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Allegiance Bank Review

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Allegiance Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 2007, Allegiance Bank has assets totaling $3 billion as well as $2 billion in deposits, which makes it a large bank. Allegiance Bank, whose headquarters are in Houston, Texas, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a score of 3.3 stars out of 5, Allegiance Bank should be more closely analyzed to see if its features match your needs. Allegiance Bank provides customers with a full array of banking products, including savings accounts, checking accounts, money market accounts and CDs. Allegiance Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account features a $10.00 monthly fee, which places it at the higher end of monthly fees. Banks that offer no-fee checking and a high savings APY are your best bet for accruing the highest income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.3/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.9
SmartAsset Average: 3.5

With a savings rate of 0.30%, Allegiance Bank ranks poorly compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 1.50% and 2.35%, respectively, while its highest-yielding money market account earns at a rate of 0.75%. Given its noncompetitive savings rate, you should consider looking elsewhere to open savings accounts.

How Allegiance Bank's Savings Rates Compare

Allegiance Bank Savings 0.30 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Allegiance Bank typically has high fees compared to the average U.S. bank. At $10.00 per month, Allegiance Bank is less than the best option for people who want a basic banking experience. Allegiance Bank does not refund out-of-network ATM fees, meaning you will be required to search for an Allegiance Bank ATM or pay the cost of withdrawal.

Monthly Fee $10.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

Allegiance Bank is a brick-and-mortar bank, with 17 total branches in Texas. It also offers access to mobile and web apps for an easy mobile-banking experience. You can access Allegiance Bank's mobile app to manage your finances by reviewing account balances, transferring funds and accessing customer service. Allegiance Bank gets an excellent consumer satisfaction score due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Allegiance Bank is currently a large bank with assets totaling $3 billion as well as $2 billion in deposits. Allegiance Bank has an excellent Texas Ratio of 4.09%, signifying a negligible likelihood of failure. Additionally, Allegiance Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.09%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Allegiance Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $1
Checking Account 0.25% APY $1
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.15% APY
  • 48 Month: 2.25% APY
  • 60 Month: 2.35% APY
$1000 for all terms
Money Market Account 0.5% APY $1

Allegiance Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Allegiance Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Allegiance Bank's CD rates are fair compared to the national average.

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Find a Allegiance Bank Near Me

Allegiance Bank has 17 physical branches across the U.S.

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