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Continental Bank

Andrew Omalley Andrew Omalley Last update:

Overview

Continental Bank has been around since 2003, acting as an FDIC-insured privately-owned commercial bank. Its main focus has been on serving business customers, dealing with companies that are both small and medium-sized. However, the Salt Lake City-based bank is now in the process of expanding its offering into the consumer space.

It has plans to offer a variety of different online bank accounts, including checking, savings, money markets, and certificates of deposit accounts for consumers. Continental Bank is still in the process of building out its offering in this regard, with its existing offering being tailored towards business customers. However, it has launched its consumer-facing savings account, which is powered by SaveBetter, as well as some certificate of deposit (CD) options. Therefore, the main focus of this review will be on the main Continental Bank account options.

Promotions

  • Competitive APY rate
  • Small minimum opening deposit
  • Trusted bank

Continental Bank Account Types

As mentioned, there is at the moment there are only limited account options offered by Continental Bank. However, it is currently working on offering the likes of checking accounts, money market accounts. Here is a look at the current account offerings from Continental Bank:

Continental Bank Savings

This savings account from Continental Bank allows you to earn an APY of 0.40% on your deposited funds. This interest will compound on a daily basis and be credited on a monthly basis. The minimum opening deposit is only $1 and there are no fees attached with this account option. Currently, you can make an unlimited number of withdrawals over the course of a month from this account.

Account Type Key Features
Continental Bank Savings APY of 0.40%
$1 minimum opening balance
No fees

Certificates of Deposit (CDs)

There is a range of CDs offered by Continental Bank through its relationship with SaveBetter. Currently, you can choose between 3-month, 5-month- and 13-month high yield CD options. These are all FDIC-insured and carry no fees. The minimum necessary deposit is just $1 for each CD, which is extremely low. The interest compounds daily and is credited on a monthly basis. The APYs also vary depending on the term length. The APY goes from 0.45% up to 0.65%, which is better than most short-term CDs on the market today.

Account Type Key Features
Certificates of Deposit (CDs) Three different term lengths
  High APY rates
  No fee and $1 minimum opening deposit

Continental Bank APY

The savings account has a competitive APY rate, but you do need to watch out for any changing of these rates as this can happen from time to time. The same goes for the short-term CDs, with some very good APYs being on offer for you to take advantage of.

Account 3 Months 5 Months 13 Months
Continental Bank Savings 0.40% 0.40% 0.40%
CDs 0.45% 0.55% 0.65%

What is Continental Bank account best for?

Continental Bank currently offers mainly CDs and a savings account, but it will be expanding its consumer-focused offering in the coming weeks. The savings account option offers a very competitive APY, as well as having no fees and little to no minimum required deposit.

There is also currently no limit on the number of free withdrawals that you can make with this account option. Therefore, it is a good fit for people who are looking for a competitive savings account that carries little to no fees. This makes it an ideal solution for small and big savers alike.

For the CDs, you will be hard-pressed to get better APYs. There is also a tiny opening required deposit and a variety of term lengths to choose between. Finally, they are all FDIC-insured. Therefore, these are among the best short-term CDs around.

Overdraft Fees

There are currently no overdraft fees attached with the Continental Bank offering.

Opening An Account at PenFed

In order to open up an online account, you will need to go to the website of the provider (SaveBetter) and get started with the registration process. This sees you entering the usual type of personal information, including your contact info, social security number, and date of birth. You will also choose your preferred account, as well as connect a bank account to send funds to your new savings account. You should get quick approval.

There are some eligibility requirements to keep in mind. You need to be at least 18 years old, have a valid social security number, a US residential address, government-issued photo ID, an existing bank account, as well as make a deposit of $1 or more.

Pros and Cons

The pros of the current Continental Bank online offering for consumers are obvious. You get a competitive savings rate in a no-fee and flexible manner. You do not get charged for withdrawals and there is also a small opening deposit requirement in place. Over time, it is likely that Continental Bank will get better and better when it comes to launching its other online offerings. The CDs are also among the best around with their great APYs, short-term nature, and low opening required deposit.

In terms of the cons, it is of course a drawback that its other consumer-facing products have not yet launched. However, this is expected to happen within a few weeks. There is also no way to have a joint account and the only way in which you can make a deposit is through a linked bank account.

Pros Cons
Competitive APY Limited options currently
No fees No joint account
Low opening balance

Comparison to similar bank accounts

Continental Bank

APY: 0.40% (Continental Bank Savings powered by SaveBetter)

Minimum Balance: $1

3 main benefits: no fees, competitive APY, low opening balance amount

Website: https://dsusprd01pubassets.blob.core.windows.net/ds-us/product/terms/61a52f5bc952900001743a62.pdf

Review: https://lendstart.com/online-bankings/reviews/continental-bank

Bank of America

APY: Up to 0.05% (Bank of America Advantage Savings)

Minimum Balance: $100

3 main benefits: Thousands of branches, easily avoided monthly fees, low minimum required opening deposits

Website: https://www.bankofamerica.com/

Review: https://lendstart.com/online-bankings/reviews/bank-of-america/

TD Bank

APY: Up to 0.15% (TD Beyond Savings)

Minimum Balance: $0

3 main benefits: No minimum required account balance, option for in-person banking, good selection of accounts

Website: https://www.td.com/us/en/personal-banking/

Review: https://lendstart.com/online-banking/reviews/td-bank/

Disclaimer

Each customer authorizes the Custodial Bank to hold the customer’s funds in a custodial capacity in order to facilitate the customer’s deposits to and withdrawals from any product at Continental Bank that the customer requests through SaveBetter.com.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.