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Bank of the Sierra 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 the Sierra Savings
0.10% APY

Overview

Our Rating: 4.2/5 How we calculated this rating

Started in 1978, Bank of the Sierra has assets totaling $2 billion and $2 billion in deposits, which makes it a large bank. Bank of the Sierra, whose headquarters are in Porterville, California, does not have the customer service bells and whistles of other banks. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. Coming in at a commendable 4.2 stars out of 5, Bank of the Sierra proves it is a great bank that you should seriously consider. 

Bank of the Sierra has the full slate 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, which means other popular banks have higher rates. If you're looking for a checking account for everyday use, Bank of the Sierra offers one without a maintenance or monthly fee. Using the same bank for checking and savings is best for getting the largest interest rates on your income while retaining convenient access to your money.

Service Quality

Bank of the Sierra is a brick-and-mortar bank, with 40 total bank locations in California. With mobile and web apps, Bank of the Sierra makes mobile banking straightforward, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 7:30 a.m. to 6:00 p.m. PT. 

Bank of the Sierra receives relatively decent scores from users for its online presence: the Bank of the Sierra mobile app scored a 3.6 out of 5 (out of 240 ratings on Apple and Android) compared to the national average of 3.8. You can use Bank of the Sierra's mobile app to manage your funds by checking monthly statements, transferring funds and reaching support representatives. Bank of the Sierra receives a superb consumer satisfaction rating due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Accounts Compare Offers
  • 0.10% APY
$300
Certificates of Deposit Compare Offers
  • 12 Month: 0.28% APY
  • 24 Month: 0.41% APY
  • 36 Month: 0.59% APY
  • 48 Month: 0.66% APY
  • 60 Month: 0.66% APY
$1,000 for all tiers
Checking Accounts Compare Offers
  • 0.08% APY
$2,500

Bank of the Sierra has several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Bank of the Sierra does not have the best savings rate, which means you should think about taking a look 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 the Sierra's CD rates are competitive as compared against the national average. 

Rates

With a savings rate of 0.10%, Bank of the Sierra ranks below the mean in comparison to the national average. Bank of the Sierra's one-year CD has a rate of 0.28% and the five-year CD has a rate of 0.66%. It has a fair savings rate, which means you can find higher rates with other banks. Consider choosing another bank to earn more on your deposits.

Compare Bank of the Sierra to Other Competitive Offers

Fees

On average, Bank of the Sierra charges its customers extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who withdraw cash routinely, Bank of the Sierra is solid because it offers ATM fee of $1.50, which is good in comparison to the national average. Additionally, Bank of the Sierra has an overdraft fee of $29, which is significantly less than the national average, making it perfect for those who don't check their balance often. 

Financial Health

Bank of the Sierra is currently a large bank owning $2 billion in assets and $2 billion in deposits. Its Texas Ratio is 2.98%, indicating a very small chance of failure. Additionally, Bank of the Sierra is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Bank of the Sierra Near Me

Bank of the Sierra has 40 physical locations across the U.S.

 

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