Apollo Bank Review

Overview

Established in 2001, Apollo Bank has assets totaling $624 million and deposits totaling $518 million, making it a medium-size bank. Apollo Bank, whose headquarters are in Miami, Florida, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4 stars out of 5, Apollo Bank should be near the middle of the pack in your search for a bank. Apollo Bank has a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs and credit cards. Apollo Bank has a fair savings rate compared to the average savings account. Institutions that offer free checking as well as a high interest rate savings account are your best bet for accruing the highest income from your deposits while maintaining convenient access to your money.

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

With a savings rate of 0.05%, Apollo Bank ranks poorly in comparison to the national average. Its one-year CD has a rate of 1.10%, while its highest-yielding money market account earns at a rate of 0.20%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

How Apollo Bank's Savings Rates Compare

There is insufficient data on Apollo Bank's fees to provide a full SmartAsset rating.

Apollo Bank is a brick-and-mortar bank, with five total branches in Florida. With mobile and web apps, Apollo Bank makes account access convenient, even on the go. Apollo Bank's online and mobile banking services get positive ratings from customers. The Apollo Bank mobile app has an overall rating of 4.8 out of 5 (out of 4 customer reviews on iOS and Android) compared to the national average of 3.8. Apollo Bank's mobile app lets you manage your bank accounts by reviewing account balances, transferring funds and accessing support representatives. Apollo Bank gets a superb consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Apollo Bank ranks as a medium-size bank with assets totaling $624 million as well as $518 million in deposits. It has a strong Texas Ratio of 8.73%, suggesting that Apollo Bank is in fine financial well-being and unlikely to fail. Additionally, Apollo 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

Apollo 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. Apollo Bank does not have the best savings rate, which means you should consider 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. Apollo Bank's CD rates are fair as compared against the national average.

Find a Apollo Bank Near Me

Apollo Bank has five locations across the U.S.