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Beneficial Bank

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LAST UPDATED: April 6th, 2021
Founded in 1853 as the Beneficial Saving Fund Society of Philadelphia, the bank originally tried to give the growing immigrant labor force a safe place to keep their savings. To go along the lines of service, Beneficial Bank lauched what is known as the Beneficial in School Savings Program in 1927 that helps teach children the value of money. As the oldest and largest bank headquartered in Philadelphia, Beneficial Bank is a full service financial institution with over $5.5 billion in assets and more than 63 branches. 

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The Good

  • Community and Education
  • Checking Account Options
  • Saving Account Options

Community and Education

Beneficial Bank is a financial institution that provides itself on helping the community and educating their clients on positive financial habits. With Beneficial Bank, clients can take control of their checking and savings accounts as well as their lending and investing efforts. In addition to providing standard banking services, Beneficial Bank also offers insurance and wealth management solutions.

Checking Account Options

There are six different checking accounts available for clients to choose from. The wide range of checking account services were created to service almost every financial situations. While there are standard features included with every checking account, there are differences as well. The checking accounts are broken down as follows:

  • Start Earning Package: earn more and save more. There is a $1,000 combined minimum daily balance. Automated $25 monthly transfer into Tiered Statement Savings account. Home equity loan or HELOC discount (.25%)*.
  • Start Rewarding Package: higher deposit balances with premium services. Next-day availability for domestic checks. Home equity loan or HELOC discount (.25%)*. No mortgage origination fee. FREE incoming domestic wire transfers.
  • Start Benefiting Package: Checking for customers age 50 and older. Unlimited FREE checks. Home equity loan or HELOC discount (.25%)*.
  • Campus Checking: No monthly service charges, ATM fee refunds, no minimums, and designed for students 18-25. Free link to parent account and free incoming domestic wire transfers.
  • Interest Checking: interest with a low minimum daily balance or no minimum daily balance with direct deposit waiver.
  • Free Checking: No monthly service charges and no minimum daily balance.

Saving Account Options

In addition to a variety of checking accounts, there are also a number of savings accounts to choose from. Each account comes with standard features and then additional bonuses to tailor to the financial situation. The accounts are broken down as follows:

  • Statement Savings: This account puts your money to work for you. We'll send you monthly statements so you can track your money as it grows.
  • Passbook Savings: A passbook account lets you track deposits, withdrawals and your money's growth.
  • Tiered Statement Savings: Exclusively for Start Earning, Start Rewarding or Start Benefitting Package customers.

Regardless of what account a client utilizes, there are a number of features that are standard. First and foremost, online banking applies to any all checking and savings accounts. For checking accounts, a debit card is included with credit card options for either types of account. Other Beneficial Bank account features include: Bill Pay, BenMobile, mobile deposit, FinanceWorks, eDocs, Swipe and Save, BankThanks, Mobile Money, and Switch Kit.


The Bad

  • Limited Loans
  • Monthly Service Fee

Limited Loans

While Beneficial Bank does offer lending options to their clients, the range of loan capabilities are limited. That means individuals hoping to finance certain opportunities or endeavors will not be able to do so through Beneficial Bank. The only loans that are provided through Beneficial Bank at this point include:

  • Personal Mortgages
  • Personal Loans
  • Business Lending

Monthly Service Fee

A majority of the Beneficial Bank checking and savings accounts charge a monthly service fee. This monthly fee offsets the cost for account maintenance. There are ways to waive this monthly service charge, but certain requirements must be met. However, if these standards are not met, clients can expect the charge to be assessed.


The Bottom Line

Beneficial Bank finds a way to service their clientele from varying financial circumstances. No matter what situation a client find themselves in, there is most likely an account option for them through Beneficial Bank. Those that use Beneficial Bank for their financial management can expect the following from their service:
  1. Checking and savings account options
  2. Business banking solutions
  3. Online and mobile banking
  4. Limited lending
  5. Monthly service charges applied
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4 Reviews

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Mary Staples Mount Holly, NJ

Beneficial Bank double charged my debit card after I had already disputed the item and cancelled my debit card. I called customer service and after arguing over the obvious, it was in black and white on online banking, thet credited me for one charge and left the 1st one on saying the merchant was trying to credit me. I agreed to cancel my dispute because of this. The merchant credited me and all looked good...until 10 days later when my dispute was denied and Beneficial Bank withdrew one of the credits to my account! Customer service online as well as at my bank branch tell me Everything was right and I'm not missing money even though I'm still coming up short money and I have screen shots to prove it! Beneficial Bank is the worst banking experience I have ever dealt with. I am taking my business to another bank!

5 years ago

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Anil Horsham, PA

Today on August9th I requested beneficial bank located on 1065 west county line road $1000 in $10 bills . Teller gave me envelope . I came to my business and checked to put bills in my ATM machine . I noticed one $10 bills fake . I went to the bank they told me when money leave bank we are not responsible and before we gave the we check through our counterfeit machine. So I requested to run all the again, they ran the bills . Their machine did not detect counterfeit . Other teller told me we need service on machine but can not replace $10 . Very bad customer service. Anil

5 years ago

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Mike Allentown, PA

Terrible customer service, add random fees, and double charged my account. When they make mistakes they don’t apologize, they have a terrible attitude and find a way to blame it on the customer. I’ve had this experience from multiple representatives. Extremely dissatisfied.

5 years ago

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Mike borchert Norristown, PA

Beneficial bank regularly failed to proceed my payment in a timely manner causing me late fees , regularly applied payments to wrong months and sent bogus late payment claims to credit bourghs.

5 years ago