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Home » Banking » Bank Reviews » Patriot Bank Review 2023

Patriot Bank Review 2023

Updated: March 21, 2023 By Robert Farrington

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Patriot Bank Review

Earning interest on your savings is a great way to grow your funds. That’s especially true if you don’t want to rely on putting all of your funds into potentially more lucrative investment opportunities. After all, you want to make sure that some of your funds are available whenever you need to tap into them. 

But finding a relatively attractive APY can be challenging. That’s where Patriot Bank can step in to help. 

You’ll find options to put your savings to work in their accounts. See why Patriot Bank is on our list of the Best Money Market Accounts.


Patriot Bank

Quick Summary

  • One of the best yields on a money market account
  • Physical branches have been open since 1994.
  • Online banking options
OPEN AN ACCOUNT

Patriot Bank Details

Product Name

Patriot Bank High-Yield Money Market Account

Min Deposit

$1

APY

5.02% APY

Monthly Fee

$0

Promotions

None

Table of Contents
What Is Patriot Bank?
What Does It Offer?
Are There Any Fees?
How Does Patriot Bank Compare?
How Do I Open An Account?
Is It Safe And Secure?
How Do I Contact Patriot Bank?
Is It Worth It?
Patriot Bank Features

What Is Patriot Bank?

Patriot Bank opened its flagship branch in 1994.  Since then, the full-service bank has expanded to over a dozen branches through Connecticut and New York. The goal of the branch is to provide helpful banking products while serving their community. 

Beyond an emphasis on helping the local community, Patriot Bank offers online accounts with relatively high APYs.

What Does It Offer?

Patriot Bank could be the banking solution you’ve been looking for. Here’s what the bank has to offer. 

Star Banking

The Star Banking account is the premium checking account offered by Patriot Bank. With this account, you’ll find many benefits, including:

  • Unlimited ATM fee rebates
  • Promo rates on savings account
  • Personal financial calculators
  • Free basic checks
  • Free cashiers checks

You’ll need a minimum deposit of $100 to open the account. When using this account, you can easily manage all of the details online. 

The biggest downside to this account is the $25 monthly maintenance fee. But you can avoid the fee by maintaining an average daily balance of $15,000 across all linked Patriot accounts. 

Star Savings

Patriot Bank’s Star Savings account is the most attractive checking account offered by the bank. The most exciting feature of this account is the bonus APY.

The minimum deposit required to open this account is $100. But after that, there are no minimum balance requirements to maintain. But you’ll be stuck with a $12 monthly fee.

High-Yield Money Market Account

The Money Market Account offered by Patriot Bank is one if it's top offerings.. You’ll earn 5.02% on your balance with no minimum or tiers.

This is one of the best money market rates available.

Open a Patriot Bank High-Yield Money Market Account here >>

Certificates of Deposit (CDs)

A certificate of deposit (CD) can be a good way to help your money grow in a low risk way. With Patriot Bank, you can open CDs with a minimum deposit of $1. The available CD terms range from 3 months to 5 years. 

They also have a penalty-free CD, which is currently 17-months at 2.70% APY. This is a great alternative to a savings account, since you can withdraw your money at any time without penalty. Open a 17-Month Penalty Free CD here >>

See how their rates compare to the Best 12 Month CD Rates here >>

Are There Any Fees?

Many of the accounts offered by Patriot Bank has a monthly maintenance fee. These monthly fees range from $5 to $25 per month. But you’ll be able to skip this fee if your meet relatively high balance requirements. 

For example, with the Star Banking account, you can waive the $25 fee by keeping a minimum balance of $15,000 in your linked Patriot Bank accounts. 

How Does Patriot Bank Compare?

Although the rates offered by Patriot Bank are good, you can find more attractive APYs elsewhere.

If you are looking to maximize your APY, then Patriot Bank is likely not the best option. Take a look at our list of the top high yield checking accounts to see which bank suits your needs best. 

Or check out this quick comparison below:

Header
Patriot Bank Comparison
Patriot Bank Comparison: Quontic Bank
Patriot Bank Comparison: Discover Bank

Rating

Monthly Fees

Varies

$0

$0

APY On Savings

5.02%

4.75%

3.90%

Online Banking

Yes

Yes

Yes

FDIC Insured

Yes

Yes

Yes

Cell
OPEN AN ACCOUNT
READ THE REVIEW
READ THE REVIEW

How Do I Open An Account?

Want to work with Patriot Bank? Start with the ‘Apply Now’ button. 

Select the account you wish to open. When ready, you’ll be asked to provide the following information:

  • Social Security Number or Individual Taxpayer Identification Number
  • A government-issued ID
  • Bank account information to cover the opening deposit. 

The application should take just a few complete online.

Is It Safe And Secure?

Patriot Bank is an FDIC member. With that, your funds will be insured for up to $250,000. That means that you can feel safe putting your money in this bank. 

How Do I Contact Patriot Bank?

Want to contact Patriot Bank? You can call 1-888-PATRIOT or visit a physical branch to speak to a representative in person. 

Additionally, you can connect on Facebook @PatriotBankNA and Instagram @patriot_bank_na.

If you decide to use the Patriot Bank mobile app, you should expect a good experience. The app has earned 4.7 out of 5 stars in the Apple App Store. Plus, 4.3 out of 5 stars in the Google Play Store.

Is It Worth It?

Patriot Bank offers relatively attractive APYs across its accounts. You’ll find respectable rates with a bank that has a highly-rated mobile app to handle your banking needs. 

But as a customer considering a new bank account, you can find higher rates elsewhere. With that, you’ll likely need to look for another banking option if top rates and low fees are your biggest priority.

Patriot Bank Features

Account Types

  • Checking
  • Savings
  • Money Market

Minimum Deposit

$1

Branches

Yes, New York and Connecticut

ATM Availability

ATM Rebates Up To $20/mo

Customer Service Number

888-728-7648

Customer Service Hours

Monday-Friday, 8 AM-5 PM (EST)

Mobile App Availability

No

Web/Desktop Account Access

Yes

Direct Deposit

Yes

Bill Pay

Yes

FDIC Certificate

33928

Promotions

None

Patriot Bank Review
  • Interest Rates
  • Customer Service
  • Tools and Resources
  • Fees and Charges
  • Ease of Use
  • Products and Services
Overall
3.7

Summary

Patriot Bank is a northeastern bank that has recently broadened it’s offerings by offering online savings accounts.

Pros

  • Physical Branch Options
  • Attractive APY For Savings Accounts
  • Great rates on no-penalty CDs

Cons

  • Fees May Be Difficult To Avoid On Some Products
  • May Find Higher APYs Elsewhere
  • Open An Account
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Editor: Clint Proctor

Patriot Bank Review
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
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