About Spectrum Bank
What types of accounts does Spectrum Bank offer?
Spectrum Bank offers the following savings accounts:
- SpectrumInterest Savings Account
- SpectrumMileage Savings Account
- SpectrumCertificates of Deposit
How are Spectrum Bank and Texas Capital Bank connected?
Spectrum Bank is a division of Texas Capital Bank, an established, FDIC-insured financial institution that is headquartered in Dallas, Texas.
Is Spectrum Bank FDIC insured?
Spectrum Bank accounts are provided by Texas Capital Bank, which is an FDIC member. The sum of your total deposits with (i) Spectrum Bank and (ii) Texas Capital Bank is insured up to $250,000 per depositor for each account ownership category.
For more information regarding insurance coverage, the FDIC provides a Deposit Insurance Summary Guide, Your Insured Deposits Guide, and the Electronic Deposit Insurance Estimator (EDIE). The EDIE calculator can be found at www.fdic.gov/edie.
For more information, visit www.fdic.gov
About Spectrum Bank Accounts
Does Spectrum Bank charge any fees?
There are no monthly account fees associated with any Spectrum Bank accounts. Transaction fees only apply to domestic and international wires; there are no fees for other transaction types.
For SpectrumCertificate of Deposit (CD) Accounts, an early withdrawal penalty may be imposed if you choose to withdraw funds prior to maturity.
For more information, see full details within our Account Agreement, Terms & Disclosures.
Does Spectrum Bank have a minimum account balance?
There is no minimum account balance for SpectrumMileage Savings Accounts or SpectrumInterest Savings Accounts. However, if any account remains unfunded for 15 business days, we reserve the right to close the account.
SpectrumCertificate of Deposit (CD) Accounts require a $1,000 minimum balance. Certificate of Deposit (CD) Accounts that do not receive an initial deposit of $1,000 within 10 business days will be closed.
Do you offer a debit card or ATM card for Spectrum Bank accounts?
Spectrum Bank does not offer ATM or debit cards.
Does Spectrum Bank offer joint bank accounts?
Yes. Joint accounts are available for SpectrumInterest Savings Accounts and SpectrumCertificate of Deposit (CD) Accounts.
Opening a joint account is easy and similar to opening an individual account. From the application page, choose “Joint Account” and enter the personal details of each applicant. Both applicants will need to be present and have their mobile device available for verification purposes.
To add a joint account owner to an existing account, log into Online Banking and select “Add a Joint Owner” under “Account Services.” Click “Invite Joint Owner” and follow the invitation steps.
Spectrum Bank will send an email invitation to the joint applicant with a link to confirm their identity.
How many joint account owners can be on an account?
Account owners can add one joint account owner and up to five beneficiaries per account.
How many Spectrum Bank accounts can I have at once?
You can have up to the following:
Two individually owned and two jointly owned SpectrumInterest Savings Accounts
One individually owned SpectrumMileage Savings Account
Five individually owned and five jointly owned SpectrumCertificate of Deposit (CD) Accounts per term length.
Can I link external accounts to my Spectrum Bank Accounts?
You can link up to two external accounts to your Spectrum Bank accounts.
Follow these steps to link your external bank accounts within the Online Banking portal:
- From the left navigation screen, select “Account Services,” “Manage External Accounts.”
- Select “Link Account.”
- Input your external financial institution's routing and account numbers.
- Select the type of account (savings or checking).
- Select “Link Account.”
If you are unable to link instantly through the first verification, you may be prompted with additional linking options:
- Instant Verification through Plaid: This method will require your financial institution's username and password to link your account.
- Micro-Deposits: This method will require your external financial institution's account and routing numbers, as well as the type of account being linked (savings or checking). For this option, Spectrum Bank will deposit small sums into your external account that you will need to verify.
What are micro-deposits and how do they work?
Micro-deposits are used by financial institutions to verify account ownership and transaction capabilities.
Before deposits or withdrawals can be made, you will need to link your external account to your Spectrum Bank account. Once verified, you can easily transfer money between accounts.
When you initiate the account link, Spectrum Bank will make two small deposits (e.g., $0.21 and $0.26) to your external bank account. Please allow one to three business days for the micro-deposits to appear.
Once the micro-deposits have posted, log into Online Banking to confirm the amounts. If you don't see the micro-deposits posted within three business days, please double check the routing and account number and try again.
If you initiate the account linking process from your external bank account, make sure to select "Savings" as the Spectrum Bank account type to avoid the risk of your funds being returned or rejected.
Opening An Account
How do I open an account, and what will I need to complete my application?
Applying for an account is easy. From your computer or mobile device:
- Visit our “Products” page and choose the type of account you wish to open.
- Click “Open an Account.”
- Follow the steps to complete your application.
You will need to provide your name, contact information, social security number and U.S. government-issued ID. During the account opening process, you will be asked to answer questions to verify your identity and your employment status, as well as how you intend to utilize your account. Please have your mobile device available to verify your identity as a part of the application process.
Acceptable forms of identification include:
- State-issued driver’s license
- State-issued identification card
- U.S. passport
- Permanent resident card
- Tribal identification card
Does applying for an account affect my credit score?
No, Spectrum Bank does not perform credit checks. When you apply for an account, we may review consumer reporting information to help confirm your identity; however, this review will not affect your credit score.
Read more in our Account Agreement, Terms & Disclosures.
Why was my application denied?
Spectrum Bank uses multiple third-party verification services to authenticate your identity and validate your banking history in order to comply with federal regulations and protect the identities and assets of our customers.
We are unable to provide specific details regarding the decision of your application; however, here are some common reasons applications are not approved:
- Your application contained an error or typo.
- The information provided could not be verified as your information.
- Your application was submitted from outside of the United States.
- Multiple applications were submitted with inconsistent information.
- The information provided was associated with negative banking activity or unpaid bank fees.
- Documents submitted were unreadable or expired.
Funding, Transfers, and Withdrawals
How can I fund my account?
You have several options to fund your account:
- You can initiate a transfer from the Spectrum Bank website or mobile app. This will process as an ACH that withdraws money from your account at another bank and deposits it into your Spectrum Bank account.
- You can deposit a check using the “Mobile Deposit” feature of our mobile app. The check must be made payable to you and must be properly endorsed. Please see the Account Agreement, Terms and Disclosures for additional information.
- You can initiate a wire transfer from your account at another bank.
Spectrum Bank
2350 Lakeside Blvd., Ste. 800
Richardson, Texas 75082
Routing Number: 111026177
Beneficiary: (Customer Name)
Beneficiary Account Number: (Customer’s Spectrum Bank Account Number)
Can I withdraw my money from Spectrum Bank at any time?
For a SpectrumInterest Savings Account or SpectrumMileage Savings Account, you may withdraw your available balance at any time. If you withdraw any portion of your funds from these accounts, you will still be awarded miles or interest based on the average monthly balance.
For a SpectrumCertificate of Deposit (CD) Account, the account may be subject to penalties if you withdraw funds prior to the maturity date. If your accrued interest is less than the penalty’s total amount, the difference will be taken from your principal. Click here for more information on penalties related to SpectrumCertificate of Deposit (CD) Accounts.
For more information about how you can access your funds, see full details within our Account Agreement, Terms and Disclosures.
What are my online transfer limits?
ACH transfers initiated in SpectrumOnline Banking are limited to $150,000 per transaction, $250,000 per day, and up to six (6) transfers for a maximum of $300,000 per calendar month.
If you need to withdraw more than the preset limits, contact Customer Support at 833.260.4320 to learn about additional transfer options.
Read more about withdrawals and transfers in our Account Agreement Terms & Disclosures.
How long does it take for a transfer to process?
ACH credit and debit transfers originating from Spectrum Bank can take up to three business days to process.
ACH transfer credits from an external account to Spectrum Bank become available no later than five business days after the settlement date.
For more information, please see the Funds Availability section of the Account Agreement, Terms and Disclosures.
Can I set up recurring and scheduled transfers?
You can set up recurring and scheduled transfers or deposits through the Online Banking portal.
To set up a one-time or recurring transfer, log into Online Banking and select "Transfer" from the menu. Enter the transfer details and select the frequency from the drop-down menu.
Does Spectrum Bank charge transfer fees?
There are no fees for ACH transfers to or from your accounts with Spectrum Bank.
The fee for domestic and international wire transfers sent with Online Banking is $35.
What is Spectrum Bank's ABA routing number?
The routing number for both wire transfers and ACH transfers is 111026177.
How do I send a domestic or international wire transfer?
To initiate a domestic or international wire transfer, log in to Online Banking and follow these steps:
On the web:
- From the left navigation screen, select "Transfer" then "Wire Transfer." Continue to 2. below.
From the mobile app:
- From the navigation bar, tap "Menu," "Transfer" then "Transfer Funds."
- Select "New Payment."
- Choose "Domestic Wire" or "International Wire."
- As the originator, select the account you wish to transfer from and choose a process date.
- If you are sending money to a recipient for the first time, click "Add New Recipient" and enter the required information.
- Verify the transfer details and click "Approve."
- You'll get a prompt to receive a one-time code to verify your identity and confirm your request.
In some cases, Customer Support may contact you by phone to confirm your wire request.
By phone:
To request help processing a wire transfer, contact Customer Support at 833.260.4320. They are available Monday through Friday between 7:00 AM to 7:00 PM and Saturday between 9:00 AM to 4:00 PM CT.
What is the cut-off time for sending wire transfers?
Domestic and international wire transfers sent before 5:15 PM CT, Monday through Friday, excluding Federal Holidays, will be processed the same day. Wire transfers initiated after 5:15 PM CT, will be processed on the next business day.
Joint Accounts and Beneficiaries
How do I add a joint account owner to my existing account?
To add a joint account owner to your existing account, log into Online Banking and select "Add a Joint Owner" under "Account Services." Click “Invite Joint Owner” and follow the invitation steps. Spectrum Bank will send an email invitation to the joint applicant with a link to confirm their identity.
Once approved, the joint account owner will receive a welcome email and access to Online Banking. Please note that the joint owner must meet identity and eligibility requirements.
Can I add a joint owner to more than one account?
Yes. From the Online Banking portal, you can add a joint owner to one or multiple accounts.
Joint accounts are available for SpectrumInterest Savings Accounts and SpectrumCertificate of Deposit (CD) Accounts.
How long will the person I invite as a joint owner have to complete their application?
From the day the invite is initiated, the joint applicant will have seven calendar days to complete their application.
Where can I confirm the joint owner on my account(s)?
To view joint account owners on your account, log into Online Banking and select "Add a Joint Owner" under “Account Services.”
In the “Joint Accounts” section, approved joint account owners will be displayed below the account details.
Can I remove a joint owner from my account?
Once a person has been invited and agreed to become a joint owner on an account, they cannot be removed without closing the account.
What happens if the invitation link expires?
If the person you invited to become a joint account owner was unable to complete an application before the invitation link expired, you may request a new invitation link through the "Add a Joint Owner" section of the Online Banking portal under "Account Services."
What happens to a joint account after the death of an account owner?
Upon the death of a primary or joint account owner, the surviving owner will maintain ownership of the account and its funds.
How can I add, update or remove beneficiaries to my Spectrum Bank account?
You can add up to five beneficiaries per account. Log into Online Banking and select "Manage Beneficiaries" under “Account Services.” Beneficiaries can be added to one or multiple accounts. Please note that all beneficiaries added will have equal allocations and cannot be contingent beneficiaries.
To add a beneficiary, you will need their full legal name, date of birth and social security number.
From the "Manage Beneficiaries" section:
- Click "Add Beneficiary."
- Enter the beneficiary details.
- Select the account(s) you want to include.
- Click "Save."
To edit or remove existing beneficiaries:
- Click the three dots menu in the upper-right corner of the “Manage Beneficiaries” section, then click "Add/Remove Accounts."
- Select or unselect the account(s) to change your beneficiary's permissions.
- Click “Save."
Unselecting all accounts will delete the beneficiary, or you can select the "Delete Beneficiaries" option and follow the prompts to remove a beneficiary from your account.
Can I add a trust as a beneficiary to my account?
To add a trust as a beneficiary, please send a secure message to Customer Support and include the following information associated with the trust:
- Legal title
- Date of inception
- Address
- Email address
- Phone number
To access the Secure Message Center, log into Online Banking and select “Menu,” then click “Messages” to start a new conversation.
Can I add a beneficiary as a joint owner?
Yes. To add an existing beneficiary as a joint account owner, log into Online Banking and select “Add a Joint Owner” under “Account Services.” Click “Invite Joint Owner” and follow the invitation steps.
As an account owner, you can add one joint owner per account. If you have multiple beneficiaries on your account, their status as a beneficiary will not change.
Statements
How can I access my account statements?
Account statements are available online at the beginning of each calendar month that your account is open.
To access your statements, log into Online Banking and select “Documents” from the menu. Select your account, then choose a statement to view from the drop-down menu.
You will also receive an email notification when your statement is available.
As of June 1, 2020, all Spectrum Bank accounts with your e-sign consent are automatically enrolled to receive paperless statements, tax documents and notices.
How do I dispute a transaction on my statement?
If you believe there was a transaction error on your statement, please contact our Customer Support team at 833.260.4320 Monday through Friday between 7:00 AM and 7:00 PM CT and on Saturday between 9:00 AM and 4:00 PM CT.
You can also send a secure message by logging into your Online Banking account, locating the transaction under Transaction History, clicking the three dots menu on the right-hand side of the transaction and selecting "ask a question.”
You must notify us of any error or discrepancy within 60 days of the date the monthly statement which the disputed transaction first appeared or was made available to you in Online Banking.
How and when will I receive my tax documents?
You’ll receive a copy of your 1099-INT form by mail to the address on file by January 31 of each year if the interest earned for the prior year exceeds $10 for all accounts held with Spectrumand Texas Capital Bank.
1099-INT forms are also available online by logging Online Banking and selecting “Documents” from the menu. You’ll receive an email notification when your document is available.
How do I opt out of receiving paperless documents and request to receive paper documents through the mail?
To request paper statements, tax documents and notices from Spectrum Bank, please contact our Customer Support team at 833.260.4320 or send a written request through the secure message center.
Alerts and Notifications
What types of things will Spectrum Bank notify me about?
We’ll notify you when there’s been certain types of activity in your account so that you can monitor your account for security and convenience.
You will also receive an email notification when a Client Support Representative replies to a secure message or sends you a new secure message.
What's the difference between security alerts and secure messages?
Security alerts are emailed when an account has been flagged for potentially suspicious activity.
Secure messages are a function available in Online Banking as a convenient way to communicate with our Customer Support team about your account.
How do I manage which alerts I receive?
To manage security alerts, log into Online Banking, select " Profile & Settings" from the left-hand menu, then select "Notifications and Alerts." There, you can adjust specific settings for each type of alert.
To manage secure message notifications, follow the steps above and navigate to the option "Alert me when I receive a secure message." Disable this option if notifications are not needed.
To unsubscribe from marketing emails and stop receiving marketing messages from Spectrum Bank, click the "Unsubscribe" link near the bottom of any marketing communication you’ve received from us.
Profile and Access Information
How do I access my Spectrum Bank account?
You can access your account a variety of ways:
- Access your account at Spectrumbank.com and log in with your username and password. We support Safari, Firefox, Google Chrome and Edge. We do not support Internet Explorer.
- Download the Spectrum Bank mobile app and log in with your username and password. The app can be downloaded on the Apple App Store or Google Play Store.
- Call our U.S.-based Customer Support Team at 833.260.4320 Monday through Friday from 7:00 AM to 7:00 PM CT and Saturday from 9:00 AM to 4:00 PM CT.
What do I do if I forgot my username?
To protect your account information, we do not provide an option to change your username online. If you have forgotten your username, call our Customer Support Team at 833.260.4320 and we can help you reset it.
How do I change my password?
You can change your password on the Spectrum Bank website or in the mobile app by clicking “Forgot password?” on the home screen and following the password reset instructions.
How can I find my account number?
Log into Online Banking, select the account and navigate to the “Details” tab to find your account number, balance and latest deposit details. You can also see your account number on monthly statements
Why does the rate I see look different from the APY that Spectrum Bank advertises?
For SpectrumCertificate of Deposit (CD) Accounts and SpectrumInterest Savings Accounts, you may see the rate displayed in Online Banking as the simple interest rate, which does not include the effects of compounding interest. The Annual Percentage Yield (APY), which is often shown on our website and other communications, includes the benefits of compounding interest. Spectrum Bank compounds interest on your account daily, so the base rate translates into the correct APY on an annual basis. The base rate may appear as a lower number than the APY.
In the event that rates change mid-month for your SpectrumInterest Savings Account, the rate shown may reflect a weighted average of the rates applied during that month.
How can I get help on the phone?
Spectrum Bank provides telephone support Monday through Friday between 7:00 AM and 7:00 PM CT and on Saturday between 9:00 AM and 4:00 PM CT. If you can’t find what you’re looking for online or in the Spectrum Bank mobile app, call our Customer Support Team at 833.260.4320.
No luck finding the answer to your question? Email us and one of our customer support representatives will be in touch with you shortly.
About Spectrum Bank
What is Spectrum Bank?
Spectrum Bank offers simpler, smarter ways to make your money work for you.
How are Spectrum Bank and Texas Capital Bank connected?
Spectrum Bank is a division of Texas Capital Bank, an established FDIC-insured bank headquartered in Dallas, Texas.
Is Spectrum Bank FDIC insured?
Yes. Spectrum Bank accounts are provided by Texas Capital Bank, which is an FDIC member. The sum of your total deposits with (i) Spectrum Bank and (ii) Texas Capital Bank are insured up to $250,000 per depositor for each account ownership category.
The FDIC provides a Deposit Insurance Summary guide, Your Insured Deposits Guide, and the Electronic Deposit Insurance Estimator (EDIE), which allows you to calculate your FDIC insurance coverage. The EDIE calculator can be found at www.fdic.gov/edie.
If you have questions about FDIC insurance requirements, please visit www.fdic.gov or call them directly at 1-877-ASK-FDIC (1-877-275-3342).
What types of accounts does Spectrum Bank offer?
Spectrum Bank offers three types of accounts: the SpectrumMileage Savings Account, the SpectrumInterest Savings Account, and Certificates of Deposit.
Effective 5/01/2023, The SpectrumMileage Savings Account earns 2.5 American Airlines AAdvantage® miles for every dollar saved annually.
The SpectrumInterest Savings Account is a variable rate account that, effective 4/27/2023, currently earns 5.10% annual percentage yield (APY).
SpectrumCertificates of Deposit currently earn 4.50%-5.35% annual percentage yield (APY) depending on the term selected.
For more information, see full details within our Account Agreement, Terms & Disclosures. Rates are subject to change. Visit Spectrum Bank to determine the most current rate information.
Earning Miles
How many American Airlines AAdvantage® miles do I earn with a SpectrumMileage Savings Account?
The SpectrumMileage Savings Account awards 2.5 AAdvantage® miles for each dollar saved annually. Miles accrued daily and are awarded monthly based on your average monthly balance. For example, if the account’s daily balance for January is $60K, you will earn 12,740 AAdvantage® miles for that month ([$60K X 2.5] ÷ 365 × 31). (Note: The number of days is specific for each month being calculated.) If that same balance is maintained in February, you will earn 11,507 AAdvantage® miles. After one year of maintaining an average balance of $60,000, the customer will have earned 150,000 AAdvantage® miles.
For more information, see full details within our Account Agreement, Terms & Disclosures. Rates are subject to change. Visit Spectrum Bank to determine the most current rate information.
What can I do with my American Airlines AAdvantage® miles?
AAdvantage® miles earned through Spectrum Bank will be added to your AAdvantage® account, and you can use these miles like others you earn from AAdvantage® partners. Please note, however, that AAdvantage® miles awarded through Spectrum Bank do not count toward elite-status qualification or AAdvantage® Million MilerSM status.
When will the mileage awards be processed and when can I expect to see these awards posted to my American Airlines AAdvantage® account?
Spectrum Bank awards the miles you earn for maintaining a balance each month on or before the 5th business day of the following month. For example, AAdvantage® miles earned throughout January will post in your SpectrumMileage Savings Account on or before the 5th business day of February. Bonus AAdvantage® miles are awarded based on terms of the specific bonus offer. AAdvantage® miles earned through Spectrum Bank will post to your linked AAdvantage® account within 6 to 8 weeks.
When will I start earning AAdvantage® miles on new deposits?
You will start earning AAdvantage® miles on the business day we receive your deposit.
How do additional deposits and withdrawals impact my earning?
AAdvantage® miles are accrued daily and awarded based on your average monthly balance. If you deposit more, you will earn more miles. If you make a withdrawal, your miles earned will decrease. For example, if you start with $36,500 you will accrue 250 AAdvantage® miles each day you maintain that balance. If you then withdraw $10,000 and your new balance is $26,500, you will accrue 182 AAdvantage® miles each day. If you take all of your money out in the middle of the month, you will have earned for the days where you maintained a balance.
What do I have to do to get AAdvantage® miles the second year?
As long as you maintain a balance in your SpectrumMileage Savings Account, you will continue earning AAdvantage® miles.
Will American Airlines AAdvantage® miles earned through Spectrum Bank be taxable?
AAdvantage® miles awarded by Spectrum Bank for maintaining a deposit balance are viewed as interest income. This income will be reportable to the IRS and to you for the year in which the miles were posted to your AAdvantage® account. Spectrum Bank calculates an interest equivalent based on a good faith estimate of the value of the miles. Your interest rate and annual percentage yield may change based on a change in either the Miles Award Rate or the estimated value. For tax purposes, miles are considered to have a value of 0.42 cents. At our current rate of 2.5 miles per dollar saved annually, this represents a taxable APY of 1.05%.
AAdvantage® bonus miles awarded for other activities will also be considered reportable as either miscellaneous income or interest income, depending on the nature of the award. Spectrum Bank will issue each customer the appropriate IRS Form 1099 for the AAdvantage® miles awarded each calendar year. For more information, you can visit our Account Agreement, Terms & Disclosures.
Note: Spectrum Bank is not an accounting firm or law firm and is not offering tax or legal advice. Please consult with an appropriate professional regarding any questions about your personal taxes.
When will I receive my 1099-INT tax forms?
A copy of your 1099-INT form will be provided by January 31. This tax form is used to report the interest income you earned. If you have more than one account with Spectrum Bank, and/or if you also have accounts with Texas Capital Bank, all combined interest earned across these accounts will be reflected on a single 1099-INT form.
How do I know that my miles go to the right American Airlines AAdvantage® account?
Before earning miles, you must input your AAdvantage® number to link your account. If your account is already linked, you will be notified. If you link the wrong AAdvantage® number, your miles earned through Spectrum Bank will not post to your American Airlines account.
Does Spectrum Bank offer miles with other travel partners besides American Airlines?
Today our partnership is with American Airlines. If you aren't a member yet, click here to sign up for the American Airlines AAdvantage® program to begin earning rewards today.
About Spectrum Bank Accounts
What savings account activities can I do with a Spectrum Bank account?
You can do a wide range of activities when you log in to your account at Spectrumbank.com, including:
- Check your balance
- Transfer money securely
- Schedule recurring deposits
Do I need to switch banks to open a Spectrum Bank account?
You do not need to switch banks, and if you have an additional account at another institution besides Spectrum Bank, it's easy to link to your Spectrum Bank account and seamlessly transfer money.
Any fees?
Both the Spectrum Bank Mileage and SpectrumInterest Savings Accounts have no monthly account fees. The only transaction fee associated with either account is for international or domestic wires!
For SpectrumCertificates of Deposit an early withdrawal penalty may be imposed for early withdrawal.
For more information, see full details within our Account Agreement, Terms & Disclosures.
Do you offer a debit card or ATM card for Spectrum Bank accounts?
Spectrum Bank does not offer ATM or debit cards.
Does Spectrum Bank have a minimum account balance?
There is no minimum account balance for the SpectrumMileage or SpectrumSavings Accounts. However, if your account remains unfunded for fifteen (15) business days, we reserve the right to close your account.
SpectrumCertificate of Deposit accounts require a $1,000 minimum balance. Accounts that do not receive an initial deposit of $1,000 within 10 business days will be closed.
How can I add or change beneficiaries?
You can add up to five beneficiaries through your online banking. On the navigation screen under settings select “Manage Beneficiaries”, select add beneficiaries, if you have multiple accounts select the account you want to add your beneficiary to and toggle over the three dots and select add/remove accounts. To add a beneficiary, you will need their 1-Full Legal Name of individual(s), 2-Date of Birth, and 3-Social Security Number. Please note that all beneficiaries added will have equal allocations and cannot be contingent beneficiaries at this time.
Please contact Customer Support by secure message for assistance adding Trust or additional beneficiaries. To access the Secure Message Center, log into online banking, select “Menu” and then select “Messages” to start a new conversation. Please include the following in your secure message: the beneficiary's legal name, date of birth, address, email address and phone number. If you are requesting to add a Trust as a beneficiary, please include: the trust’s legal title, date of inception, address, email address, and phone number associated with that trust.
How can I remove (delete) beneficiaries?
On the navigation screen under settings select “Manage Beneficiaries”, select the three dots on the right to the beneficiary you want to delete. Click on Delete Beneficiary and then confirm by selecting delete.
How can I edit beneficiaries?
On the navigation screen under settings select “Manage Beneficiaries”, select the three dots on the right to the beneficiary you want to edit. Click on Add/Remove Accounts and then select/deselect the accounts you wish to add/remove for that beneficiary and then select save. If you deselect all accounts, it will delete the beneficiary.
What is the interest rate for a SpectrumInterest Savings Account?
The current interest rate for SpectrumInterest Savings Accounts is 5.10% annual percentage yield (APY).
Rates are subject to change. Visit Spectrum Bank to determine the most current rate information.
How many Spectrum Bank accounts can I have at once?
You can have up to the following:
- Two individually-owned and two jointly-owned SpectrumInterest Savings Accounts.
- One individually-owned SpectrumMileage Savings Account
- Five individually-owned and five jointly-owned SpectrumCertificates of Deposit (CDs) per product type.
Can I link external accounts to my Spectrum Bank Accounts?
Yes. Two (2) External accounts may be linked to your SpectrumAccounts.
Follow the steps below to link your External bank accounts
Add external accounts
- From the Left Navigation Screen, select Settings, “External Accounts”
- Select “Link Account”
- Input financial institution's: Routing and Account Numbers
- Select type of account (Savings, Checking)
- Select “Link account”
-
If you are unable to link instantly through first verification, you may be prompted with other linking options.
Instant Verification through Plaid
-
Will require your financial institution's username and password to link account
Micro Deposit
Note: Micro deposit will require your external financial institution's account and routing numbers as well as type of account (savings, checking)
- Input the routing and account number. This will generate two (2) small micro deposits to the external account you linked within 2-3 business days.
- Once the micro deposits appear in your account, navigate back to external accounts by selecting the Settings option from the left navigation and then choosing “External Accounts”
- You should see an option to “verify” in the bottom center of the screen
- Click “verify” and input the 2 deposits you received. Do not use decimals.
- Once confirmed, your account will be linked and ready to use
Opening An Account
How do I open a Spectrum Bank account?
Applying for an account is easy! From your computer or mobile device:
- Visit our Products page and choose the type of account that is right for you.
- Click ‘Open an Account’.
- Follow the steps on the Onboarding page to complete your application.
What do I need to open a Spectrum Bank account?
Applying is easy and only takes a few minutes.
To get started, you will need your:
- U.S. Government issued ID (See the list of acceptable ID’s below)
- U.S. Social Security number
- Mobile device that can receive text messages
To complete your application, you will enter your personal details and contact information including your email, phone number, and physical address. To comply with federal law, we are also required to collect information about your primary source of income. In certain instances, we may request additional documentation prior to opening your account.
What are Acceptable Forms of ID?
Acceptable Government issued forms of identification include:
- State Issued Driver’s License
- State issued Identification Card
- U.S. Passport
- Permanent Resident Card
- Tribal Identification Card
Does applying for an account affect my credit score?
No. Spectrum Bank does not perform credit checks. When you apply for an account, we may review your consumer reporting information to help confirm your identity, however, this review will not affect your credit score.
Read more in our Account Agreement, Terms and Disclosures.
Why was my application denied?
Spectrum Bank uses multiple third-party verification services to authenticate your identity and validate your banking history in order to comply with federal regulations and protect the identities and assets of our customers.
We are unable to provide specific details regarding the decision of your application; however, here are some common reasons applications are not approved:
- Your application contained an error or typo
- The information provided could not be verified as your information
- Your application was submitted from outside of the United States
- Multiple applications were submitted with inconsistent information
- The information provided was associated with negative banking activity or unpaid bank fees
- Documents submitted were unreadable or expired
What are micro-deposits and how do they work?
Micro-deposits are used by banks to verify account ownership and transaction capabilities.
Before deposits or withdraws can be made with your Spectrum Bank account, you’ll need to link your Spectrum Bank routing and account number to your external bank account. We will then make two small deposits for less than $1.00 in your external bank account to confirm the accounts were successfully linked. Once verified, you can easily transfer money between accounts.
How does it work?
- When the account link is initiated, Spectrum Bank will make two small deposits into your external bank account. Please allow 1-3 business days for the micro-deposits to appear.
- Once the micro-deposits have posted, log into your online banking account at Spectrumbank.com or from the mobile app to confirm the amounts.
- Once your accounts are successfully linked, you will be able to transfer funds between accounts. Later, Spectrum Bank also sends a request to withdraw the previously made micro-deposits.
- If you do not see the micro-deposits posted to your account within 3 business days, double check the routing and account number and try again.
Does Spectrum Bank allow joint ownership of accounts?
Yes, the option to add a joint owner is available during the application process.
At this time, joint accounts are only available for SpectrumInterest Savings Accounts and SpectrumCertificate of Deposit (CD) Accounts.
To open a joint account with Spectrum Bank, both owners need to be at least 18 years old and provide each applicant’s name, contact information, social security numbers and U.S. government-issued IDs. Also, as a part of the identity verification process, each owner will need to answer a few questions and have a mobile device available.
How do I add a joint owner to my existing account?
To add a joint owner to your existing account, log into online banking and follow the steps below
Add joint owner
• From the Left Navigation Screen, select Settings, "Add a Joint Owner"
• After completing the online form, the person you invited to become a joint owner will receive an email invitation to verify their identity.
• Upon successful verification, this person will become a joint owner of your account.
Please note that the joint owner must meet identity and eligibility requirements.
Can I have more than two applicants or owners on an account?
Only two account owners are allowed on joint accounts, but you can add up to five beneficiaries to an existing account.
Can I add a joint owner to more than one account in a single session?
Yes, within the online banking portal, you will have the option to add a joint owner to any or all of your accounts with Spectrum Bank, except for the SpectrumMileage Savings Account which does not support joint ownership at this time.
How long will the person I add have to complete their application?
From the day the invite was initiated, the joint applicant has seven (7) calendar days to complete their application.
How do I remove someone from my account?
A joint owner cannot be removed without closing the shared account.
What happens if my invitation link expires?
If the person you invited to become a joint owner was unable to apply before the invitation link expired, you may request a new invitation link through the "Add a Joint Owner" section of the online banking portal.
Can I turn my existing beneficiary into a joint owner?
Yes, you may add your existing beneficiary to your account as a joint owner by logging into online banking and visiting the "Add a Joint Owner" section under Settings.
At this time, only one beneficiary per account can be a joint owner. If you have multiple beneficiaries, the others can continue to serve as such.
What happens to my account in the event that a joint owner passes away?
If one of the joint owners passes away, the surviving owner will assume ownership of the joint account.
Funding, transfers, and withdrawals
How can I fund my account?
You have several options to fund your account:
- You can initiate a transfer from the Spectrum Bank website or mobile app. This will process as an ACH that withdraws money from your account at another bank and deposits it to your Spectrum Bank account.
- You can deposit a check using the Mobile Deposit feature of our mobile app. The check must be made payable to you and must be properly endorsed. Please see the Account Agreement, Terms & Disclosures for additional guidance on Mobile Deposit.
- You can initiate a Wire Transfer from your account at another bank.
Spectrum Bank
2350 Lakeside Blvd., Ste. 800
Richardson, Texas 75082
Routing Number: 111026177
Beneficiary: (Customer Name)
Beneficiary Account Number: (Customer’s Spectrum Bank Account Number)
Is there a minimum funding requirement to open an account with Spectrum Bank?
There is no minimum funding required to open either a SpectrumMileage Savings or a SpectrumInterest Savings account; however, accounts that do not receive an initial deposit within 15 business days may be closed.
There is no minimum funding required to open a Time Deposit account; however, accounts that do not receive an initial deposit of $1,000 within 10 business days will be closed.
For more information, see full details within our Account Agreement, Terms & Disclosures.
What are my online transfer limits?
New Customer Limits:
Online transfers are limited to a maximum of:
- $100,000 per transaction
- $100,000 per day
- $150,000 per month
New Customers can make up to six online transfers per month for a maximum total of $150,000.
Established Customer Limits:
Online transfers are limited to a maximum of:
- $150,000 per transaction
- $250,000 per day
- $300,000 per month
Established Customers can make up to six online transfers per month for a maximum total of $300,000.
Spectrum Bank may update transfer limits and number of transactions at any time based on account activity and relationship with the bank, without notification unless required by law.
If you need assistance with transferring larger amounts, please contact Customer Support at 833.260.4320.
How long does it take for a transfer to process?
It may take 1 to 3 business days for a transfer to process. Funds become available for ACH Entries originating through external banks no later than the Business Day after the Settlement Date of such items. For ACH Entries originating from Spectrum Bank through your linked external account, funds will be made available within 3 business days but no later than five (5) Business Days after the Settlement Date of such items.
For more details, please see the Funds Availability section of the Account Agreement, Terms & Disclosures.
Can I take my money out of Spectrum Bank at any time?
Sure! You may withdraw your Available Balance from your SpectrumSavings or SpectrumMileage Accounts at any time. If you choose to withdraw any portion of your savings from your SpectrumMileage Account, you will be awarded based on the average monthly balance maintained in your Account.
Your Account may be subject to interest penalties when you withdraw funds from your certificate of deposit prior to the maturity date. If your accrued interest is less than the penalty’s total amount, the difference will be taken from your principal.
For more information about how you can access your funds, see full details within our Account Agreement, Terms & Disclosures.
Can I setup recurring and scheduled transfers?
Absolutely! Just log in to set the timing and frequency, and you’ll reach your savings goals even faster. Remember, if you close your account, you are responsible for cancelling any recurring or scheduled transfers.
Are there any transfer fees?
There are no account fees associated with your account with Spectrum Bank, including transfers to and from. Your external bank or a third party may, however, charge a fee.
What is Spectrum Bank's ABA routing number?
Our routing number for both wire transfers and ACH transfers is 111026177.
What happens if I don't fund my account?
If a SpectrumMileage or SpectrumInterest Savings account remains unfunded for fifteen (15) business days, we reserve the right to close that account.
If a SpectrumCertificate of Deposit account remains unfunded for ten (10) business days, we reserve the right to close that account.
Statements
When will I receive my savings account statements?
You will receive a savings account statement each month, which will include your activity from the previous month.
How do I dispute a transaction on my statement?
If you believe there was an error on your transaction, please contact us at 833.260.4320 Monday through Friday between 7:00 AM and 7:00 PM CST and on Saturday between 9:00 AM and 4:00 PM CST. You can also send a secure message to customer support, by logging into your account, locating the transaction in question in the Savings tab, clicking the drop-down list button on the right-hand side of the transaction and selecting “ask a question.”
How do I access my statements online?
Log in to your account, select “Documents” from the menu, select your account in the initial drop-down menu and then select your statement from the next drop-down menu.
How do I sign up to receive paperless documents?
All Spectrum Bank accounts with your E-Sign Consent are automatically enrolled to receive paperless statements, tax documents and notices on June 1, 2020, so you will not have to take any action to receive paperless documents in the future.
How do I view my paperless documents?
To access your paperless statements, tax documents and notices, sign in to your online account, click “More” on the top navigation menu and click the “Documents” tile. From there, you will be able to select your account and which monthly statement or document you would like to view.
When will I know when my paperless documents are ready?
Whenever a new statement or document is ready to be viewed, you will receive an email notification alerting you that your documents are available in your online banking portal.
How often will I receive paperless statements about my Spectrum Bank account?
You will receive a paperless statement for each calendar month that your account with Spectrum Bank remains active.
How do I opt out of receiving paperless documents from Spectrum Bank and continue to receive paper documents?
To continue receiving paper statements, tax documents and notices from Spectrum Bank, please contact our Customer Support team at 833.260.4320 or send a written request through the secure message center.
Alerts and Notifications
What types of alerts will Spectrum Bank send me?
We’ll notify you when there’s been certain types of activity in your account. That way you can stay on top of your account for security and ease of use.
How do I change which security alerts I receive?
Once you’ve logged into online banking, select More and then Notifications and Alerts. There you can toggle on and off each type of alert.
What's the difference between security alerts and secure email?
Security alerts will be sent to you via email to flag for potential suspicious activity. But secure email exists within the online banking platform. Once you’ve logged in, you can use it to send a secure message about your account to our Customer Support team.
How do I unsubscribe from Spectrum Bank marketing emails?
To unsubscribe from marketing emails, click "Unsubscribe" located near the bottom of any marketing communication received from us.
How will I be notified when I receive important updates through the secure message channel?
As of 10.27.2022 customers will receive an email notification when a Client Support Representative replies to a secure message or sends a new secure message.
How can I manage Secure Message notifications if I no longer want to receive them?
This notification is automatically turned on for customers, however, it can be turned off by navigating to the menu, selecting settings, then "Notifications and Alerts" and then find "Alert me when I receive a secure message". Here you can toggle the option to turn off if notifications are no longer needed.
Profile and access information
How can I find my savings account number?
Once you’ve logged in to online banking, select the account and navigate to the Details tab. You’ll find your balance, latest deposit details and account number there. You can also see your account number on your monthly statements.
How do I access my Spectrum Bank account?
You can access your account a variety of ways.
- Online: Access your account at Spectrumbank.com. Log in with your username and password.
- Mobile App: Download our mobile app and log in with your username and password.
- Customer Support: Call our US-based team at 833.260.4320 Monday through Friday from 7:00 AM to 7:00 PM CST and Saturday from 9:00 AM to 4:00 PM CST.
Where can I download the Spectrum Bank app?
Our app can be downloaded via the Apple App Store or Google Play Store.
What browsers do you support?
We support Safari, Firefox, Google Chrome and Edge. We do not support Internet Explorer.
I forgot my username. What do I do now?
To protect your account information, we do not provide an option to change your username online. If you have forgotten your username, give us a call at 833.260.4320 and we can help you reset it.
How do I change my password?
You can change your password in the Spectrum Bank app by clicking “Forgot password?” on the home screen and following the guided prompts.
How can I get help on the phone?
Spectrum Bank provides telephone support Monday through Friday between 7:00 AM and 7:00 PM CST and on Saturday between 9:00 AM and 4:00 PM CST. If you can’t find what you’re looking for online or via our mobile app, feel free to give us a call at 833.260.4320.
Special Offers
Does Spectrum Bank ever offer special promotions on their CD's such as a one-time rate bump?
Effective 11/02/2022- On occasion, we may offer promotions or programs offering higher than average interest rates. Solely at our discretion, we may bump your rate to the current promotional rate or allow you to select a one-time rate bump during the term of your CD. Because the interest rate and APY are fixed through your maturity date, we are not obligated to authorize a rate bump and initiating a one-time rate bump, at our discretion, does not guarantee that we will continue to authorize rate bumps in the future.
How will I be notified if a promotional CD rate is applied?
In the event a promotional rate is applied, a rate change notice will be distributed and available via online banking and the new rate will show on your account display.
No luck finding the answer to your question? Email us and one of our customer support representatives will be in touch with you shortly.