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EagleBank Review

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

Overview

Started in 1998, EagleBank has $7 billion in assets along with $6 billion in deposits, classifying the institution as a large bank. EagleBank, whose headquarters are in Bethesda, Maryland, lacks premium access to support representatives, 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 offerings. Coming in at a commendable 4.2 stars out of 5, EagleBank proves it is a great choice and should warrant serious consideration. EagleBank has a variety of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. EagleBank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly charge. Banks that offer free checking, in addition to a high interest rate savings account are the best bet for gaining the highest income from 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

4.1
SmartAsset Average: 3.5

With a savings rate of 0.15%, EagleBank ranks poorly compared to the national average. Its one-year CD earns at a rate of 2.45% and the five-year CD has a rate of 2.93%, while its highest-yielding money market account has a rate of 0.75%. Given EagleBank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How EagleBank's Savings Rates Compare

EagleBank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, EagleBank charges customers extremely low fees compared to the national average. With no monthly fee, EagleBank's checking account is ideal for those who want a hassle-free checking account. EagleBank unfortunately does not reimburse out-of-network ATM fees, meaning you'll need to locate an EagleBank ATM or eat the 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

2.5
SmartAsset Average: 3.7

EagleBank is a brick-and-mortar bank, with 22 total branches in District of Columbia and Virginia. It also offers access to mobile and web apps for straightforward access and banking on the go. EagleBank's mobile app allows you to control your funds by looking at account balances, transferring funds and reaching support representatives. EagleBank receives an exceptional consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

5.0
SmartAsset Average: 4.8

EagleBank is a large bank owning assets totaling $7 billion and $6 billion in deposits. Its Texas Ratio is 1.14%, denoting that EagleBank is in outstanding financial condition and far from failure. Additionally, EagleBank 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 EagleBank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.15% APY $2500
Certificates of Deposit
  • 12 Month: 2.45% APY
  • 24 Month: 2.70% APY
  • 36 Month: 2.83% APY
  • 48 Month: 2.88% APY
  • 60 Month: 2.92% APY
$1000 for all terms
Money Market Account 0.7% APY $2500

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

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Find a EagleBank Near Me

EagleBank has 22 branches in the U.S.

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