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Austin Bank (TX) Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Austin Bank Savings
0.15% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

Started in 1900, Austin Bank has $2 billion in assets as well as $1 billion in deposits, classifying the institution as a large bank. Austin Bank, whose headquarters are in Jacksonville, Texas, does not have the customer service bells and whistles of other banks. It is a traditional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Austin Bank is a great bank that you should seriously consider with a rating of 4.3 stars out of 5 from our team. 

Austin Bank offers a mixture of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. Austin Bank has a fair savings rate, which means you can find higher rates with other banks. Perfect for basic banking needs, Austin Bank's standard checking does not carry a monthly maintenance fee. Why keep checking and savings accounts with the same bank? Seamless transferring of funds between both accounts means you can still get better interest rates in your savings account but still spend your money from your checking.

Service Quality

Austin Bank is a brick-and-mortar bank, with 32 total branches in Texas. It also offers access to mobile and web apps for easy access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. CT. 

Austin Bank receives fairly high praise from users for its mobile banking services: out of 380 ratings across both Apple and Android platforms, the Austin Bank mobile app is scored at 3.8 out of 5 (compared to the national average of 3.8). Austin Bank's mobile app lets you control your accounts by checking current statements, sending and receiving funds as well as accessing support representatives. Austin Bank gets an exceptional consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.15% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.55% APY
  • 36 Month: 1.75% APY
  • 60 Month: 2.10% APY
$1,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.15% APY
  • 25K tier: 0.17% APY
  • $2,500
  • $20,000
Compare Offers
Checking Accounts 0.10% APY $100 Compare Offers

Austin Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Austin Bank does not have the best savings rate, which means you should consider looking 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. Austin Bank's CD rates are competitive in comparison to the national average. 

Rates

With a savings rate of 0.15%, Austin Bank ranks below the mean in comparison to the national average. Its one-year CD earns at a rate of 1.25% and the five-year CD earns at a rate of 2.10%, while its highest-yielding money market account has a rate of 0.17%. Austin Bank has a fair savings rate, which means you can find higher rates with other banks. Consider higher earning savings accounts with other banks.

Compare Austin Bank to Other Competitive Offers

Fees

Austin Bank has generally extremely low fees compared to the average U.S. bank. Austin Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Also, at $30, its overdraft fee is significantly lower than the national average overdraft fee. Austin Bank refunds any incurred ATM fees (with conditions), which gives easy access to cash at any time.

Financial Health

Austin Bank is currently a large bank with assets totaling $2 billion as well as $1 billion in deposits. Austin Bank's Texas Ratio is 6.97%, signifying that Austin Bank is in fine financial condition and far from failure. Additionally, Austin Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find an Austin Bank Near Me

Austin Bank has 32 physical locations across the U.S. 

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