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Ocean Bank Review 2023

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Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

Compare Ocean Bank accounts

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Ocean Bank Review: Overall Rating

Ocean Bank Review Pros and Cons

About Ocean Bank 

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 4.9 out of 5 stars in the Apple store, and 4.7 out of 5 stars in the Google Play store.

To contact customer support, call Monday through Friday from 8 a.m. to 6 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 an A- rating because it has failed to respond to three customer complaints. 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.

The Role of Hispanic American-led Financial Institutions

Hispanic American-owned financial institutions are integral to providing products and services to underserved communities. These institutions also help address banking gaps among Hispanic American communities.

The Ocean Bank website allows you to change the language from English to Spanish by clicking on a small tool on the upper right corner. The bank also closely serves its local community. Ocean Bank is partnered with the Education Fund and provides resources to Miami-Dade County public schools. 

Ocean Bank FAQs

Yes, Ocean Bank is a legitimate financial institution. The bank is federally insured by the FDIC, which means up to $250,000 per depositor, per category is safe in a bank account in the event a bank fails. 

You may open an Ocean Bank account online or at a branch. Ocean Bank locations are only in South Florida.

Yes, Ocean Bank has Zelle.

Yes, Ocean Bank has a mobile app on the Google Play store and Apple store. 

Ocean Bank Account Reviews

Ocean Bank Personal Savings Account

Ocean Bank Personal Savings Account

Insider’s Rating

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

3.75/5


Fees

$5 monthly service fee


Annual Percentage Yield (APY)

0.10% to 0.20%


Minimum Deposit Amount

$50

Pros

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. $50 minimum opening deposit
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to waive $5 monthly service fee
Cons

  • con icon Two crossed lines that form an ‘X’. $5 monthly service fee
  • con icon Two crossed lines that form an ‘X’. Low APY
  • con icon Two crossed lines that form an ‘X’. Only compounds interest quarterly


Product Details

  • 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 Personal 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 the best high-yield savings accounts.

Ocean Bank Free Personal Checking Account

Ocean Bank Personal Checking Account

Insider’s Rating

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

3.75/5


Fees

$15 monthly service fee


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$20

Pros

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. $20 minimum opening deposit
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. $15 monthly service fees
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unlimited check writing
Cons

  • con icon Two crossed lines that form an ‘X’. $1 out-of-network ATM fee
  • con icon Two crossed lines that form an ‘X’. $35 overdraft fee
  • con icon Two crossed lines that form an ‘X’. No overdraft protection
  • con icon Two crossed lines that form an ‘X’. Possible to waive monthly service fee


Product Details

  • 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 the monthly service fee by enrolling in paper statements or maintaining an average daily average of $1,000 or more in your checking account
  • Member FDIC

The Ocean Bank Personal Checking Account is a good option if you want an account with a low minimum opening deposit. This checking account has a $15 monthly service fee, but the fee can be waived if you enroll in online bank statements or maintain an average of $1,000 in your checking account daily.

Ocean Bank CD

Ocean Bank CD

Insider’s Rating

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

3.75/5


Annual Percentage Yield (APY)

up to 5.44%


Minimum Deposit Amount

$2,500

Pros

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties
Cons

  • con icon Two crossed lines that form an ‘X’. $2,500 minimum deposit
  • con icon Two crossed lines that form an ‘X’. Low APY
  • con icon Two crossed lines that form an ‘X’. Only compounds interest monthly or annually, depending on the term


Product Details

  • 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. The bank has 6-month and 9-month promotional CDs with high interest rates.

Ocean Bank Personal Money Market Account

Ocean Bank Personal Money Market Account

Insider’s Rating

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

3.25/5


Fees

$20 monthly service fee


Annual Percentage Yield (APY)

0.05% to 0.10%


Minimum Deposit Amount

$2,500

Pros

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Includes paper checks and a debit card
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Able to waive $20 monthly service fee
Cons

  • con icon Two crossed lines that form an ‘X’. $2,500 minimum opening deposit
  • con icon Two crossed lines that form an ‘X’. Low APY
  • con icon Two crossed lines that form an ‘X’. $20 monthly service fee


Product Details

  • Hispanic American-owned bank with 23 branches in South Florida (Miami-Dade County and Broward County)
  • Free access to Ocean Bank and Publix ATMs
  • To waive the $20 monthly service fee, maintain an average daily balance of $2,500 or more in your account
  • Interest rate increases when your balance reaches $25,000
  • Interest compounded monthly
  • FDIC insured

The Ocean Bank Personal Money Market Account has a high minimum opening deposit of $2,500, and you have to maintain that balance to waive the $20 monthly service fee. Still, you may find it to be a convenient place to stash your emergency fund. It comes with paper checks and a debit card, making it easy to access your savings if necessary.

How Ocean Bank Compares 

Ocean Bank vs. Popular Bank

Popular Bank has more branches in the US than Ocean Bank, so it may be a more convenient option for you. 

Popular Bank also may be worth exploring if you’d like to be a part of a rewards program. Through Popular Bank’s program, 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.

You still might consider Ocean Bank if you’d like to open an everyday checking account. It’s a bit easier to waive the monthly service fee on the Ocean Bank Personal Checking Account than the Popular Bank Everyday Checking Account — one way to waive the fee is to sign up for online bank statements. At Popular Bank, you’ll need to maintain $1,000 or more in your account daily or receive $750 or more in direct deposits.

Popular Bank Review

Ocean Bank vs. Banesco USA

Ocean Bank may be a better choice than Banesco USA if you prioritize banking with a financial institution that has a large branch network. Ocean Bank has 23 locations in South Florida while Banesco USA has 5 locations in Florida.

Banesco USA may be a good option if you want to open CDs. Banesco USA has more CD terms with competitive interest rates. Banesco USA also lets you open a CD with $1,500; at Ocean Bank you’ll need a minimum of $2,500 to get a CD.

Banesco USA Review

Why You Should Trust Us: How We Reviewed Ocean Bank

At Personal Finance Insider, we rate savings, checking, CD, and money market accounts using our banking methodology and CD methodology.

Each account receives a rating between 0 and 5. We evaluate a bank’s ethics, customer service, and mobile app for all accounts. We also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.

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