Cashmere Valley Bank Review

Cashmere Valley Bank Savings

0.05% APY

Founded in 1932, Cashmere Valley Bank has assets totaling $2.04 billion as well as deposits totaling $1.77 billion, classifying it as a large bank. Cashmere Valley Bank, whose headquarters are in Cashmere, Washington, does not have the access to customer service other banks offer. It is a traditional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. At a SmartAsset rating of 4.2 stars out of 5, Cashmere Valley Bank should be solidly in contention for your choice of bank. 

Cashmere Valley Bank offers a varied 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, which means other popular banks have higher rates. The bank's standard checking account has a $6.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Using one bank for checking and savings is perfect for getting the highest interest rates on your income while retaining access to your funds without having to wait for money to transfer between accounts.

Service Quality

Cashmere Valley Bank is a brick-and-mortar bank, with 12 total bank locations in Washington. It also offers access to mobile and web apps for simple access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Thursday, 9:00 a.m. to 5:00 p.m. ET; Friday, 9:00 a.m. to 6:00 p.m. ET. 

Cashmere Valley Bank receives reasonably high praise from users for its online presence: the Cashmere Valley Bank mobile app scored a 3.6 out of 5 (with 54 reviews on Apple and Android) compared to the national average of 3.8. Cashmere Valley Bank's mobile app lets you control your funds by looking at account balances, transferring funds and reaching support representatives. Cashmere Valley Bank receives a superb consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

It offers several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Cashmere Valley Bank 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. Cashmere Valley Bank's CD rates are competitive compared to the average U.S. bank. 

Rates

Cashmere Valley Bank features a savings rate of 0.05%, which is fair compared to the average U.S. bank. Its one-year CD earns at a rate of 2.88% and the five-year CD has a rate of 2.52%, while its highest-yielding money market account has a rate of 0.01%. 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.

Fees

Cashmere Valley Bank charges customers average fees as compared against the national average. At $6.00 per month, Cashmere Valley Bank is less than ideal for those who want a basic banking experience. For those who will need cash in a pinch, Cashmere Valley Bank is solid because it offers ATM fee of $1.00, which is solid as compared against the national average. Additionally, Cashmere Valley Bank has an overdraft fee of $25, which is noticeably less than the national average, making it perfect for those who frequently overdraft. Cashmere Valley Bank unfortunately does not refund ATM fees which means you'll have to locate a Cashmere Valley Bank ATM or accept the ATM charge.

Financial Health

Cashmere Valley Bank is a large bank owning $2.04 billion in assets as well as $1.77 billion in deposits. Cashmere Valley Bank has an excellent Texas Ratio of 0.97%, suggesting an exceptionally minute likelihood of failure. Additionally, Cashmere Valley Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Cashmere Valley Bank Near Me

Cashmere Valley Bank has 12 physical branches in the U.S.