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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

Bank of Sullivan started in 1895 with headquarters in Sullivan, Missouri. Bank of Sullivan handles $472 million in assets along with $393 million in deposits, which makes it a medium-size bank. Bank of Sullivan 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. On the whole, Bank of Sullivan is a good bank that gets the job done, with a score of 3.9 stars out of 5 from the SmartAsset experts. Bank of Sullivan has a full choice 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 account features a monthly fee of $3.00, which is acceptable in comparison to the national average. Institutions that offer no-fee checking and a high interest rate savings account are your best bet for gaining the highest income from your deposits alongside convenient access to your funds.

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 has a savings rate of 0.15%, which is fair in comparison to the national average. Bank of Sullivan's one-year CD earns at a rate of 1.36% and the five-year CD earns at a rate of 2.88%, while its highest-yielding money market account has an APY of 0.25%. Given Bank of Sullivan's noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

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

Bank of Sullivan generally has average fees compared to the national average. At $3.00/month, Bank of Sullivan is less than the best product for people who want a simple checking account. For those who often visit the ATM, it is less than ideal because it has an out-of-network ATM fee of $15.00, which is not great in comparison to other U.S. banks. Additionally, at $30.00, Bank of Sullivan has a noticeably lower overdraft fee compared to that of other U.S. banks. Bank of Sullivan unfortunately does not reimburse out-of-network ATM fees, meaning you'll be required to locate a Bank of Sullivan ATM or eat the withdrawal 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 straightforward access and banking on the go. Bank of Sullivan gets moderately high marks from users for its mobile banking services. The Bank of Sullivan mobile app has an overall rating of 4.0 out of 5 (out of 48 reviews on Apple and Android) compared to the national average of 3.8. Bank of Sullivan's mobile app lets you control your bank accounts by reviewing account balances, transferring funds and reaching customer service. Bank of Sullivan receives a superb consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
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 is a medium-size bank owning $472 million in assets and deposits totaling $393 million. Bank of Sullivan's Texas Ratio is 11.66%, suggesting that the bank is in good financial health 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: 1.36% APY
  • 24 Month: 1.51% APY
  • 36 Month: 1.71% APY
  • 48 Month: 1.86% APY
  • 60 Month: 2.88% APY
$1000 for all terms
Money Market Account 0.2% APY $10000

Bank of Sullivan 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 Sullivan does not have the best savings rate, which means you should think about other options 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 the average U.S. bank.

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Find a Bank of Sullivan Near Me

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

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