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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

Allegiance Bank was founded in 2007 with its headquarters in Houston, Texas. Allegiance Bank handles assets of $3 billion along with deposits totaling $2 billion, ranking it as a large bank. Allegiance Bank lacks premium access to customer service, 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. With a poor 3.3 stars out of 5, Allegiance Bank is a fair bank that might not check all the boxes. Allegiance Bank provides customers with a complete suite of banking products, which include savings accounts, checking accounts, money market accounts and CDs. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account maintains a monthly fee of $10.00, although banks sometimes have requirements that allow you to waive the fee. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same bank is your best option for getting the most income from your deposits while having convenient access to your funds.

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

Allegiance Bank features a savings rate of 0.30%, which is fair compared to other U.S. banks. Allegiance Bank's 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 Allegiance Bank's noncompetitive savings rate, you should think about 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 generally has high fees compared to the national average. Allegiance Bank's checking account has a monthly fee of $10.00, rating it fair for anyone looking for a simple account. Allegiance Bank doesn't reimburse out-of-network ATM fees, which means you'll have to search for an Allegiance Bank ATM or eat the ATM charge.

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 bank locations in Texas. With mobile and web apps, Allegiance Bank makes mobile banking straightforward, even on the go. You can use Allegiance Bank's mobile app to control your finances by checking monthly statements, transferring money and reaching customer service. Allegiance Bank receives an outstanding consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 $3 billion in assets as well as $2 billion in deposits. Allegiance Bank has an excellent Texas Ratio of 4.09%, signifying that Allegiance Bank is in terrific financial condition and far from 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 0.75% APY $25000

Allegiance Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you 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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