Professional Bank Review

Overview

Professional Bank first started operating in 2008 with headquarters located in Coral Gables, Florida. It manages assets of $547 million along with $476 million in deposits, which makes it a medium-size bank. Professional Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Professional Bank is a good bank that deserves your consideration, with a rating of 3.9 out of 5 stars from the SmartAsset experts. Professional Bank offers a full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs and mortgage products. Professional Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Professional Bank's most basic checking does not carry a monthly maintenance fee. Using a bank with no-fee checking, in addition to a high savings APY is the best bet for getting the most income from your deposits while maintaining easy access to your funds.

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

With a savings rate of 0.10%, Professional Bank ranks poorly in comparison to the national average. Its one-year CD earns at a rate of 0.65%, while its highest-yielding money market account has a rate of 0.05%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Professional Bank's Savings Rates Compare

On average, Professional Bank charges its customers extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Professional Bank unfortunately does not reimburse out-of-network ATM fees, meaning you'll need to locate a Professional Bank ATM or accept the withdrawal fee.

Professional Bank is a brick-and-mortar bank, with three total bank locations in Florida. With mobile and web apps, Professional Bank makes mobile banking convenient, even on the go. Professional Bank's mobile app allows you to control your funds by looking at account balances, transferring funds and reaching support representatives. Professional Bank gets a superb consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Professional Bank ranks as a medium-size bank and manages $547 million in assets as well as deposits totaling $476 million. Professional Bank's Texas Ratio is 0.00%, suggesting a minute chance of failure. Additionally, Professional Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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.

Products Offered

Professional Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Professional Bank does not have the best savings rate, which means you should think about looking 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. Professional Bank's CD rates are fair compared to the average U.S. bank.

Find a Professional Bank Near Me

Professional Bank has three physical branches in the U.S.