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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.

Patriot Bank

Andrew Omalley Andrew Omalley Last update:

Overview

Patriot Bank has been in business since as far back as 1994, starting off with physical branches and supporting local communities with their needs. Over time, it started to expand its offering to include online banking options. These days, it has more than $640 million worth of deposits and is a medium-sized bank.

The Connecticut—based bank offers a variety of different banking products, as well as a mobile app that has been highly rated. It uses the SaveBetter platform to run its online banking offering. This Patriot Bank review will showcase each of the main aspects of getting started with one of the bank’s various online banking options.

Promotions

  • Competitive fee structure
  • Dependable institution
  • No fees

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Patriot Bank Account Types

There are a few main types of online banking accounts that are offered by Patriot Bank. You will also be able to access a variety of other types of accounts that can fit into more niche needs.

The main options cover the basic needs of people who are looking for a simple, yet versatile offering. We will look at what each of the different Patriot Bank account options has to offer its customer base:

High-Yield Money Market Deposit Account (MMDA)

This account does not carry any fees and will allow you to earn 0.70% APY. The interest will compound on a daily basis and it will be credited on a monthly basis. The minimum required opening deposit is $1.

Account Type Key Features
High-Yield Money Market Deposit Account APY of 0.70%
  $1 required minimum opening balance
  Interest compounds daily

 

Regular Checking

The regular checking account at Patriot Bank has a required minimum opening balance of $200 and you are given the ability to write an unlimited number of checks. You will get a Patriot debit card. There is a $7 monthly maintenance fee in place that needs to be paid if your daily balance ever drops lower than $500.

Account Type Key Features
Regular Checking Unlimited check writing
  Low minimum required opening balance
  Ability to avoid paying a monthly fee

 

Regular Savings

The regular savings account at Patriot Bank allows you to earn 0.05% APY on your funds. The minimum required opening balance is $100 and you will get paid interest on a quarterly basis. There are three free withdrawals allowable each quarter, with a $3 fee per withdrawal then being in place. You will have to pay a $3 quarterly fee if your daily balance ever falls below the $100 mark.

Account Type Key Features
Regular Savings APY of 0.05%
  $100 required minimum opening balance
  No quarterly fee if the daily balance stays at $100 or more

 

Certificates of Deposit (CD)

There are a number of different CD term lengths available to you at Patriot Bank, ranging between 3 months and 60 months. The APYs will vary depending on the timescale, beginning at 0.20% and going up to 0.50%. You will need to always have at least $500 in a CD. You will pay an early withdrawal fee and the CDs will automatically renew if you do nothing.

Account Type Key Features
Certificates of Deposit Up to 0.50% APY
  Term lengths between 3 months and 5 years
  $500 minimum

Patriot Bank APY

The APY rates can vary over time when it comes to different account types. Here is a look at the APY rates that were in place at the time of conducting this Patriot Bank review for its main account options:

Account 1 Year 3 Years 5 Years
Regular Savings 0.05% 0.05% 0.05%
CDs 0.20% 0.30% 0.50%
MMDA 0.45% 0.45% 0.45%

What is Patriot Bank Best For?

Patriot Bank offers a solid range of online banking products, covering all the main bases that you could want. The fees and quality of service that is offered are above average at Patriot Bank, allowing you to get a competitive offering when it comes to the likes of fees. Certain account types also have decent APYs. There is a good level of service offered when you deal with the support team.

It is also an ideal banking solution for people who are looking for a dependable institution as it has a strong track record and funds of up to $250,000 are insured by the FDIC. Finally, there are about ten physical branches located in the US, which can be ideal for people who also like having the option of in-person banking.

Overdraft Fees

There is a $36 overdraft fee charged by Patriot Bank, which is a bit bigger than most other competitors. This will apply to each and every item that causes an overdraft.

Opening an Account at Patriot Bank

People will normally go to SaveBetter.com in order to open an online account with Patriot Bank. This is a digital storefront that is consumer-facing and allows people to access the range of Patriot Bank online products.

You will then choose the type of account you wish to open. Normally, your application will get approval within a day or two and you will be ready to get started with the online banking experience at Patriot Bank.

Patriot Bank Pros and Cons

There are a few areas where Patriot Bank stands out from the competition and certain areas where it is somewhat lacking. In terms of positives, the fee structure generally is better than a lot of other online banking options. You can easily avoid the account fees when you maintain a balance of a certain size. There is a lucrative high-yield money market account option.

You can also avoid ATM fees, even if you are using out-of-network ATMs. The customer service quality is very good, with both in-person and online support being available. Patriot Bank is also a very dependable institution, having a strong record of safety and security. Finally, there is a useful mobile app offered by Patriot Bank.

In terms of the cons of using the Patriot Bank online banking, there is no live chat available. You also do not have the most competitive APY rates for certain account types, so this is something else you need to consider.   

Pros Cons
No ATM fees Limited checking account options
Dependable institution No live chat
Account fees are easily avoided

 

Comparison to similar bank accounts

Patriot Bank Bank of America TD Bank
APY: 0.70% (High-Yield Money Market Deposit Account) APY: Up to 0.05% (Bank of America Advantage Savings) APY: Up to 0.15% (TD Beyond Savings)
Minimum Balance: $1  Minimum Balance: $100 Minimum Balance: $0
3 main benefits:

  • Competitive fee structure
  • trustworthy
  • no ATM fees
3 main benefits:

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

  • No minimum required account balance
  • option for in-person banking
  • good selection of accounts
Website:  https://www.patriot-bank.com/

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

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

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

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

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

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Disclaimer: Patriot Bank is committed to ensuring the safety of your financial information and would like to remind you that e-mails are not secure. Sensitive personal and account information such as account numbers, passwords, or Personal Identification Numbers (PINs) should never be sent by e-mail

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.