Crown Bank Review

Overview

Founded in 1998, Crown Bank has $536 million in assets and deposits totaling $421 million, which makes the institution a medium-size bank. Crown Bank, whose headquarters are in Elizabeth, New Jersey, 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 access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Crown Bank is a satisfactory bank that does not stack up to some of the other banks, with a rating of 3.2 out of 5 stars from the SmartAsset experts. Crown Bank provides customers with a mixture of product offerings, which include savings accounts, checking accounts, money market accounts and CDs. Crown Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking account features a monthly fee of $10.00, although banks sometimes have requirements that allow you to waive the fee. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best option for gaining the most income on your deposits alongside convenient access to your money.

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

Crown Bank features a savings rate of 0.10%, which is poor compared to the average U.S. bank. Its CD rates are 1.10% and 1.65% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given its noncompetitive savings rate, you should think about looking at the competition to open savings accounts.

How Crown Bank's Savings Rates Compare

Crown Bank charges customers high fees compared to the average U.S. bank. Its checking account has a monthly fee of $10.00, making it fair for anyone looking for a simple account. Crown Bank unfortunately does not refund out-of-network ATM fees, which means you will have to search for a Crown Bank ATM or eat the fee.

Crown Bank is a brick-and-mortar bank, with 14 total bank locations in New Jersey. With mobile and web apps, Crown Bank makes mobile banking straightforward, even on the go. Crown Bank gets great ratings from customers for its online presence. Out of 10 customer reviews across both iOS and Android platforms, the Crown Bank mobile app rates a 4.5 out of 5 (compared to the national average of 3.8). You can utilize Crown Bank's app to control your funds by reviewing current statements, transferring money as well as accessing support representatives. Crown Bank gets an exceptional consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Crown Bank ranks as a medium-size bank owning assets totaling $536 million as well as deposits totaling $421 million. Crown Bank has a good Texas Ratio of 34.96%, denoting that the bank is in fine financial shape. Additionally, Crown 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.

Products Offered

Crown Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Crown 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. Crown Bank's CD rates are fair as compared against the national average.

Find a Crown Bank Near Me

Crown Bank has 14 physical branches across the U.S.