Enterprise Bank & Trust Review: Low Minimum Opening Deposits


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Overall bank rating

Pros and cons

Savings


Annual Percentage Yield (APY)


0.05% APY


Minimum Deposit Amount


None


Annual Percentage Yield (APY)


0.05% APY


Minimum Deposit Amount


None

Pros

  • No minimum opening deposit
  • Possible to waive the monthly service fee
Cons

  • Low interest rate
  • $5 monthly service fee
  • Must keep at least $100 in account to earn interest

More Information

  • 47 branches in Arizona, California, Kansas, Missouri, Nevada, and New Mexico
  • Access to over 55,000 fee-free ATMs through the Enterprise Bank & Trust ATM network and Allpoint ATM network
  • To waive the $5 monthly service fee, keep at least $300 in your account daily
  • To earn interest, you must keep at least $100 in your account
  • Interest compounded daily, deposited quarterly
  • Member FDIC

The Enterprise Bank & Trust Personal Savings Account might be ideal if you’re able to maintain at least $300 in your account daily to waive the monthly service fee. Otherwise, you might want to read through our best savings account guide for fee-free savings accounts.

Checking


Annual Percentage Yield (APY)


None


Minimum Deposit Amount


None


Annual Percentage Yield (APY)


None


Minimum Deposit Amount


None

Pros

  • No minimum opening deposit
  • No monthly service fees
  • No out-of-network ATM fees
  • Overdraft protection available
Cons

  • $30 overdraft fee
  • $7.50 overdraft transfer fee
  • No reimbursements if you’re charged by an out-of-network ATM

More Information

  • 47 branches in Arizona, California, Kansas, Missouri, Nevada, and New Mexico
  • Access to over 55,000 fee-free ATMs through the Enterprise Bank & Trust ATM network and Allpoint ATM network
  • Overdraft protection allows you to link to another bank account
  • Member FDIC

The Enterprise Bank & Trust Personal Checking Account is a solid checking account with no minimum opening deposit or monthly service fees. The bank won’t charge you ATM fees, but it also won’t reimburse you for any fees charged by an out-of-network ATM. 

CD


Annual Percentage Yield (APY)


0.01% to 0.45% APY


Minimum Deposit Amount


$500


Annual Percentage Yield (APY)


0.01% to 0.45% APY


Minimum Deposit Amount


$500

Pros

  • Good interest rate compared to brick-and-mortar banks
  • $500 minimum opening deposit
  • Variety of short-term CDs
  • Standard early withdrawal penalties
Cons

  • No terms over 4 years
  • Online banks offer higher interest rates

More Information

  • 47 branches in Arizona, California, Kansas, Missouri, Nevada, and New Mexico
  • Access to over 55,000 fee-free ATMs through the Enterprise Bank & Trust ATM network and Allpoint ATM network
  • Terms range from 30 days to 4 years
  • Early withdrawal penalties: Early withdrawal penalty depends on the amount deposited and term; contact your nearest branch for more information on specific terms
  • Interest compounded daily, deposited quarterly
  • Member FDIC

You might want to consider an Enterprise Bank & Trust CD if you don’t have a lot of money for an initial deposit. You only need $500 to open a CD, which is pretty low compared to other brick-and-mortar banks.

If you’re looking for a term of five years or longer, you’ll have to look at other financial institutions since Enterprise only has terms up to four years.

Money market account


Annual Percentage Yield (APY)


0.05% APY


Minimum Deposit Amount


None


Annual Percentage Yield (APY)


0.05% APY


Minimum Deposit Amount


None

Pros

  • No minimum opening deposit
  • Check writing included
  • Possible to waive monthly service fee
Cons

  • Low interest rate
  • $12 monthly service fee
  • No debit card
  • Must have $2,500 in account daily to earn interest

More Information

  • 47 branches in Arizona, California, Kansas, Missouri, Nevada, and New Mexico
  • Access to over 55,000 fee-free ATMs through the Enterprise Bank & Trust ATM network and Allpoint ATM network
  • To waive $12 monthly service fee, keep at least $2,500 in your account daily
  • To earn interest, you must keep at least $2,500 in your account
  • Interest compounded daily, deposited monthly
  • Member FDIC

The Enterprise Bank & Trust WC Personal Basic Money Market Account requires a minimum balance of $2,500 to earn interest and waive the $12 monthly service fee. If you don’t think you can meet this requirement, you may want to look at our best money market accounts guide for fee-free account options. 

How Enterprise Bank & Trust works

Enterprise Bank & Trust is a community development financial institution (CDFI) with 47 branches in Arizona, California, Kansas, Missouri, Nevada, and New Mexico. It also has loan offices in Arizona, California, Colorado, Illinois, Indiana, Massachusetts, Michigan, Nevada, Ohio, Oregon, Texas, Utah, and Washington.

Customers have access to over 55,000 fee-free ATMs through the Allpoint ATM network. 

Customer service is available over the phone from 8 a.m. to 7 p.m. CT on weekdays and Saturdays from 9 a.m. to 1 p.m. CT. 

The bank’s mobile app received 4 out of 5 stars in the Google Play store and 4.1 out of 5 stars in the Apple store.

Enterprise Bank & Trust is FDIC insured, so up to $250,000 is federally insured in an individual bank account. 

Is Enterprise Bank & Trust trustworthy?

The Better Business Burea rates banks according to how they resolve customer issues. 

The BBB gave Enterprise Bank & Trust an A+ rating. However, a good BBB rating won’t necessarily guarantee a smooth relationship with a bank. Chat with current customers or read online customer reviews, too.

Enterprise Bank & Trust hasn’t been involved in any recent public controversies. 

The role of CDFIs

Community development financial institutions, or CDFIs, serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury’s Community Development Financial Institutions Fund and meet specific requirements to address banking barriers. 

Enterprise Bank & Trust works with large nonprofit organizations like the American Heart Association and local groups like the Urban League of Metropolitan Saint Louis to address healthcare, wellness, and education. In 2020, the bank also gave more than 3,800 Paycheck Protection Program loans to small businesses impacted by the COVID-19 pandemic.

How Enterprise Bank & Trust compares 

We compared Enterprise Bank & Trust to two other banks available in the same states: US Bank and Bank of the West.

US Bank will stand out if you prefer a bank with a national presence and flexible customer service. The bank has over 2,000 branches in 26 states. Customer service is also available 24/7 over the phone.

If you’re looking for specific bank accounts, you’ll want to see which bank has the easiest accounts to open and manage.

Enterprise Bank & Trust is the only bank out of the three to have a fee-free checking account. There’s no minimum opening deposit required, and you won’t have to worry about monthly service fees.

Bank of the West also doesn’t require a minimum opening deposit for the Bank of the West Any Deposit Checking Account, which might be worth exploring. However, you’ll need to meet certain requirements to avoid the monthly service fee.

None of these banks earn competitive interest rates on a savings account, money market account, or CDs. You’ll likely prefer an online bank or credit union instead.



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Divyansh Singh

Talks about #technology #innovation #investing and #business.

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