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Bank of Ann Arbor Review

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Bank of Ann Arbor Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Bank of Ann Arbor was founded in 1996 with headquarters located in Ann Arbor, Michigan. Bank of Ann Arbor handles $2 billion in assets and $1 billion in deposits, classifying it as a large bank. Bank of Ann Arbor lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset experts rated Bank of Ann Arbor 3.7 stars out of 5, indicating that it is a decent choice, but with better options out there. Bank of Ann Arbor provides customers with a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product maintains a $9.00 monthly fee, making it a rather expensive bank for checking. Using an institution with no-fee checking, in addition to a high savings APY is the best option for getting the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

With a savings rate of 0.25%, Bank of Ann Arbor ranks poorly as compared against the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.95% and 2.00%, respectively, while its highest-yielding money market account has an APY of 0.35%. Given Bank of Ann Arbor's poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Bank of Ann Arbor's Savings Rates Compare

Bank of Ann Arbor Savings 0.25 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Bank of Ann Arbor has typically high fees in comparison to other U.S. banks. At $9.00/month, Bank of Ann Arbor is not the best option for those who want a basic banking experience. Bank of Ann Arbor does not reimburse out-of-network ATM fees, which means you'll have to search for a Bank of Ann Arbor ATM or eat the ATM charge.

Monthly Fee $9.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

Bank of Ann Arbor is a brick-and-mortar bank, with eight total branches in Michigan. It also offers access to mobile and web apps for easy access and banking on the go. Bank of Ann Arbor's online and mobile banking services get fairly decent feedback from users. With 16 ratings across iOS and Android platforms, the Bank of Ann Arbor mobile app rates a 4.2 out of 5 (compared to the national average of 3.8). Bank of Ann Arbor's mobile app lets you control your finances by checking account balances, sending and receiving funds as well as accessing support representatives. Bank of Ann Arbor gets a superb consumer satisfaction rating due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Bank of Ann Arbor is a large bank and manages assets totaling $2 billion and deposits totaling $1 billion. Bank of Ann Arbor's Texas Ratio is 3.17%, indicating a minute probability of failure. Additionally, Bank of Ann Arbor is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.17%
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 Bank of Ann Arbor to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $100
Checking Account 0.25% APY $2500
Certificates of Deposit
  • 12 Month: 0.95% APY
  • 24 Month: 1.50% APY
  • 48 Month: 1.75% APY
  • 60 Month: 2.00% APY
$1000 for all terms
Money Market Account 0.25% APY $5000

Bank of Ann Arbor has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Bank of Ann Arbor does not have the best savings rate, which means you should consider taking a look 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. Bank of Ann Arbor's CD rates are fair compared to the national average.

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Find a Bank of Ann Arbor Near Me

Bank of Ann Arbor has eight branches across the U.S.

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