Apollo Bank is a Hispanic American-led financial institution in Florida.
Apollo Bank; Insider
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The bottom line: Apollo Bank Personal Checking Account is a worthwhile option if you live in certain parts of South Florida and want to bank with a local Hispanic American-led financial institution. But keep in mind Apollo Bank has been acquired by Seacoast Bank, and the merger should be complete by October 2022.
Overall bank rating
FeatureInsider ratingSavings3.25Checking3.25Money market account3CD3Trustworthiness3Total3
Pros and cons
ProsConsHispanic American-led bank that serves a predominantly Hispanic American communityPossible to waive monthly service feesOverdraft protection availableDecent-sized ATM networkOnly available in certain parts of South FloridaPays low interest ratesMonthly service fees (unless you qualify to waive them)
Apollo Bank Personal Savings Account
The Apollo Bank Personal Savings Account may be a decent choice if you regularly maintain at least $100 in your account. That way, you’ll waive the account’s monthly service fee and earn Apollo Bank Personal Savings Account.
Apollo Bank Personal Checking Account
The Apollo Bank Personal Checking Account has a high minimum opening deposit compared to other financial institutions, but if you keep at least $100 in your account daily, you’ll waive the monthly service fee.
Apollo Bank Certificate of Deposit
You might like Apollo Bank if you’re searching for a Apollo Bank Certificate of Deposit. The bank offers CDs ranging from 1 month to 36 months.
While Apollo Bank pays higher CD rates than some brick-and-mortar banks, you can earn a significantly higher rate at an online bank.
Apollo Bank Personal Money Market Account
The Apollo Bank Personal Money Market Account works best if you can maintain at least $15,000 in your account. That way, you’ll earn 0.15% APY and waive the account’s monthly service fee.
If you’re looking for a free money market account, you may prefer one of our picks from our best money market accounts guide.
How Apollo Bank works
Apollo Bank is a Hispanic American-led financial institution with five branches in Florida. The bank is part of the Presto! Network, so customers have access to over 900 surcharge-free ATMs in Florida, Georgia, Alabama, South Carolina, and Tennessee.
In March 2022, a larger Florida-based financial institution, Seacoast Bank, announced that it would be acquiring Apollo Bank. The merger is expected to be completed in mid-October. Current Apollo Bank customers will get new Seacoast Bank accounts and products.
The bank is rated 4.2 out of 5 stars in the Google Play Store and 4.8 out of 5 stars in the Apple Store.
To contact customer support, call your local branch. Bank hours vary depending on the location, but generally, all locations are open from 9 a.m. to 4 p.m. ET on weekdays.
Apollo Bank is an FDIC member, so deposits are insured for up to $250,000 for individuals and $500,000 for joint accounts.
The role of Hispanic American-led institutions
Hispanic American financial institutions often address the banking gaps in underserved communities. Hispanic American-led financial institutions also provide local services and products to largely Hispanic American communities and other underserved communities.
Apollo Bank is based in the state of Florida, which has a large Latino population. According to the US Census, over 72% of the people living in Miami are of Hispanic or Latino origin.
Apollo Bank trustworthiness and BBB rating
We usually include ratings from the Better Business Bureau, which rates businesses on transparent business practices and customer service issues. Apollo Bank doesn’t have a rating from the BBB, though.
A good BBB rating doesn’t necessarily mean that your relationship with a credit union will be perfect. You can talk to family members or friends about their experiences with the credit union to see if it’d be a good fit for you. You can also read online customer reviews.
Apollo Bank vs. Banesco USA
Apollo Bank and Banesco USA have similar checking and savings accounts. At Apollo Bank, you’ll need $100 to open the Apollo Bank Personal Checking Account or Apollo Bank Personal Savings Account. Banesco USA also requires an initial deposit of $100 to get the Banesco USA Personal Checking Account or BanesGrow Savings Account. You’ll also need to maintain at least $100 in your checking or savings account to avoid monthly services fees at Apollo Bank and Banesco USA.
If you’re looking to open a CD or money market account, the best option for you may depend on your preferences. Apollo Bank has CDs and money market accounts with lower minimum opening deposits than Banesco USA, but Banesco USA pays higher interest rates.
Apollo Bank vs. Ocean Bank
Deciding between Apollo Bank and Ocean Bank may depend on where you live. Ocean Bank has 22 locations in South Florida, while Apollo Bank has 5 branches in South Florida.
Ocean Bank may be a better fit if you’re looking to open a checking account. The Ocean Bank Free Personal Checking Account doesn’t charge monthly service fees, and you need a minimum of Ocean Bank Free Personal Checking Account to open an account.
If you’d like to open a checking account or CD, you’ll likely favor Apollo Bank. Apollo Bank has lower minimum opening deposits and pays higher interest rates on both CDs and money market accounts regardless of your account balance.
Frequently asked questions
Who acquired Apollo Bank?
In March 2022, Seacoast Bank announced that it would be acquiring Apollo Bank. The acquisition is expected to be completed in October 2022.
Where is Apollo Bank?
Apollo Bank is a local brick-and-mortar bank in Florida. It has locations in the following cities:
Miami, FloridaDoral, Florida,Coral Gables, FloridaHialeah, Florida
Is Apollo Bank FDIC insured?
Yes, Apollo Bank is FDIC-insured. Individual bank accounts are federally insured for up to $250,000, while joint bank accounts are protected up to $500,000.