is rated 2 stars out of 5 on WalletHub based on around 100 reviews, and 1.5 stars out of 5 on DepositAccounts with less than five reviews. Positive reviewers were pleased with the friendliness and effectiveness of the bank’s customer service department. Negative reviewers complained about excess fees and inaccuracies in the app.

Is Academy Bank right for you?

If you live near an Academy Bank branch location, it is a solid choice due to its wide range of banking products, solid rates of return on MMA and CD accounts, and a decent automated savings program. However, many online banks may offer better rates, more options for interest-bearing accounts, and more banking products and services. Academy Bank also has more negative reviews than some of its competitor banks. Be sure to compare Academy Bank to other online banks and your local banks before opening an account.