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Crossroads Bank Review

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

Overview

Established in 1920, Crossroads Bank has $374 million in assets and deposits totaling $330 million, ranking it as a small bank. Crossroads Bank, whose headquarters are in Wabash, Indiana, lacks premium access to support representatives, 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 offerings. Overall, Crossroads Bank is a good bank that deserves your consideration, with a score of 4.1 stars out of 5 from our team. Crossroads Bank offers a complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Crossroads Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Crossroads Bank offers an option without a maintenance or monthly fee. Banks that offer no-fee checking as well as a high interest rate savings account are your best bet for gaining the highest income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
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

Crossroads Bank features a savings rate of 0.15%, which is fair in comparison to the average U.S. bank. Its CDs feature a rate of 0.35% and 1.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.35%. Given its below average savings rate, you should think about looking elsewhere to open savings accounts.

How Crossroads Bank's Savings Rates Compare

Crossroads Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Crossroads Bank charges customers extremely low fees as compared against the national average. With no monthly fee, Crossroads Bank's checking account is ideal for those who need an easy checking account. For those who will need cash in a pinch, it is perfect because it has no out-of-network ATM fees. Crossroads Bank does not reimburse out-of-network ATM fees, meaning you will have to locate a Crossroads Bank ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Crossroads Bank is a brick-and-mortar bank, with six total branches in Indiana. It also offers access to mobile and web apps for simple access and banking on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. ET; Saturday, and 8:00 a.m. to 12:00 p.m. ET. Crossroads Bank receives unsatisfactory reviews from customers for its mobile banking services. The Crossroads Bank mobile app has been given a 3.4 out of 5 (out of 21 ratings on Apple and Android) compared to the national average of 3.8. You can utilize Crossroads Bank's app to manage your finances by checking current statements, transferring money as well as accessing support representatives. Crossroads Bank receives an outstanding consumer satisfaction score based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Crossroads Bank is a small bank owning $374 million in assets as well as deposits totaling $330 million. Crossroads Bank's Texas Ratio is 8.43%, denoting that Crossroads Bank is in fine financial well-being and unlikely to fail. Additionally, Crossroads Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

8.43%
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 Crossroads Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1000
Checking Account 0.08% APY $1
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.60% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.26% APY
  • 60 Month: 1.50% APY
$5000 for all terms
Money Market Accounts 0.35% APY 0.35% APY $10000 $15000

Crossroads Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Crossroads Bank does not have the best savings rate, which means you should consider taking a look 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. Crossroads Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Crossroads Bank Near Me

Crossroads Bank has six branches in the U.S.

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