Although Academy Bank’s money market account offers greater rates than its savings account, it still has a long way to go before it can compete with its top money market account competitors.
We’d also want to point out that, while the $250,000+ tier earns a nice interest rate, it’s probably not a good idea to put that much money in the account if you’re lucky enough to have that much. Your deposit is only covered up to $250,000 by the FDIC, which means that if Academy Bank ever went out of business, you may lose the money beyond that amount.
Instead, divide your deposit amount among higher-yielding money market accounts such that no single account holds more than $250,000.
Is Academy Bank a real bank?
Academy Bank is a traditional bank with 75 branches across Arizona, Colorado, Florida, Kansas, and Missouri. Academy Bank makes mobile banking simple, even on the go, with its mobile and online apps. It does not offer representatives available 24 hours a day, 7 days a week. You can get assistance during business hours, which are 8:00 a.m. to 7:00 p.m. CT Monday through Friday, and 9:00 a.m. to 5:00 p.m. CT on Saturday.
Customers give Academy Bank’s online and mobile banking services good marks: the Academy Bank mobile app receives a 3.4 out of 5 rating (based on 1,300 reviews on iOS and Android), compared to a national average of 3.8. The Academy Bank mobile app lets you manage your money by seeing monthly statements, sending and receiving money, and contacting customer support. Based on a small number of complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial body that protects customers in the financial sector, Academy Bank receives an outstanding customer satisfaction rating.
Are bank CDs FDIC insured?
A: The FDIC insures deposit products such as checking accounts, savings accounts, CDs, and MMDAs. The amount of FDIC insurance coverage you may be eligible for is determined by the kind of ownership. This refers to the way you keep track of your money.
Are online savings banks FDIC insured?
Although online savings accounts are generally safe and secure, there are a few precautions you should take before deciding on a bank. You should first check to see if it’s insured by the Federal Deposit Insurance Corporation (FDIC). To learn more about the bank’s FDIC status, look for the FDIC logo on its website or search the FDIC’s BankFind database. Criminals have put up a bogus online banking website to siphon money from unsuspecting victims, but a quick check could save you from becoming a victim.
Like traditional banks, online savings accounts are normally insured by the FDIC. Your account is automatically insured if the bank is covered by the Federal Deposit Insurance Corporation (FDIC). If the bank collapses, the FDIC will insure your deposits up to $250,000.
Many online banks strive to keep your personal information out of the hands of hackers and identity thieves when it comes to security. They can’t, however, prevent a hacker from gaining access to your account information through means beyond their control, such as if you use an insecure public Wi-Fi hotspot to access your account. When using an online bank, make sure to follow safe internet usage guidelines, such as creating a unique and strong password, being cautious of the networks you connect to, and avoiding phishing scams.
Is Armed Forces Bank and Academy Bank the same?
We provide a wide range of affordable, easily accessible financial solutions to both current and retired military and civilian clients in all 50 states and around the world as part of a family of banks with over $1.6 billion in assets.
When you’re in the military, your demands are unique, and so should your banking. That’s why, no matter where you are in the world, we try to make everything personal, valuable, and convenient for you, from banking solutions to financial counseling.
We provide a variety of services, including online and mobile banking, to allow you to bank on your own time.
Please visit a branch near you or browse our website. We appreciate the opportunity to serve you and look forward to assisting you in any manner we can.
Our Affiliates
Dickinson Financial Corporation (DFC), our parent firm, is family-owned and based in Kansas City, Missouri. Academy Bank, our sister bank, assists people and businesses of all sizes with their banking and lending needs. In Colorado, Kansas, Missouri, and Arizona, Academy Bank has locations.
Is Academy Bank also Armed Forces Bank?
We assist people and businesses of all sizes with their banking and lending needs as part of a family of banks with over $1 billion in assets.
We work hard to make banking quick, simple, and personal. We do it all, from having several branches open six days a week to offering a variety of online and mobile banking options, so you can bank when it’s convenient for you. We’re even at a lot of Walmart stores that have longer evening and weekend hours, so you can bank while you shop.
Our traditional and in-store locations can be found in Colorado, Kansas, Missouri, Arizona, and Florida. Please visit a branch near you or browse our website. We’d be delighted to learn more about you and assist you in any way we can.
Dickinson Financial Corporation (DFC), our parent firm, is family-owned and based in Kansas City, Missouri. Armed Forces Bank, one of our sister banks, proudly serves active and retired military and civilian customers in all 50 states and around the world.
Is 250k FDIC insurance per account?
For each account ownership group, the usual insurance amount is $250,000 per depositor, per insured bank.
The FDIC insures deposits held in various account ownership types separately. If depositors have funds in several ownership categories and meet all FDIC standards, they may be eligible for coverage of more than $250,000.
All deposits in the same ownership category at the same bank that an accountholder has are put together and insured up to the normal insurance amount.
Are CDs safe if the market crashes?
CDs are usually regarded as a risk-free investment. The bank guarantees that the money and interest earned will be returned at maturity. Certificates of deposit are covered by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor at each insured bank. This means that if the bank fails, it will guarantee payment of your CD investment. For its insured credit unions, the National Credit Union Administration (NCUA) serves the same objective.
Which banks are not FDIC insured?
The Bank of North Dakota, for example, is a state-run institution that is insured by the state rather than any federal entity. If you open an account at a bank outside of the United States, it will not be covered by the FDIC, but it may be covered by the deposit insurance of its native country.
Does Academy use Zelle?
- To get started, go to Transfers in your online banking or mobile app and select ‘Send Money with Zelle.’ Accept the terms and conditions, provide your email address or phone number in the United States, get a one-time verification code, enter it, and you’re ready to send and receive using Zelle.
- Simply enter a trusted recipient’s email address or U.S. mobile phone number, the amount you’d want to send, and an optional remark, review, and then click ‘Send.’ The money is usually available to your receiver within minutes1.
- To use Zelle to request money, go to ‘Request,’ select the person you’d want to request money from, input the amount you’d like to request, add an optional note, review, and push ‘Request’3.
- Simply tell a friend your enrolled email address or U.S. mobile phone number and ask them to send you money using Zelle.
Early Warning Services, LLC owns Zelle and the Zelle associated marks, which are used here under license.
1When the recipient’s email address or U.S. cell number is already enrolled with Zelle, transactions normally take minutes.
3A U.S. mobile number must already be enrolled with Zelle in order to make payment requests or split payment requests to that number.