Chambers Bank (AR) Review

Chambers Bank Savings

0.15% APY

Chambers Bank first started operating in 1930 with headquarters in Danville, Arkansas. Chambers Bank handles $766 million in assets along with $630 million in deposits, making it a medium-size bank. Chambers Bank lacks premium access to support representatives, with no live chat or all-day service options available. 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. SmartAsset has rated the bank 4 out of 5 stars, suggesting Chambers Bank is a respectable bank that deserves your consideration. 

Chambers Bank offers a varied choice of banking products, including savings accounts, checking accounts, money market accounts, CDs and IRAs. Chambers Bank's savings account earns an average interest rate, making it a suitable option if you need a place to store your money. If you're looking for a checking account for everyday use, Chambers Bank's most basic checking account does not have a monthly maintenance fee. Opening accounts in the same place can be best when you want to get the most return on your money while retaining access to your money without having to wait for money to transfer between accounts.

Service Quality

Chambers Bank is a brick-and-mortar bank, with 20 total bank locations in Arkansas. It also offers access to mobile and web apps for straightforward access and banking on the go.  

Chambers Bank gets mediocre marks from users for its online presence: with 19 customer reviews on Apple and Android platforms, the Chambers Bank mobile app is scored at 2.6 out of 5 (compared to the national average of 3.8). Chambers Bank's mobile app allows you to manage your finances by reviewing monthly statements, transferring money as well as reaching support representatives. Chambers Bank receives an excellent consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Chambers Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. It does not have the best savings rate, which means you should consider 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. Chambers Bank's CD rates are fair compared to the national average.

Rates

Chambers Bank has a savings rate of 0.15%, which is moderate in comparison to the national average. Chambers Bank's one-year CD has a rate of 0.40%, while its highest-yielding money market account earns at an APY of 0.40%. Considering that Chambers Bank offers a fair APY, Chambers Bank's savings account is perfect if you are looking to save for a key life event such as sending your kids to college.

Fees

Chambers Bank charges its customers extremely low fees in comparison to the national average. With no monthly fee, Chambers Bank is perfect for those who want a simple checking account. 

Financial Health

Chambers Bank is a medium-sized bank with $766 million in assets as well as deposits totaling $630 million. Its Texas Ratio is 10.50%, suggesting that the bank is in good financial health and far from failure. Additionally, Chambers Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Chambers Bank Near Me

Chambers Bank has 20 physical locations across the U.S.