Products and Services
Making financial products and services accessible and affordable is an important part of what we do. Our products are designed to meet the needs of clients in every stage of life and income level, whether opening a checking account for the first time or starting a small business.
Our Direct Banking personal checking account product enables individuals and families to be in control of their banking in ways that best meet their financial goals, regardless of how, when, or where they bank with us. Direct Banking has no overdraft fees and is a convenient paperless account. In addition, Direct Banking received BankOn certification, a national standard for low-cost, low-fee bank accounts designed to help connect consumers with more affordable deposit accounts.
Our My Free Banking no-cost checking account has no minimum balance requirement or monthly fee. Clients have free, secure access to their accounts and can make online deposits via our mobile banking app. A free debit card is also included.
For those at least 55 years of age we offer Senior Interest Checking. There is no minimum balance or direct deposit requirement, and no monthly fee. The account is interest bearing and comes with free check orders, online and mobile banking, and a free debit card
Over 27,000 small- and medium-sized businesses use our Flex Business Checking. With several activity tiers, businesses can avoid monthly fees by maintaining a modest minimum average balance. All accounts come with online banking, and business clients can offer their employees free checking accounts through our Workplace Banking program.
NEW IN 2023
Multicultural Working Group
Sandy Spring Bank recognizes that it plays an important role in building a more inclusive financial system. In 2023, the Multicultural Working Group was created to develop a strategy to increase the Bank's multilingual materials, capabilities, and outreach, with an initial focus on the Spanish-speaking community. This cross-functional group provided insights on the Hispanic community, helped drive more awareness on the Bank's involvement in Hispanic-focused community events, and supported our efforts to recognize and celebrate Hispanic Heritage Month. The group also developed a language access plan that outlines our approach to making information, financial education, and Sandy Spring Bank products and services available to Limited English Proficiency consumers in our market area.
Community Development Lending and Investments
We support low- to moderate-income communities by partnering with organizations that develop affordable housing, provide community services, and revitalize and stabilize inner-city areas. Through loans and investments, we help meet critical needs for people and neighborhoods across our footprint.
In 2023, our community development loans and investments:
- Helped provide 436 affordable housing units
- Supported organizations that serve the elderly, homeless, individuals with intellectual and developmental disabilities, and disabled veterans, among others
Homeownership
We strive to be an advocate for our clients in reaching their life goals, including home ownership. Sandy Spring Bank has helped people obtain mortgages in our community for more than 150 years, and we specialize in finding the right solution for each client to make home ownership attainable. We support affordable housing through our in-house portfolio products and partnerships with local community development agencies.
Our Welcome Home Loan Program provides affordable financing for home purchases for lower- and moderate-income purchasers. Benefits include a low down payment with flexible funds eligibility and no mortgage insurance. This program is available to individuals whose income is below a certain level or for homes located within low- or moderate-income census tracts. The program also allows eligible borrowers to refinance up to 100% of the home's value with no mortgage insurance.
We also offer Freddie Mac's Home Possible and Fannie Mae's Home Ready, which provide up to 97% financing for low- and moderate-income borrowers on either home purchase or refinances. Both programs offer flexible underwriting features, including more eligible sources of funds for down payment and closing costs.
2023 was our first full year in partnership with JP Morgan Chase and their Chase Community Lending Program. This program offers pricing discounts, which we pass on to borrowers, for eligible loans secured by property located in majority/minority census tracts. Discounts of up to $4,500 were available. In 2023, we provided mortgages on 31 units for $9.2 million.
In conjunction with these programs, we offer a down payment assistance program called Closing the Gap Plus. It provides up to 3% of the purchase price for borrowers who meet income and/or property eligibility requirements.
Through the Federal Home Loan Bank, we offer a multitude of down payment assistance programs for low- and moderate-income buyers, including a First Time Homebuyer Program and Community Partner Programs for educators, health care workers, law enforcement, fire fighters, and other first responders, as well as a program for veterans, their spouses, or surviving spouses purchasing a home.
We also offer various state government programs, including the Maryland Mortgage Program, Virginia Housing Development Authority, DC Open Doors, and other local programs.
Sandy Spring Bank is approved to originate loans guaranteed by the Department of Veterans Affairs (VA) and offers VA financing to all eligible veterans. We are also an approved Federal Housing Administration lender, which allows us to offer low down payment financing to all eligible borrowers.
First Time Home Buyer Seminars:
In June and July of 2023, the Bank hosted a series of first-time homebuyer seminars in recognition of National Homeownership Month. Held annually in June, National Homeownership Month is an opportunity to highlight the critical role that homeownership plays in communities across America. As a strong local bank, Sandy Spring Bank knows that homeownership can change the trajectory for individuals, families, and our local economy. For these reasons, we are deeply committed to making homeownership a reality for people across this region. These seminars provided information on our home loan and down payment assistance programs and critical tips for successfully navigating the mortgage process.
2023 Highlights
Single-family mortgage loans to low- to moderate-income clients
$33.4 million
Affordable housing loans originated
$155.2 million
Loans originated for first-time home buyers