Sunday, September 26 2021

Personal Finance Insider writes about products, strategies, and tips to help you make informed decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective.

Overall bank rating

Advantages and disadvantages

Featured deposit accounts

Annual percentage return (APY)

0.40% APY at 07/01/21

Annual percentage return (APY)

0.29% to 0.40% APY

Annual percentage return (APY)

0.01%

Savings

Annual percentage return (APY)

0.05% to 0.30% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • Minimum opening deposit of $ 25
    The inconvenients
    • $ 7 monthly service charge
    • Low APY
    • No interest earned for the month if your average daily balance is less than $ 500
    • Interest only compounded monthly
    • 53 branches in Puerto Rico
    • Majority of board members are Hispanic and banks serve minority community
    • Waive the $ 7 monthly service charge by maintaining an average daily balance of $ 500
    • Multi-level interest rate system: get a higher rate when your balance reaches $ 1,000, $ 10,000, $ 25,000, $ 100,000 and $ 250,000; no interest earned if your average daily balance is less than $ 500
    • Interest compounded monthly, paid monthly
    • FDIC member

    You might like Banque Orientale Ahorra! Account if you can maintain an average daily balance of $ 500 because then you will earn interest and waive the monthly service charge. However, you would still earn a much better rate with a high yield savings account online.

    Verification

    Annual percentage return (APY)

    Nothing

  • Advantages and disadvantages

  • Details


  • Benefits
    • Minimum opening deposit of $ 25
    • Easy to waive monthly service fee of $ 5
    • Includes a line of credit up to $ 25,000
    • Overdraft fee reduced by $ 15
    • Link to savings for free overdraft protection
    The inconvenients
    • No paper checks
    • $ 5 monthly service charge
    • $ 0.50 off-network ATM fee
    • Reimburses up to 3 off-network ATM fees per month, up to $ 1.50 per charge (if your average daily balance is $ 1,000 or more)
    • For each day that your balance remains overdrawn, you will pay a fee of $ 5 and 0.05479% (20% APY) of your balance
    • 53 branches in Puerto Rico
    • Majority of board members are Hispanic and banks serve minority community
    • Free vending machines at places like Walgreens and CVS, plus 55,000 free vending machines in the Allpoint network in the United States
    • Waive the $ 5 monthly service charge by signing up for eStatements
    • FDIC member

    The Oriental Bank Libre account is a solid checking account with a low minimum opening deposit. You can waive the monthly fee by signing up for electronic statements, and you get free overdraft protection when you link it to another Oriental account.

    CD

    Annual percentage return (APY)

    0.05% to 0.60% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • Longer-term competitive interest rates
    The inconvenients
    • Minimum deposit of $ 1,000
    • Standard to high early withdrawal penalties
    • Interest only compounded monthly
    • 53 branches in Puerto Rico
    • Majority of board members are Hispanic and banks serve minority community
    • The durations vary from 1 month to 5 years
    • Penalties for early withdrawal: 6 months of interest for periods of 1 year or less; 9 months interest on 1 year terms
    • Interest compounded monthly, paid monthly
    • FDIC member

    Oriental Bank pays good rates on longer term CDs. But you can still get better rates with online banks, especially on shorter terms.

    How the Eastern Bank works

    Oriental Bank has 53 branches around Puerto Rico. It is a minority deposit-taking institution, as most of its board of directors is Hispanic-American and the bank serves a minority community.

    You can use ATMs at places like Walgreens and CVS for free. (See the full list of free ATMs in Puerto Rico here.) In the United States, you have free access to over 55,000 Allpoint ATMs.

    The Oriental Bank mobile app has 2.4 out of 5 stars in the Apple Store and 3.6 out of 5 stars in the Google Play Store.

    For simple questions, you can use the bank’s 24/7 automated chat feature. If the bot cannot respond to you, you can leave your details for a representative to contact you. Or you can call customer service Monday through Friday 7:00 a.m. to 7:00 p.m. AST, or Saturday 8:00 a.m. to 5:00 p.m. AST.

    Your deposits are FDIC insured up to $ 250,000, or up to $ 500,000 for joint accounts.

    Is Oriental Bank trustworthy?

    Oriental Bank has no public controversy. However, the Better Business Bureau gives the bank a F in reliability.

    The BBB attributes this poor rating to Oriental Bank’s responses to customer complaints. Nine complaints have been filed on BBB’s website and the bank has yet to respond to five complaints.

    But if you don’t mind complaints from Oriental Bank customers on BBB’s website, you can still feel comfortable using this bank, especially since it doesn’t have a track record. scandals.

    How Oriental Bank Compares to Similar Institutions

    We compared Oriental Bank to two other Hispanic-American banks in Puerto Rico: Banco Popular de Puerto Rico and Firstbank Puerto Rico.

    Oriental Bank v Banco Popular de Puerto Rico

    Banco Popular de Puerto Rico has many more branches than Oriental Bank, so it may be the more convenient option. You’ll also like Banco Popular de Puerto Rico if you want to open a CD. His CD5 is a five-year CD that increases your rate every six months and allows partial withdrawals before the CD matures.

    Banco Popular de Puerto Rico offers a free checking account option. But overall, Oriental Bank makes it a bit easier to waive the monthly service charge.

    Oriental Bank v Firstbank Puerto Rico

    Firstbank Puerto Rico has more branches than Oriental Bank, so this may be the best option if there is a location closer to you. Firstbank Puerto Rico also offers several chequing and savings accounts, so you may find a better solution than with Oriental Bank. Compare bank accounts to make your decision.

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