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Arundel Federal Savings Bank Review

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Arundel Federal Savings Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Arundel Federal Savings Bank first started operating in 1906 and has its headquarters in Glen Burnie, Maryland. It has $437 million in assets as well as deposits totaling $370 million, ranking it as a medium-size bank. Arundel Federal Savings Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset has rated Arundel Federal Savings Bank 4.1 stars out of 5, which means it is a good bank that you should consider. Arundel Federal Savings Bank has a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Arundel Federal Savings 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, Arundel Federal Savings Bank's ordinary checking account does not have a monthly fee. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same institution is the best option for accruing the most income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

With a savings rate of 0.10%, Arundel Federal Savings Bank ranks poorly in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 1.85% and 2.55%, respectively, while its highest-yielding money market account earns at an APY of 0.15%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Arundel Federal Savings Bank's Savings Rates Compare

Arundel Federal Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.2
SmartAsset Average: 4.4

Arundel Federal Savings Bank charges customers average fees as compared against the national average. With no monthly fee, Arundel Federal Savings Bank is perfect for those who want a basic banking experience. For those who will need cash in a pinch, Arundel Federal Savings Bank is fair because it has an out-of-network ATM fee of $1.75, which is reasonable in comparison to the national average. Also, Arundel Federal Savings Bank has an overdraft fee of $35.00, which is on par with the average overdraft fee charged by U.S. banks. Arundel Federal Savings Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you'll need to search for an Arundel Federal Savings Bank ATM or eat the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.75 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.7
SmartAsset Average: 3.7

Arundel Federal Savings Bank is a brick-and-mortar bank, with seven total bank locations. With mobile and web apps, Arundel Federal Savings Bank makes mobile banking straightforward, even on the go. Arundel Federal Savings Bank gets fair marks from users for its mobile platform. The Arundel Federal Savings Bank mobile app scored a 3.6 out of 5 (with 5 ratings on iOS and Android) compared to the national average of 3.8. You can access Arundel Federal Savings Bank's app to control your accounts by monitoring current statements, transferring funds and accessing customer service. Arundel Federal Savings Bank receives an exceptional consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Arundel Federal Savings Bank ranks as a medium-size bank with $437 million in assets and deposits totaling $370 million. Its Texas Ratio is 7.46%, indicating a tiny likelihood of failure. Additionally, Arundel Federal Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.46%
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 Arundel Federal Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $50
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 1.85% APY
  • 24 Month: 2.15% APY
  • 36 Month: 3.00% APY
  • 48 Month: 2.35% APY
  • 60 Month: 2.55% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.15% APY $10000 $15000

Arundel Federal Savings Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Arundel Federal Savings 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. Arundel Federal Savings Bank's CD rates are fair compared to other U.S. banks.

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Find a Arundel Federal Savings Bank Near Me

Arundel Federal Savings Bank has seven physical locations in the U.S.

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