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The Fidelity Bank Review

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The Fidelity Bank Savings
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1909, The Fidelity Bank has $2 billion in assets and deposits totaling $2 billion, which makes the institution a large bank. The Fidelity Bank, whose headquarters are in Fuquay Varina, North Carolina, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at an average 3.7 stars out of 5, The Fidelity Bank is a bank with better alternatives. The Fidelity Bank has a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Fidelity Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account maintains a $4.00 monthly fee, making it a rather costly bank for checking. Banks that offer free checking and a high savings APY are the best option for getting the most income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

The Fidelity Bank has a savings rate of 0.02%, which is poor compared to the national average. The Fidelity Bank's CDs feature a rate of 0.25% and 0.75% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.10%. Given its poor savings rate, you should consider looking elsewhere to open savings accounts.

How The Fidelity Bank's Savings Rates Compare

The Fidelity Bank Savings 0.02 National Average 0.26 Compare Offers
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Fees

3.6
SmartAsset Average: 4.4

The Fidelity Bank charges customers above-average fees compared to other U.S. banks. The Fidelity Bank's checking account has a monthly fee of $4.00, which makes it fair for anyone looking for a hassle-free account. For those who withdraw cash frequently, The Fidelity Bank is not the best product because it charges an out-of-network ATM fee of $3.00, which is less than great in comparison to the average U.S. bank. Additionally, The Fidelity Bank has an overdraft fee of $35.00, which is on par with the national average overdraft fee. The Fidelity Bank does not refund out-of-network ATM fees, meaning you'll need to locate a The Fidelity Bank ATM or eat the withdrawal fee.

Monthly Fee $4.00 National Average: $3.21
Non-network ATM Fee $3.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

The Fidelity Bank is a brick-and-mortar bank, with 58 total bank locations in North Carolina and Virginia. With mobile and web apps, The Fidelity Bank makes mobile banking straightforward, even on the go. The Fidelity Bank receives poor marks from users for its online presence. With 130 ratings across both Apple and Android platforms, the The Fidelity Bank mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). You can utilize The Fidelity Bank's app to control your finances by checking monthly statements, transferring money as well as accessing support representatives. The Fidelity Bank receives a superb consumer satisfaction score due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

The Fidelity Bank is a large bank and owns $2 billion in assets and deposits totaling $2 billion. Its Texas Ratio is 1.60%, denoting a minute chance of failure. Additionally, The Fidelity 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.

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Compare The Fidelity Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.02% APY $1
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.50% APY
  • 48 Month: 0.50% APY
  • 60 Month: 0.75% APY
$10000 for all terms
Money Market Account 0.05% APY $10000

The Fidelity 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. The Fidelity Bank does not have the best savings rate, which means you should consider other options 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. The Fidelity Bank's CD rates are fair in comparison to the national average.

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Find a The Fidelity Bank Near Me

The Fidelity Bank has 58 physical branches in the U.S.

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