Apex Bank Review

Overview

Started in 1931, Apex Bank has $525 million in assets and $420 million in deposits, which makes the institution a medium-size bank. Apex Bank, whose headquarters are in Camden, Tennessee, 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 in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4 out of 5 stars, Apex Bank should be near the middle of the pack in your search for a bank. Apex Bank has a complete suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs and mortgage products. Apex Bank has a fair savings rate compared to the average savings account. The bank's standard checking product has a $5.00 monthly fee, making it a rather expensive bank for checking. Institutions that offer no-fee checking and a high interest rate savings account are your best bet for returning the highest income on your deposits alongside easy access to your money.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Apex Bank features a savings rate of 0.25%, which is fair in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.75% and 1.60%, respectively, while its highest-yielding money market account has an APY of 0.25%. Given its below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Apex Bank's Savings Rates Compare

Apex Bank charges its customers average fees in comparison to the national average. At $5.00/month, Apex Bank is not ideal for people who want a basic banking experience. For those who frequent the ATM, it is good because it has an out-of-network ATM fee of $1.00, which is good compared to the national average. Also, at $29.95, it has a considerably lower overdraft fee compared to the national average overdraft fee. Apex Bank doesn't reimburse out-of-network ATM charges, which means you'll have to find an Apex Bank ATM or eat the ATM charge.

Apex Bank is a brick-and-mortar bank, with 14 total bank locations in Tennessee. It also offers access to mobile and web apps for straightforward access and banking on the go. Apex Bank's online and mobile banking platforms get high praise from users. The Apex Bank mobile app has been given a 4.8 out of 5 (with 150 ratings on Apple and Android) compared to the national average of 3.8. You can use Apex Bank's mobile app to control your bank accounts by monitoring account balances, transferring funds and reaching customer service. Apex Bank gets a superb consumer satisfaction rating based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Apex Bank is currently a medium-size bank owning assets totaling $525 million and $420 million in deposits. It has a good Texas Ratio of 21.79%, suggesting that Apex Bank is in fine financial condition. Additionally, Apex 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.

Products Offered

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

Find a Apex Bank Near Me

Apex Bank has 14 physical locations in the U.S.