AuburnBank first started operating in 1907 with headquarters located in Auburn, Alabama. It manages $854 million in assets as well as deposits totaling $759 million, which makes it a medium-size bank. AuburnBank 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. SmartAsset has rated the bank 3.6 stars out of 5, indicating that AuburnBank is an average bank that leaves room for improvement. AuburnBank has a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. AuburnBank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account maintains a $7.50 monthly fee, which places it at the higher end of monthly fees. Institutions that offer no-fee checking and a high interest rate savings account are your best bet for gaining the highest income from your deposits alongside convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.20%, AuburnBank ranks poorly as compared against the national average. AuburnBank's one-year CD earns at a rate of 0.50% and the five-year CD has a rate of 1.00%, while its highest-yielding money market account earns at an APY of 0.31%. Given AuburnBank's below average savings rate, you should think about other options to earn more on your deposits.
How AuburnBank's Savings Rates Compare
AuburnBank charges customers high fees in comparison to other U.S. banks. Its checking account has a monthly fee of $7.50, which makes it fair for anyone looking for a simple account. AuburnBank does not reimburse out-of-network ATM charges, which means you will have to search for an AuburnBank ATM or pay the cost of withdrawal.
AuburnBank is a brick-and-mortar bank, with eight total branches in Alabama. It also offers access to mobile and web apps for simple access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. ET. AuburnBank gets high marks from users for its online presence. The AuburnBank mobile app is rated at 4.7 out of 5 (out of 22 ratings on Apple and Android) compared to the national average of 3.8. AuburnBank's mobile app lets you control your accounts by looking at current statements, sending and receiving money and accessing support representatives. AuburnBank gets a superb consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
AuburnBank ranks as a medium-size bank and handles $854 million in assets as well as $759 million in deposits. It has an excellent Texas Ratio of 3.18%, suggesting that AuburnBank is in outstanding financial health and far from failure. Additionally, AuburnBank 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.Back to Overview
Compare AuburnBank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.2% APY||$1|
|Checking Account||0.05% APY||$1|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Accounts||0.21% APY 0.31% APY||$10000 $15000|
AuburnBank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. AuburnBank 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. AuburnBank's CD rates are fair in comparison to the national average.Back to Overview
Find a AuburnBank Near Me
AuburnBank has eight physical locations across the U.S.Back to Overview