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Covenant Bank Review

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Covenant Bank Money Market
0.40% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Covenant Bank first started operating in 2007 and is headquartered in Doylestown, Pennsylvania. It has assets of $448 million as well as $348 million in deposits, classifying it as a medium-size bank. Covenant Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.2 stars out of 5, Covenant Bank should be solidly in contention for your choice of bank. Covenant Bank provides customers with a diversity of banking products, which include checking accounts, money market accounts and CDs. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Covenant Bank's standard checking account does not have a monthly fee. Locating an institution with free checking, in addition to a high interest rate savings account is your best option for returning the highest income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

Its one-year CD has a rate of 0.40% and the five-year CD has a rate of 1.46%, while its highest-yielding money market account has a rate of 0.60%.

How Covenant Bank's Savings Rates Compare

Covenant Bank Money Market 0.40 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Covenant Bank generally has extremely low fees as compared against the national average. With no monthly fee, Covenant Bank's checking account is perfect for those who need an easy banking experience. Covenant Bank doesn't reimburse out-of-network ATM charges, which means you'll need to locate a Covenant 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

3.7
SmartAsset Average: 3.7

Covenant Bank is a brick-and-mortar bank, with one total bank locations in Pennsylvania. With mobile and web apps, Covenant Bank makes mobile banking convenient, even on the go. Covenant Bank's online and mobile banking services get fair marks from customers. The Covenant Bank mobile app scored a 3.5 out of 5 (out of 4 reviews on Apple and Android) compared to the national average of 3.8. You can access Covenant Bank's mobile app to control your accounts by checking account balances, sending and receiving money as well as accessing support representatives. Covenant Bank receives an outstanding consumer satisfaction rating based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.5/5
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

Covenant Bank ranks as a medium-size bank owning assets totaling $448 million as well as deposits totaling $348 million. It has an excellent Texas Ratio of 2.64%, suggesting a negligible possibility of failure. Additionally, Covenant 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 Covenant Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.80% APY
  • 48 Month: 1.24% APY
  • 60 Month: 1.46% APY
$500 for all terms
Money Market Accounts 0.4% APY 0.6% APY $10000 $15000

Covenant Bank has several deposit products including checking accounts, money market accounts and CDs that provide you with many options to manage your money. Covenant 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. Covenant Bank's CD rates are fair compared to other U.S. banks.

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Find a Covenant Bank Near Me

Covenant Bank has one physical branches across the U.S.

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