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Ameriserv Financial Bank Review

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Ameriserv Financial Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Ameriserv Financial Bank first started operating in 1933 with headquarters located in Johnstown, Pennsylvania. Ameriserv Financial Bank has assets of $1 billion along with $948 million in deposits, ranking it as a medium-size bank. Ameriserv Financial Bank has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at a poor 3.3 stars out of 5, Ameriserv Financial Bank proves it is a fair bank that you should further inspect to see if it fits your needs. Ameriserv Financial Bank offers the complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product features a $7.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best bet for returning the most income on 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

3.0
SmartAsset Average: 3.5

Ameriserv Financial Bank has a savings rate of 0.10%, which is poor as compared against the national average. Its one-year CD has a rate of 0.40% and the five-year CD has a rate of 2.50%, while its highest-yielding money market account earns at an APY of 0.25%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Ameriserv Financial Bank's Savings Rates Compare

Ameriserv Financial Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

2.5
SmartAsset Average: 4.4

Ameriserv Financial Bank charges its customers high fees compared to other U.S. banks. Ameriserv Financial Bank's checking account has a monthly fee of $7.00, rating it fair for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is fair because it has an out-of-network ATM fee of $2.00, which is reasonable compared to other U.S. banks. Ameriserv Financial Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you will be required to locate an Ameriserv Financial Bank ATM or eat the withdrawal fee.

Monthly Fee $7.00 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.8
SmartAsset Average: 3.7

Ameriserv Financial Bank is a brick-and-mortar bank, with 16 total branches in Pennsylvania. It also offers access to mobile and web apps for a simple mobile-banking experience. Additionally, Ameriserv Financial Bank customers can access live chat for their banking questions or needs, giving customers an easy access point throughout the day. Ameriserv Financial Bank's online and mobile banking services get mediocre marks from users. With 44 ratings on iOS and Android platforms, the Ameriserv Financial Bank mobile app rates a 1.4 out of 5 (compared to the national average of 3.8). You can utilize Ameriserv Financial Bank's mobile app to manage your accounts by looking at current statements, transferring money as well as accessing support representatives. Ameriserv Financial Bank gets a superb consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 1.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.9
SmartAsset Average: 4.8

Ameriserv Financial Bank is a medium-size bank owning $1 billion in assets as well as $948 million in deposits. Ameriserv Financial Bank has an excellent Texas Ratio of 2.77%, denoting a negligible likelihood of failure. Additionally, Ameriserv Financial 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 Ameriserv Financial Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 2.65% APY
  • 36 Month: 1.44% APY
  • 48 Month: 1.50% APY
  • 60 Month: 2.50% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.25% APY $10000 $15000

Ameriserv Financial Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Ameriserv Financial Bank does not have the best savings rate, which means you should think about 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. Ameriserv Financial Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Ameriserv Financial Bank Near Me

Ameriserv Financial Bank has 16 locations across the U.S.

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