“Our partnership with Ariva brings value not only to the clients they serve but also enriches the day-to-day experience for all of us at the bank.” – Melanie Stern, Community Reinvestment Act Officer at Spring Bank

 

We’re delighted to partner with incredible organizations like Ariva. Ariva is working to remove barriers to financial and economic access—particularly for people traditionally excluded from current systems—by providing free tax preparation NYC, free financial counseling that includes education on budget management and building savings, and so much more. Please look below at what they do, and be sure to refer a friend or neighbor who could benefit from their services!

In the last year, Ariva helped more than 5,500 New Yorkers file their taxes, for a total of $10 million+ in refunds to the community. Ariva offers free tax preparation services year-round at four permanent locations and additional locations across all five boroughs during tax season. One of their permanent locations is right here at Spring Bank. In fact, last year, Ariva supported 611 people with in-person and virtual financial counseling sessions at our Bronx headquarters. We’re honored to be one of the only banks in NY to offer our community easy access to high-quality financial services like these.

“Spring Bank is one of our closest partners. They founded us almost 20 years ago when we started as a small VITA site doing a few hundred tax returns at their branch. So our missions are aligned: to expand financial access and inclusion for New Yorkers, especially in the Bronx neighborhood where we’re both headquartered,” says Irene Baldwin, Executive Director at Ariva.

“Spring Bank continues to host that free tax site – one of our larger ones – and also hosts a Financial Empowerment Center, where we have a full-time financial counselor on-site offering personalized one-on-one counseling to members of the community. We look forward to continuing to grow our partnership with Spring Bank in service to the community over the next decade,” she adds.

In addition to tax filing Ariva has free financial counseling programs open to all New Yorkers, regardless of immigration status. You can receive safe, confidential advice from their professional financial counselors on accessing affordable banking products, like our personal savings account. You’ll also learn how to establish and improve credit, reduce and manage debt, budget, build savings, and apply for ITIN numbers.

We are proud to be one of the exceptional banks in Bronx, New York, and we believe that what sets us apart is our desire to see our community prosper. As fellow New Yorkers, we know NYC is unique because of the diverse communities that live here. One of the best ways to become part of this vibrant, bustling community is to volunteer with Ariva.

As a volunteer, you’ll help prepare tax returns alongside 100+ other teammates. It’s a great opportunity to be part of an enthusiastic, generous team. Plus, you’ll receive access to special benefits like free personal income tax preparation, official IRS certification, or even college credit. You don’t need any accounting knowledge; they’ll train you in everything you need to successfully support your community through free tax help in NYC.

We’re grateful to our partners at Ariva for their passion, dedication, and commitment to serving the New Yorkers who need it most. So come visit us today, and we’ll introduce you to the Ariva team so that you can take advantage of their incredible services.

In partnership with GreenPath Financial Wellness

best savings account online, new business bank account, banks in ny, business checking account, small business accounts, apply for personal loan, personal savings, personal checking account, personal savings account, banks in bronx new york

Many of us at Spring Bank are parents or guardians, and we understand that how we handle finances sends a powerful message. Demonstrating healthy money management teaches kids best practices in personal finance. We love when you bring your kids into our branches!

Check out these six tips to teach and model positive money behaviors with your children  and teenagers:

  1. Share the Story of Money in Everyday Life

Everyday activities like shopping or family outings provide a chance to discuss using money wisely. Have them consider the cost of toys, groceries, trips to restaurants, or admission to special events. Emphasize that worth is not solely defined by money: there is value in free experiences. For example, helping a neighbor, visiting a playground, or spending time with a friend.

  1. Point Out How Adults Earn Money

Discuss how you and other family members earn money. Guide younger individuals to understand that people have jobs or own businesses to earn income. Use their teachers, bus drivers, or family friends as an example. This is also a good opportunity to allow them to experience working themselves. Brainstorm how they can earn their own spending money by doing chores, dog walking, babysitting, or other tasks.

  1. Build a Basic Budget

Working with kids to build a simple budget, allowing them to plan their spending, is time well spent. They can practice creating personal savings for a special item or upcoming event. Start simple with a written spending plan, including allowance, weekly saving amount, and spending record. Get them to develop a habit of monitoring their own youth savings account to ensure they are on track and not overspending. Create incentives for meeting specific goals to reinforce good practice.

  1. Plan Out Purchases

Kids are notorious for having an “I see it, I want it” mentality. Work with them to build intentional buying habits by making a list before going to the store to reduce impulse decisions. Then when they ask if they can have something else, remind them that it’s not on the list. For older kids, introduce the idea of waiting to buy something they want. Delayed gratification is a complex concept even for most adults! For items on a “wish list,” talk about how much it costs and help them plan for the money required to purchase it.

  1. Model Good Use of Credit

For example, let the kids know when you’re swiping your card at the gas station. Explain that you’re borrowing money to fill up the tank, and you’ll have to pay back the purchase. When the credit card bill for that purchase arrives, highlight the importance of honoring your agreements with the lender by making on-time payments and keeping balances low. For teenagers, introduce the topic of a credit score and credit report. Teenagers considering how low rates stll are) should be aware that a positive credit report will help them in the future if they decide to apply for personal loans.

  1. Stress the Habit of Saving

Teach your children the importance of setting aside money from an early age. Use their earned income or a small portion of their birthday money to create savings for emergencies or a special future purchase. Emphasize the importance when including a savings amount in the budget. They may be reluctant due to delayed gratification, so be sure to communicate that having savings is not taking away from their hard-earned money.

The best thing you can do for your children’s future is to set a foundation for good financial health. We hope these tips equip them with financial literacy early on and help your kids develop healthy attitudes and behaviors with money. Help them open a personal savings account with us today!

best savings account online, new business bank account, banks in ny, business checking account, small business accounts, apply for personal loan, personal savings, personal checking account, personal savings account, banks in bronx new york

We’ll always tout the benefits of having a healthy amount of money in a personal savings account. Still, since we all have to spend money every day, whether it’s on groceries, gas, or life’s other necessities, why not earn rewards for the money you have to spend?

Introducing Our ScoreCard Rewards Program

Make your money work harder for you with our ScoreCard Rewards Program. Earn points when you spend with your Spring Bank debit card and redeem them on the vast selection of rewards. From 4-star hotel stays to designer fashion and trendy appliances, there’s something for everyone. So register your Scorecard account today to view your accrued points and treat yourself to all the perks your debit card can help you receive!

How It Works:

  1. First, enroll your card to start accumulating points as you spend.
  2. Make purchases with your Spring Bank debit card from either your personal checking account or business checking account as you usually would – both are eligible to earn and redeem points.
  3. Earn 1 point for every $2 you spend with a signature or every $4 you spend using your PIN.
  4. Redeem your points for travel, merchandise (like electronics, appliances, and more), or experiences like concerts and special events.

Ways to Earn Points Faster

Customers who hold multiple debit cards from their Spring Bank personal checking accounts or business checking accounts are welcome to combine points into a single rewards account. For business bank accounts, the business can earn points from all associated cards, though the owner is the only one who can claim rewards – all cards remain under the account owner’s control.

Likewise, households can merge points. For example, if you and your spouse have Spring Bank debit cards connected to your personal checking accounts, you can combine points to earn rewards faster and redeem points for rewards!

We’re offering 2,500 points as a special sign-on bonus to reward those who enroll in the program and use your debit card within 60 days of enrollment. Plus, any customer who signs up also gets 500 bonus points on their birthday!

Ready to upgrade your tech, book that bucket list trip, or dance to your favorite band at that sold-out concert? Register your card and start earning points today!

best savings account online, new business bank account, banks in ny, business checking account, small business accounts, apply for personal loan, personal savings, personal checking account, personal savings account, banks in bronx new york best savings account online, new business bank account, banks in ny, business checking account, small business accounts, apply for personal loan, personal savings, personal checking account, personal savings account, banks in bronx new york

“Being a B Corp allows us to keep our core values front and center. When you run a business day-to-day, it’s tempting to take the easiest path to profitability. Having the B Corp principles and B Corp metrics ingrained into our DNA over the past six years helped us guard against this and allows us to be the company we set out to be when we first started Spring Bank.”

 – Demetris Giannoulias, CEO

We are elated to share with the community we so proudly serve that we’ve been awarded for Best For the World™ in Customers and Governance by B Lab for the sixth year in a row! This recognition is so much more than a badge of honor. It’s a reminder of our commitment to create a world where all people have equal access and the opportunity to build prosperous and abundant futures for their families and communities.

For most banks in NY, striving for social and financial equity is seldom the norm — but ethical banking and stakeholder primacy has always been in our DNA. Here’s how our ongoing initiatives earned us the Best For The World™ 2022 award:

Keeping It Local
As a community bank in Bronx, New York, we strive to create the best personal savings account, personal checking account, and loan products to help underserved clients build wealth and avoid getting trapped by predatory services. While conventional banks often neglect or take advantage of underbanked consumers, we commit to constantly innovating our services based on the needs of our community in order for the people of NYC to thrive. Our offerings are affordable and accessible, and we work to ensure your path to financial security by providing education and resources through our financial wellness partners.

Keeping It Human
We love our customers! We don’t say that lightly. We work hard to create a personal banking experience because our customers are our neighbors. Additionally, many staff members have been born in or live in the Bronx and Harlem. So, it’s personal for us too. We do our best to meet the financial needs of the community, working together toward financial inclusion, wellbeing and prosperity — because it’s our home, too!

Supporting Small Business
Small businesses bring life to local communities and serve as the backbone for the U.S. economy. Our clients work not only to create a livelihood for themselves, but also to keep jobs in our neighborhood and wealth within the community. Traditional banks make relationships with small business accounts transactional. Our approach is different: we seek to encourage entrepreneurship, offer resources, and be a partner to small businesses throughout the New York area.

Being a B Corp
B Lab’s programs and tools help B Corps like us and non-B Corps plan for a resilient future conscious of our social and environmental footprint. The organization continually evolves their tools and strategies to measure impacts in the areas of governance, workers, community, environment, and customers.

As Best for the World™ in Governance, we were evaluated by our “overall mission, engagement around social/environmental impact, ethics, and transparency in formally considering stakeholders in decision-making.” Our impact makes us one of the top 5% out of 5,000 certified B Corps worldwide to receive the award!

As a B Corp since 2016, we measure our progress in meeting the impact goals held by B Lab —but we especially hold ourselves accountable to our customers. In doing so, we work to embody what it means to use business as a force for good and contribute to the collective goal and vision of the B Corp movement: to transform the global economic system to benefit all people, communities, and the planet.

We accept the Best For The World award with sincere gratitude — and offer congratulations to our fellow awardees! If you’re looking to be supported by a bank that serves the best interest of you and your community, contact us about opening a personal savings or new business bank account