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Free checking account owned by Hispanic Americans

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Global review of the bank

Advantages and disadvantages

Savings

Annual percentage return (APY)

0.10% to 0.20% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • Minimum opening deposit of $ 50
    • Easy to waive monthly service fee of $ 5
    The inconvenients
    • $ 5 monthly service charge
    • Low APY
    • Only interest compounded quarterly
    • Hispanic-American bank with 23 branches in South Florida (Miami-Dade County and Broward County)
    • Waive the monthly service charge of $ 5 by maintaining a minimum daily balance of $ 250
    • Interest compounded quarterly
    • FDIC member

    The Ocean Bank Plus savings account has a low minimum opening deposit and it’s easy enough to waive the $ 5 monthly service fee. But you would earn a much higher interest rate with a high yield online savings account.

    Verification

    Annual percentage return (APY)

    Nothing

  • Advantages and disadvantages

  • Details


  • Benefits
    • Minimum opening deposit of $ 20
    • No monthly service fees
    • Unlimited check writing
    The inconvenients
    • $ 1 off-network ATM fee
    • $ 35 overdraft fee
    • No overdraft protection
    • Hispanic-American bank with 23 branches in South Florida (Miami-Dade County and Broward County)
    • Free access to Ocean Bank and Publix ATMs
    • FDIC member

    The Ocean Bank Free Personal Checking Account is a good option if you want an account with no monthly service fees. Keep an eye out for overdrafts, however – the overdraft fee is $ 35 and the bank doesn’t offer overdraft protection.

    CD

    Annual percentage return (APY)

    0.15% to 0.40% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • Standard early withdrawal penalties
    The inconvenients
    • Minimum deposit of $ 2,500
    • Low APY
    • Only interest compounded monthly or annually, depending on the term
    • Hispanic-American bank with 23 branches in South Florida (Miami-Dade County and Broward County)
    • The durations vary from 1 month to 5 years
    • Penalties for early withdrawal: 30 days of interest up to 31 days; 90 days of interest on terms ranging from 32 days to 1 year; 180-day interest on 1-year terms
    • Interest compounded monthly or annually, depending on the term
    • FDIC insured

    You might like an Ocean CD if you have $ 2,500 to open an account. However, you would still earn significantly higher rates at online banking.

    Money market account

    Annual percentage return (APY)

    0.05% to 0.10% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • Includes paper checks and debit card
    • Able to waive monthly service charge of $ 10
    The inconvenients
    • Minimum opening deposit of $ 2,500
    • Low APY
    • $ 10 monthly service charge
    • Hispanic-American bank with 23 branches in South Florida (Miami-Dade County and Broward County)
    • Free access to Ocean Bank and Publix ATMs
    • Eliminate the monthly service charge of $ 10 by maintaining a daily balance of $ 2,500
    • The interest rate increases when your balance reaches $ 25,000
    • Interest compounded monthly
    • FDIC insured

    The Ocean Bank Money Market account has a high minimum opening deposit of $ 2,500, and you must maintain this balance to waive the $ 10 monthly service charge. Still, you might find it’s a convenient place to store your emergency savings. It comes with paper checks and a debit card, making it easy to access your savings if needed.

    How Ocean Bank Works

    Ocean Bank is a Spanish-American bank with 23 branches in South Florida. It has branches in Miami-Dade County (Miami, Miami Beach, Aventura, Coral Gables, Doral, Hialeah and Pinecrest) and Broward County (Fort Lauderdale, Hollywood and Weston).

    There are free ATMs at branches and you can use ATMs at Publix locations for free.

    The Ocean Bank mobile app has 2.6 out of 5 stars in the Apple Store and 2.9 out of 5 stars in the Google Play Store.

    To contact customer service, call Monday through Friday 8:00 a.m. to 6:00 p.m. ET.

    Your deposits are FDIC insured up to $ 250,000, or up to $ 500,000 for joint accounts.

    Is Ocean Bank Trustworthy?

    Ocean Bank has no recent public controversies.

    The Better Business Bureau donates to Ocean Bank and A + in reliability. A high BBB rating indicates that a business responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

    A good BBB score, however, does not guarantee that you will have a harmonious relationship with a company. You can always read customer reviews online or ask family and friends about their experiences with Ocean Bank.

    How Ocean Bank Stacks Up To Similar Institutions

    We compared Ocean Bank to two other Spanish-American banks in South Florida: Popular Bank and Banesco USA.

    Ocean Bank vs Popular Bank

    Ocean Bank has branches in more areas of Florida than Popular Bank, so it may be more convenient for you. Ocean also has a checking account with no monthly service charges; Popular waives the monthly service charge, but you will need to maintain a minimum balance. The exact balance depends on the checking account you get.

    Popular Bank has a rewards program, and you can qualify for the lowest tier if you have at least $ 5,000 combined across all of your accounts. The rewards program helps you waive fees and earn higher rates on certain accounts.

    Ocean Bank is actually owned by Hispanic Americans. The majority of Popular’s board of directors is of Hispanic American descent and serves a minority community, but it is not owned by Hispanic Americans.

    Ocean Bank v Banesco USA

    Banesco USA only has four (soon to be five) branches in Florida, so depending on where you live, you might prefer Ocean Bank. Ocean also has a free checking account.

    Banesco USA is a good option if you want to open a CD, however. It pays better rates than Ocean Bank on CDs – but the downside is that it only has terms of up to three years.

    Both banks are owned by Hispanics.

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