Equity Bank Review

Equity Bank Savings

0.05% APY

Started in 1985, Equity Bank has $5.24 billion in assets along with $4.36 billion in deposits, classifying the institution as a large bank. Equity Bank, whose headquarters are in Andover, Kansas, does not have the same customer service perks that others do. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. SmartAsset has rated Equity Bank 4.3 stars out of 5, suggesting it is a great choice and should warrant serious consideration. 

Equity Bank provides customers with a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate, which means other popular banks have higher rates. A great, everyday account, Equity Bank's standard checking account does not have a monthly fee. Using the same bank for checking and savings is perfect when you want to get the highest return on your deposits while maintaining easy control over your funds.

Service Quality

Equity Bank is a brick-and-mortar bank, with 72 total branches in Arkansas, Kansas, Missouri and Oklahoma. With mobile and web apps, Equity Bank makes mobile banking easy, even on the go.  

Equity Bank gets moderately high praise from customers for its mobile app: the Equity Bank mobile app scored a 3.7 out of 5 (with 140 reviews on iOS and Android) compared to the national average of 3.8. Equity Bank's mobile app lets you control your bank accounts by looking at account balances, transferring funds and reaching customer service. Equity Bank gets a superb consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Equity Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should think about looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Equity Bank's CD rates are great compared to the average U.S. bank.

Rates

With a savings rate of 0.05%, Equity Bank ranks below the mean compared to the average U.S. bank. Equity Bank's CDs feature a rate of 0.15% and 0.25% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.10%. It has a fair savings rate, which means you can find higher rates with other banks. Consider looking at some of the competition to open savings accounts.

Fees

On average, Equity Bank charges customers extremely low fees in comparison to the average U.S. bank. Equity Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. For those who will need cash in a pinch, Equity Bank is perfect because it has no ATM fees. 

Financial Health

Equity Bank is a large bank with assets totaling $5.24 billion and $4.36 billion in deposits. It has a very good Texas Ratio of 3.81%, denoting a tiny likelihood of failure. Additionally, Equity Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find an Equity Bank Near Me

Equity Bank has 72 locations in the U.S.