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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 $350 million in assets and deposits totaling $304 million, classifying it as 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 conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.3 out of 5 stars, Classic Bank should be solidly in contention for your choice of bank. Classic Bank offers a mixture of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking does not carry a monthly charge. Banks that offer free checking and a high interest rate savings account are your best option for gaining 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

With a savings rate of 0.15%, Classic Bank ranks poorly in comparison to other U.S. banks. Classic Bank's one-year CD earns at a rate of 1.45% and the five-year CD has a rate of 1.85%, while its highest-yielding money market account earns at an APY of 0.20%. Given Classic Bank's poor savings rate, you should think about choosing another bank to earn more on your deposits.

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 has typically extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Classic Bank unfortunately does not refund out-of-network ATM charges, which means you will have to search for a Classic Bank ATM or accept the withdrawal 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 bank locations in Texas. With mobile and web apps, Classic Bank makes mobile banking easy, even on the go. Classic Bank gets average marks 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 Apple and Android) compared to the national average of 3.8. You can utilize Classic Bank's app to manage your funds by monitoring current statements, transferring funds as well as reaching customer service. Classic Bank receives a superb consumer satisfaction rating based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 a small bank owning $350 million in assets and $304 million in deposits. Classic Bank's Texas Ratio is 14.22%, indicating that Classic Bank is in fine financial shape and unlikely to fail. 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: 1.45% APY
  • 24 Month: 1.65% APY
  • 36 Month: 1.75% APY
  • 60 Month: 1.85% APY
$2500 for all terms
Money Market Account 0.2% APY $2500

Classic Bank has 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 looking 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. 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 in the U.S.

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