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Bank of Sullivan Review

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Bank of Sullivan Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1895, Bank of Sullivan has $472 million in assets and $393 million in deposits, ranking it as a medium-size bank. Bank of Sullivan, whose headquarters are in Sullivan, Missouri, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. We gave the bank a 3.9 stars out of 5, which means Bank of Sullivan is a good bank that warrants your consideration. Bank of Sullivan offers a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product features a $3.00 monthly fee, which is not too high in comparison to other U.S. banks. Finding a bank with no-fee checking, in addition to a high savings APY is your best option for accruing the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

Bank of Sullivan features a savings rate of 0.15%, which is fair compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.35% and 2.88%, respectively, while its highest-yielding money market account has an APY of 0.25%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Bank of Sullivan's Savings Rates Compare

Bank of Sullivan Savings 0.15 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

On average, Bank of Sullivan charges its customers average fees compared to the national average. At $3.00 per month, Bank of Sullivan is not ideal for people who want a basic checking account. For those who often withdraw cash from the ATM, it is less than the best product because it has an out-of-network ATM fee of $15.00, which is not the best option as compared against the national average. Also, it has an overdraft fee of $30.00, which is markedly lower than the national average. Bank of Sullivan doesn't reimburse out-of-network ATM charges, which means you'll need to find a Bank of Sullivan ATM or eat the fee.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee $15.00 National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

Bank of Sullivan is a brick-and-mortar bank, with nine total branches in Missouri. It also offers access to mobile and web apps for easy access and banking on the go. Bank of Sullivan's online and mobile banking services receive moderately good scores from users. With 48 ratings on Apple and Android platforms, the Bank of Sullivan mobile app rates a 4.0 out of 5 (compared to the national average of 3.8). You can access Bank of Sullivan's mobile app to manage your bank accounts by monitoring current statements, sending and receiving funds as well as accessing customer service. Bank of Sullivan gets an outstanding consumer satisfaction rating based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Bank of Sullivan ranks as a medium-size bank with assets totaling $472 million and deposits totaling $393 million. Bank of Sullivan has a strong Texas Ratio of 11.66%, signifying that Bank of Sullivan is in good financial well-being and unlikely to fail. Additionally, Bank of Sullivan is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

11.66%
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 Sullivan to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.70% APY
  • 48 Month: 0.85% APY
  • 60 Month: 2.88% APY
$1000 for all terms
Money Market Account 0.2% APY $10000

Bank of Sullivan 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 Sullivan 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 Sullivan's CD rates are fair in comparison to other U.S. banks.

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Find a Bank of Sullivan Near Me

Bank of Sullivan has nine physical branches across the U.S.

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