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Classic Bank Review

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Classic Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Started in 1889, Classic Bank has assets totaling $350 million along with deposits totaling $304 million, which makes it a small bank. Classic Bank, whose headquarters are in Cameron, Texas, lacks premium access to customer service, 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 apps. With a score of 4.3 out of 5 stars, Classic Bank should be solidly in contention for your choice of bank. Classic Bank offers a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. Classic Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Classic Bank's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same institution is the best bet for getting the most income from your deposits while maintaining convenient access to your money.

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

Classic Bank has a savings rate of 0.15%, which is poor in comparison to the national average. Classic Bank's CDs feature a rate of 2.10% and 2.80% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 1.30%. Given Classic Bank's below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Classic Bank's Savings Rates Compare

Classic Bank Savings 0.15 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Classic Bank charges its customers extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Classic Bank doesn't refund out-of-network ATM charges, meaning you'll be required to find a Classic Bank ATM or eat the fee.

Monthly Fee $0 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

Classic Bank is a brick-and-mortar bank, with six total branches in Texas. With mobile and web apps, Classic Bank makes mobile banking convenient, even on the go. Classic Bank gets average feedback from users for its mobile banking services. The Classic Bank mobile app scored a 3.9 out of 5 (out of 19 customer reviews on iOS and Android) compared to the national average of 3.8. You can access Classic Bank's app to control your bank accounts by monitoring monthly statements, transferring money as well as reaching customer service. Classic Bank gets a superb consumer satisfaction rating based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Classic Bank is currently a small bank owning $350 million in assets as well as deposits totaling $304 million. Classic Bank's Texas Ratio is 14.22%, signifying that Classic Bank is in good financial condition and far from failure. Additionally, Classic 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 Classic Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $500
Checking Account 0.1% APY $1250
Certificates of Deposit
  • 12 Month: 2.10% APY
  • 24 Month: 2.20% APY
  • 36 Month: 2.40% APY
  • 48 Month: 2.60% APY
  • 60 Month: 2.80% APY
$1000 for all terms
Money Market Account 1.2% APY $2500

Classic Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Classic Bank does not have the best savings rate, which means you should consider other options 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. Classic Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Classic Bank Near Me

Classic Bank has six locations across the U.S.

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