Patriot Bank Review: High-Interest Savings Accounts

Patriot Bank is a full-service bank with an amazing high-interest savings account.

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.

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 4.46% on your balance with no minimum or tiers.

This is one of the best money market rates available and is offered in partnership with Raisin.

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:

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. 

Contact

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.

Why Should You Trust Us?

The College Investor has been actively tracking the best savings account rates since 2018, with a daily updated list that monitors roughly 50 banks and credit unions that have a history of great rates. But we also are always scouting out other banks that may compete on this list.

Unlike other well-known companies who create "best savings account rate lists", we strive to put out rates in order highest to lowest so that you can know you're actually getting the best rate. And if you don't make the cut, too bad. You can find the full list of our bank review here.

Who Is This For And 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.

Features