Armstrong Bank (OK) Review

Armstrong Bank Savings

0.35% APY

Established in 1910, Armstrong Bank has $945 million in assets and $819 million in deposits, making the institution a medium-size bank. Armstrong Bank, whose headquarters are in Muskogee, Oklahoma, has above-average access to customer service with all-day support available, great for getting help during the work week. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. Coming in at a commendable 4.4 out of 5 stars, Armstrong Bank is a great bank that you should seriously consider. 

Armstrong Bank has a complete suite of product offerings, including savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Suitable for those who want their extra money to grow without monitoring it, Armstrong Bank's savings account interest rate is competitive compared to other banks. If you're looking for a checking account for everyday use, Armstrong Bank's standard checking account does not carry a monthly maintenance charge. Why have checking and savings accounts with the same bank? Convenient transferring between both accounts means you can still get higher interest rates in your savings account but still have access to your funds from your checking.

Service Quality

Armstrong Bank is a brick-and-mortar bank, with 22 total bank locations in Arkansas and Oklahoma. It also offers access to mobile and web apps for a simple mobile-banking experience. It provides all-day access to representatives. 

Armstrong Bank's online and mobile banking platforms receive high marks from customers: with 110 customer reviews across both iOS and Android platforms, the Armstrong Bank mobile app is scored at 4.0 out of 5 (compared to the national average of 3.8). You can use Armstrong Bank's mobile app to manage your accounts by checking monthly statements, transferring money and reaching support representatives. Armstrong Bank receives a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Armstrong Bank has several deposit products like savings accounts, checking accounts and CDs, meaning you have many options to manage your money. Armstrong Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Armstrong Bank's CD rates are competitive in comparison to the average U.S. bank. 

Rates

With a savings rate of 0.35%, Armstrong Bank ranks around the mean as compared against the national average. Its one-year and five-year term lengths CD's earn at a rate of 0.90% and 1.61%, respectively, while its highest-yielding money market account has a rate of 0.42%. Given that Armstrong Bank has a higher-than-average APY, Armstrong Bank's savings account is ideal if you want to work toward a key landmark like paying off loans.

Fees

Armstrong Bank typically has low fees compared to the average U.S. bank. Armstrong Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who frequently visit the ATM, it is fair because it offers ATM fee of $2.00, which is fair in comparison to other U.S. banks. Additionally, at $19, its overdraft fee is significantly lower than that of other U.S. banks. Armstrong Bank unfortunately does not reimbursee ATM fees meaning you'll need to find an Armstrong Bank ATM or eat the fee.

Financial Health

Armstrong Bank is currently a medium-size bank owning assets totaling $945 million and deposits totaling $819 million. Armstrong Bank's Texas Ratio is 7.14%, signifying that the bank is in good financial shape and unlikely to fail. Additionally, Armstrong Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find an Armstrong Bank Near Me

Armstrong Bank has 22 locations in the U.S.