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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

Anderson Brothers Bank first started operating in 1933 and has its headquarters in Mullins, South Carolina. It handles $657 million in assets and deposits totaling $590 million, making it a medium-size bank. Anderson Brothers Bank has above-average customer service access 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 access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Anderson Brothers Bank is a solid contender in your bank search, with a rating of 4.3 stars out of 5 from the SmartAsset experts. Anderson Brothers Bank has a complete suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Anderson Brothers Bank offers an option without a maintenance or monthly fee. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same bank is the best bet for returning the most income from your deposits while having 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

3.7
SmartAsset Average: 3.5

With a savings rate of 0.15%, Anderson Brothers Bank ranks poorly compared to the average U.S. bank. Its CD rates are 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 consider looking at the competition to open 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

On average, Anderson Brothers Bank charges its customers extremely low fees as compared against the national average. With no monthly fee, Anderson Brothers Bank's checking account is ideal for those who want a hassle-free banking experience. Also, Anderson Brothers Bank has an overdraft fee of $28.00, which is significantly lower than the national average overdraft fee. Anderson Brothers Bank unfortunately does not refund out-of-network ATM fees, meaning you will be required to find an Anderson Brothers Bank ATM or accept the 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 have 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, a helpful way to reach a representative during the work day. Anderson Brothers Bank's online and mobile banking services get fair marks from customers. The Anderson Brothers Bank mobile app rates a 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 mobile app to manage your bank accounts by checking monthly statements, transferring funds as well as reaching support representatives. Anderson Brothers Bank gets a superb consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed 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 ranks as a medium-size bank with assets totaling $657 million as well as deposits totaling $590 million. Its Texas Ratio is 7.91%, indicating a small possibility of 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
$10000 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

Anderson Brothers 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. Anderson Brothers 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. Anderson Brothers Bank's CD rates are fair compared to other U.S. banks.

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Find a Anderson Brothers Bank Near Me

Anderson Brothers Bank has 23 physical branches across the U.S.

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