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Charter Bank (WI) 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
Charter Bank Savings
0.30% APY

Overview

Our Rating: 4.6/5 How we calculated this rating

Charter Bank started in 1980 with its headquarters in Eau Claire, Wisconsin. It handles $863 million in assets along with deposits totaling $706 million, which makes it a medium-size bank. Charter Bank does not have the same customer service perks that others do. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. With a superb 4.6 stars out of 5, Charter Bank is among the best banks, and should be given strong consideration. 

Charter Bank provides customers with a full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Its 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, Charter Bank offers one without a monthly fee. Keeping accounts in the same place can be best for getting the highest interest rates on your income while maintaining access to your funds without having to wait for money to transfer between accounts.

Service Quality

Charter Bank is a brick-and-mortar bank, with three total branches in Minnesota and Wisconsin. It also offers access to mobile and web apps for easy access and banking on the go.  

Charter Bank gets high praise from users for its mobile platform: the Charter Bank mobile app scored a 5.0 out of 5 (out of 6 reviews on iOS and Android) compared to the national average of 3.8. You can utilize Charter Bank's app to manage your accounts by looking at monthly statements, sending and receiving money as well as accessing support representatives. Charter Bank gets an outstanding consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.30% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 1.80% APY
  • 24 Month: 1.85% APY
  • 36 Month: 1.90% APY
  • 60 Month: 2.25% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.95% APY $10,000 Compare Offers
Checking Accounts 0.15% APY $1 Compare Offers

Charter Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Charter Bank 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. Charter Bank's CD rates are competitive as compared against the national average. 

Rates

Charter Bank has a savings rate of 0.30%, which is moderate in comparison to the average U.S. bank. Charter Bank's one-year CD has a rate of 1.80% and the five-year CD has a rate of 2.25%, while its highest-yielding money market account earns at a rate of 0.95%. With a standard APY, Charter Bank's savings account is perfect if you are looking especially for a significant life event like retirement.

Compare Charter Bank to Other Competitive Offers

Fees

Charter Bank has typically extremely low fees in comparison to the national average. With no monthly fee, Charter Bank is perfect for those who want a simple checking account. 

Financial Health

Charter Bank ranks as a medium-size bank with assets totaling $863 million as well as $706 million in deposits. Its Texas Ratio is 1.52%, signifying an extremely low likelihood of failure. Additionally, Charter Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Charter Bank Near Me

Charter Bank has three branches across the U.S.

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