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Bank of Marin 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
Bank of Marin Savings
0.01% APY

Overview

Our Rating: 4.1/5 How we calculated this rating

Bank of Marin was founded in 1990 with headquarters located in Novato, California. It has $2 billion in assets and deposits totaling $2 billion, classifying it as a large bank. Bank of Marin lacks premium access to customer service, with no options of live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Bank of Marin is a respectable bank that should be given a look at a rating of 4.1 out of 5 stars from the SmartAsset team. 

Bank of Marin offers a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Bank of Marin offers an option without a monthly fee. Using the same bank for checking and savings is best when you want to get the highest interest rates on your deposits while keeping convenient control over your funds.

Service Quality

Bank of Marin is a brick-and-mortar bank, with 25 total bank locations in California. It also offers access to mobile and web apps for a simple mobile-banking experience.  

Bank of Marin receives inadequate marks from users for its mobile platform: out of 19 customer reviews across iOS and Android platforms, the Bank of Marin mobile app has an overall rating of 2.5 out of 5 (compared to the national average of 3.8). You can access Bank of Marin's mobile app to control your bank accounts by looking at monthly statements, sending and receiving money and accessing customer service. Bank of Marin gets an excellent consumer satisfaction rating due to relatively few consumer complaints registered 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 0.01% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.20% APY
  • 36 Month: 0.35% APY
  • 60 Month: 0.75% APY
$10,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.05% APY $10,000 Compare Offers
Checking Accounts 0.01% APY $1,000 Compare Offers

Bank of Marin has several deposit products like savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. It does not have the best savings rate, which means you should think about 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. Bank of Marin's CD rates are fair compared to the average U.S. bank.

Rates

With a savings rate of 0.01%, Bank of Marin ranks below the mean compared to other U.S. banks. Bank of Marin's one-year and five-year term lengths CD's earn at a rate of 0.10% and 0.75%, respectively, while its highest-yielding money market account has an APY of 0.05%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

Compare Bank of Marin to Other Competitive Offers

Fees

Bank of Marin typically has extremely low fees in comparison to other U.S. banks. With no monthly fee, Bank of Marin is ideal for people who want a simple banking experience. Additionally, at $30, Bank of Marin has a significantly lower overdraft fee compared to the average U.S. overdraft fee, making it perfect for those who take out money in copious amounts. 

Financial Health

Bank of Marin ranks as a large bank and owns assets totaling $2 billion as well as $2 billion in deposits. It has an excellent Texas Ratio of 0.13%, indicating that the bank is in terrific financial condition and very far from failure. Additionally, Bank of Marin is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Bank of Marin Near Me

Bank of Marin has 25 physical branches in the U.S.

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