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Consumers National Bank Review

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Consumers National Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1965, Consumers National Bank has $469 million in assets as well as deposits totaling $383 million, classifying the institution as a medium-size bank. Consumers National Bank, whose headquarters are in Minerva, Ohio, 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 in-person service, in addition to its online and mobile offerings. Overall, Consumers National Bank is a respectable bank that deserves your consideration, with a score of 4.0 stars out of 5 from the SmartAsset team. Consumers National Bank has a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Consumers National Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account has a $3.00 monthly fee, which is acceptable compared to other U.S. banks. Using an institution with free checking as well as a high savings APY is your best bet for returning the most income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.03%, Consumers National Bank ranks poorly compared to other U.S. banks. Its CD rates are 0.15% and 1.60% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.30%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Consumers National Bank's Savings Rates Compare

Consumers National Bank Savings 0.03 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

Consumers National Bank has typically average fees compared to the average U.S. bank. At $3.00 per month, Consumers National Bank's checking account is less than the best product for those who need an easy checking account. Also, at $33.00, its overdraft fee is significantly lower than the average U.S. overdraft fee. Consumers National Bank does not refund out-of-network ATM charges, meaning you will have to search for a Consumers National Bank ATM or eat the withdrawal fee.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $33.00 National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

Consumers National Bank is a brick-and-mortar bank, with 13 total branches in Ohio. With mobile and web apps, Consumers National Bank makes account access easy, even on the go. Consumers National Bank gets high marks from users for its mobile app. The Consumers National Bank mobile app rates a 4.6 out of 5 (out of 370 reviews on iOS and Android) compared to the national average of 3.8. You can access Consumers National Bank's mobile app to control your funds by looking at monthly statements, transferring money as well as accessing customer service. Consumers National Bank receives an exceptional consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Consumers National Bank is currently a medium-size bank with assets totaling $469 million as well as $383 million in deposits. Consumers National Bank's Texas Ratio is 2.02%, suggesting a low likelihood of failure. Additionally, Consumers National Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Consumers National Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $1
Checking Account 0.02% APY $2500
Certificates of Deposit
  • 12 Month: 0.15% APY
  • 24 Month: 0.15% APY
  • 36 Month: 0.50% APY
  • 48 Month: 2.75% APY
  • 60 Month: 1.60% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.3% APY $10000 $15000

Consumers National Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Consumers National Bank does not have the best savings rate, which means you should think about 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. Consumers National Bank's CD rates are fair compared to the national average.

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Find a Consumers National Bank Near Me

Consumers National Bank has 13 locations in the U.S.

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