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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 and is headquartered in Ann Arbor, Michigan. Bank of Ann Arbor owns $2 billion in assets along with deposits totaling $1 billion, making it a large bank. Bank of Ann Arbor lacks premium access to customer service, 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 offerings. With an average 3.7 stars out of 5, Bank of Ann Arbor proves it is a decent bank that leaves room for improvement. Bank of Ann Arbor offers a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account features a $9.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best bet for gaining the most income on your deposits alongside easy access to your funds.

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

Bank of Ann Arbor features a savings rate of 0.25%, which is poor in comparison to the average U.S. bank. Bank of Ann Arbor's one-year CD earns at a rate of 0.95% and the five-year CD has a rate of 2.00%, while its highest-yielding money market account has a rate of 0.35%. Given Bank of Ann Arbor's below average savings rate, you should consider looking at the competition to open savings accounts.

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

On average, Bank of Ann Arbor charges its customers high fees compared to other U.S. banks. At $9.00 per month, Bank of Ann Arbor is not ideal for people who want a basic banking experience. Bank of Ann Arbor doesn't reimburse out-of-network ATM fees, which means you'll need to search for a Bank of Ann Arbor ATM or eat the fee.

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 bank locations in Michigan. With mobile and web apps, Bank of Ann Arbor makes account access easy, even on the go. Bank of Ann Arbor's online and mobile banking services receive relatively good feedback from users. Out of 16 customer reviews on both iOS and Android platforms, the Bank of Ann Arbor mobile app is scored at 4.2 out of 5 (compared to the national average of 3.8). You can utilize Bank of Ann Arbor's app to manage your accounts by checking current statements, transferring funds and accessing support representatives. Bank of Ann Arbor receives an outstanding consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial 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 owning $2 billion in assets as well as $1 billion in deposits. Its Texas Ratio is 3.17%, indicating a negligible likelihood 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 Accounts 0.25% APY 0.35% APY $10000 $15000

Bank of Ann Arbor offers 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 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. Bank of Ann Arbor's CD rates are fair compared to the average U.S. bank.

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Find a Bank of Ann Arbor Near Me

Bank of Ann Arbor has eight locations in the U.S.

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