Table of Contents
Overall bank review
Pros and cons
Savings
Annual Percentage Yield (APY)
0.10% to 0.20% APY
Pros
- $50 minimum opening deposit
- Easy to waive $5 monthly service fee
Cons
- $5 monthly service fee
- Low APY
- Only compounds interest quarterly
- Hispanic American-owned bank with 23 branches in South Florida (Miami-Dade County and Broward County)
- Waive $5 monthly service fee by maintaining a $250 minimum daily balance
- Compounds interest quarterly
- Member FDIC
The Ocean Bank Plus Savings Account has a low minimum opening deposit, and it’s pretty easy to waive the $5 monthly service fee. But you’d earn a much higher interest rate with an online high-yield savings account.
Checking
Annual Percentage Yield (APY)
None
Pros
- $20 minimum opening deposit
- No monthly service fees
- Unlimited check writing
Cons
- $1 out-of-network ATM fee
- $35 overdraft fee
- No overdraft protection
- Hispanic American-owned bank with 23 branches in South Florida (Miami-Dade County and Broward County)
- Free access to Ocean Bank and Publix ATMs
- Member FDIC
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, though — overdraft fees are $35, and the bank doesn’t offer overdraft protection.
CD
Annual Percentage Yield (APY)
0.15% to 0.40% APY
Pros
- Standard early withdrawal penalties
Cons
- $2,500 minimum deposit
- Low APY
- Only compounds interest monthly or annually, depending on the term
- Hispanic American-owned bank with 23 branches in South Florida (Miami-Dade County and Broward County)
- Terms range from 1 month to 5 years
- Early withdrawal penalties: 30 days interest on terms up to 31 days; 90 days interest on terms from 32 days to 1 year; 180 days interest on terms over 1 year
- Interest compounds monthly or annually, depending on the term
- FDIC insured
You may like an Ocean CD if you have $2,500 to open an account. You’d still earn significantly higher rates at online banks, though.
Money market account
Annual Percentage Yield (APY)
0.05% to 0.10% APY
Pros
- Includes paper checks and a debit card
- Able to waive $10 monthly service fee
Cons
- $2,500 minimum opening deposit
- Low APY
- $10 monthly service fee
- Hispanic American-owned bank with 23 branches in South Florida (Miami-Dade County and Broward County)
- Free access to Ocean Bank and Publix ATMs
- Waive $10 monthly service fee by maintaining a daily $2,500 balance
- 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 have to maintain that balance to waive the $10 monthly service fee. Still, you may find it to be a convenient place to stash your emergency savings. It comes with paper checks and a debit card, making it easy to access your savings if necessary.
How Ocean Bank works
Ocean Bank is a Hispanic American-owned 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 support, call Monday through Friday from 8:00 a.m. to 6:00 p.m. ET.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
Is Ocean Bank trustworthy?
Ocean Bank does not have any recent public controversies.
The Better Business Bureau gives Ocean Bank and A+ in trustworthiness. A strong BBB grade indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A good BBB score doesn’t guarantee you’ll have a smooth relationship with a company, though. You may still want to read online customer reviews or ask family and friends about their experiences with Ocean Bank.
How Ocean Bank compares to similar institutions
We’ve compared Ocean Bank to two other Hispanic American banks in South Florida: Popular Bank and Banesco USA.
Ocean Bank vs. Popular Bank
Ocean Bank has branches in more parts of Florida than Popular Bank, so it may be more convenient for you. Ocean also has a checking account with no monthly service fees; Popular makes it possible to waive monthly service fees, but you’ll need to maintain a minimum balance. The exact balance depends on which checking account you get.
Popular Bank has a rewards program, and you may qualify for the lowest tier if you have at least $5,000 combined in all of your accounts. The rewards program helps you waive fees and earn higher rates on certain accounts.
Ocean Bank is actually Hispanic American-owned. The majority of Popular’s board is Hispanic American, and it serves a minority community, but it isn’t Hispanic American-owned.
Ocean Bank vs. Banesco USA
Banesco USA only has four (soon to be five) branches in Florida, so depending on where you live, you may prefer Ocean Bank. Ocean also has a free checking account.
Banesco USA is a good option if you want to open a CD, though. It pays better rates than Ocean Bank on CDs — but the down side is that it only has terms up to three years.
Both banks are Hispanic American-owned.