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Anderson Brothers Bank Review

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

Overview

Started in 1933, Anderson Brothers Bank has assets totaling $657 million and $590 million in deposits, ranking the institution as a medium-size bank. Anderson Brothers Bank, whose headquarters are in Mullins, South Carolina, has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.3 stars out of 5, Anderson Brothers Bank should be solidly in contention for your choice of bank. Anderson Brothers Bank offers the full selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Anderson Brothers 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, Anderson Brothers Bank's most basic checking account does not carry a monthly maintenance charge. Finding a bank with free checking, in addition to a high savings APY is the best bet for getting the highest income from your deposits while having convenient access to your funds.

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

3.7
SmartAsset Average: 3.5

With a savings rate of 0.15%, Anderson Brothers Bank ranks poorly compared to other U.S. banks. Anderson Brothers Bank's CDs feature a rate of 1.50% and 2.22% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.25%. Given Anderson Brothers Bank's below average savings rate, you should think about taking a look at other banks for savings accounts.

How Anderson Brothers Bank's Savings Rates Compare

Anderson Brothers Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Anderson Brothers Bank charges its customers extremely low fees as compared against the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Additionally, at $28.00, Anderson Brothers Bank's overdraft fee is markedly lower than the average overdraft fee charged by U.S. banks. Anderson Brothers Bank unfortunately doesn't refund out-of-network ATM fees, meaning you will need to find an Anderson Brothers Bank ATM or pay the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $28.00 National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Anderson Brothers Bank is a brick-and-mortar bank, with 23 total branches in South Carolina. With mobile and web apps, Anderson Brothers Bank makes account access convenient, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:30 a.m. to 11:00 p.m. ET; Saturday and Sunday, and 9:00 a.m. to 5:00 p.m. ET. Anderson Brothers Bank also offers a live chat feature, an alternative customer service tool if you can't call in during business hours. Anderson Brothers Bank's online and mobile banking services get moderate scores from users. The Anderson Brothers Bank mobile app has an overall rating of 3.5 out of 5 (with 34 reviews on Apple and Android) compared to the national average of 3.8. You can access Anderson Brothers Bank's app to control your funds by reviewing account balances, sending and receiving money as well as accessing support representatives. Anderson Brothers Bank receives a superb consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.7
SmartAsset Average: 4.8

Anderson Brothers Bank is currently a medium-size bank owning assets totaling $657 million as well as $590 million in deposits. Anderson Brothers Bank has a strong Texas Ratio of 7.91%, denoting that the bank is in fine financial shape and far from failure. Additionally, Anderson Brothers Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.91%
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 Anderson Brothers Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1001
Checking Account 0.15% APY $500
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.40% APY
  • 48 Month: 2.70% APY
  • 60 Month: 2.22% APY
$500 for all terms
Money Market Account 0.25% APY $10000

Anderson Brothers Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Anderson Brothers 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. Anderson Brothers Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Anderson Brothers Bank Near Me

Anderson Brothers Bank has 23 locations in the U.S.

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