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Benchmark Bank Review

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Benchmark Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Started in 1964, Benchmark Bank has assets totaling $546 million along with $491 million in deposits, classifying the institution as a medium-size bank. Benchmark Bank, whose headquarters are in Plano, Texas, lacks premium access to customer service, with no options for 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, Benchmark Bank is a fair bank that does not compare with some of the larger banks, with a rating of 3.3 out of 5 stars from the SmartAsset team. Benchmark Bank provides customers with numerous product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Benchmark Bank has a fair savings rate compared to the average savings account. The bank's standard checking product maintains a monthly fee of $8.00, making it a rather expensive bank for checking. Banks that offer free checking and a high savings APY are the best option for getting the highest income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.05%, Benchmark Bank ranks poorly compared to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.40% and 1.00%, respectively. Given Benchmark Bank's noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How Benchmark Bank's Savings Rates Compare

Benchmark Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Benchmark Bank has generally high fees in comparison to other U.S. banks. At $8.00/month, Benchmark Bank is less than ideal for people who want a simple checking account. Benchmark Bank unfortunately does not refund out-of-network ATM fees, which means you'll have to search for a Benchmark Bank ATM or pay the withdrawal fee.

Monthly Fee $8.00 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

SmartAsset Average: 3.7

Benchmark Bank is a brick-and-mortar bank, with nine total bank locations in Texas. It also offers access to mobile and web apps for easy access and banking on the go. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 8:30 a.m. to 4:30 p.m. CT. Benchmark Bank receives inferior marks from users for its online presence. The Benchmark Bank mobile app is rated at 3.0 out of 5 (out of 2 customer reviews on Apple and Android) compared to the national average of 3.8. Benchmark Bank's mobile app lets you control your accounts by checking current statements, transferring funds and reaching customer service. Benchmark Bank gets a superb consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Benchmark Bank ranks as a medium-size bank and owns assets totaling $546 million as well as $491 million in deposits. Its Texas Ratio is 5.58%, denoting a small chance of failure. Additionally, Benchmark Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Benchmark Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.70% APY
  • 60 Month: 1.00% APY
$10001 for all terms

Benchmark Bank has several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. Benchmark Bank does not have the best savings rate, which means you should think about taking a look 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. Benchmark Bank's CD rates are fair compared to other U.S. banks.

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Find a Benchmark Bank Near Me

Benchmark Bank has nine physical locations across the U.S.

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