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Anchor Bank Review

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Anchor Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1907, Anchor Bank has $472 million in assets along with deposits totaling $344 million, ranking the institution as a medium-size bank. Anchor Bank, whose headquarters are in Aberdeen, Washington, 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 apps. SmartAsset has rated the bank 4.3 out of 5 stars, suggesting Anchor Bank is a great bank that you should seriously consider. Anchor Bank provides customers with a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Anchor Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Anchor Bank's standard checking account does not carry a monthly maintenance charge. Locating a bank with free checking as well as a high interest rate savings account is your best option for returning the highest income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
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

With a savings rate of 0.15%, Anchor Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD earns at a rate of 0.25% and the five-year CD earns at a rate of 2.02%, while its highest-yielding money market account has an APY of 0.10%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Anchor Bank's Savings Rates Compare

Anchor Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Anchor Bank charges customers extremely low fees compared to the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Anchor Bank does not reimburse out-of-network ATM fees, which means you'll have to search for an Anchor Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 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

4.3
SmartAsset Average: 3.7

Anchor Bank is a brick-and-mortar bank, with nine total bank locations in Washington. With mobile and web apps, Anchor Bank makes mobile banking convenient, even on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. PT. Anchor Bank gets high praise from customers for its online presence. The Anchor Bank mobile app is rated at 4.6 out of 5 (out of 53 reviews on iOS and Android) compared to the national average of 3.8. Anchor Bank's mobile app allows you to manage your funds by monitoring current statements, sending and receiving money as well as reaching support representatives. Anchor Bank gets an exceptional consumer satisfaction rating due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Anchor Bank is a medium-size bank and handles assets totaling $472 million as well as deposits totaling $344 million. Anchor Bank's Texas Ratio is 7.43%, signifying a small chance of failure. Additionally, Anchor Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.43%
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 Anchor Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.25% APY
  • 36 Month: 1.16% APY
  • 48 Month: 1.36% APY
  • 60 Month: 2.02% APY
$10000 for all terms
Money Market Account 0.1% APY $25000

Anchor Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Anchor Bank does not have the best savings rate, which means you should think about 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. Anchor Bank's CD rates are fair as compared against the national average.

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Find a Anchor Bank Near Me

Anchor Bank has nine physical locations in the U.S.

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