Colonial Savings (TX) Review

Colonial Savings Savings

0.5% APY

Founded in 1962, Colonial Savings Bank has $1.1 billion in assets and $674.2 million in deposits, which makes it a medium-size bank. Colonial Savings, whose headquarters are in Fort Worth, Texas, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.1 out of 5 stars, Colonial Savings should be solidly in contention for your choice of bank. 

Colonial Savings provides customers with a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking does not carry a monthly charge. Using the same bank for checking and savings is best when you want to get the highest interest rates on your money while maintaining access to your money without getting penalized for withdrawing.

Service Quality

Colonial Savings Bank is a brick-and-mortar bank, with 7 total bank locations in Texas. With mobile and web apps, Colonial Savings makes mobile banking straightforward, even on the go.  

Colonial Savings receives poor marks from customers for its mobile app: with 13 customer reviews on both iOS and Android platforms, the Colonial Savings mobile app is scored at 3.0 out of 5 (compared to the national average of 3.8). Colonial Savings's mobile app allows you to control your funds by looking at current statements, sending and receiving money as well as accessing customer service. Colonial Savings receives an exceptional consumer satisfaction rating due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Colonial Savings Bank has several deposit products which include 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 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. Colonial Savings's CD rates are fair in comparison to other U.S. banks. 

Rates

With a savings rate of 0.5%, Colonial Savings ranks below the mean compared to the national average. A one-year CD earns at a rate of 4.33% and the five-year CD earns at a rate of 1.51%, while its highest-yielding money market account earns at a rate of 5.13%. Given its non-competitive savings rate, you should consider choosing another bank to earn more on your deposits.

Fees

On average, Colonial Savings charges its customers extremely low fees in comparison to the national average. Colonial Savings's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. 

Financial Health

Colonial Savings is currently a medium-size bank owning assets totaling $1.1 billion as well as $674.2 million in deposits. Its Texas Ratio is 0.87%, signifying an exceedingly low chance of failure. Additionally, Colonial Savings is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Colonial Savings Near Me

Colonial Savings has 7 locations in the U.S.