Loading
Tap on the profile icon to edit
your financial details.

Equity Bank Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Equity Bank Savings
0.17% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

Started in 1985, Equity Bank has $3 billion in assets along with $2 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 50 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

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.17% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 0.62% APY
  • 24 Month: 0.79% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.42% APY
  • 60 Month: 1.52% APY
$1,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.10% APY
  • 25K tier: 0.50% APY
  • $1
  • $25,000
Compare Offers
Checking Accounts 0.15% APY $1 Compare Offers

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 0.17%, Equity Bank ranks below the mean compared to the average U.S. bank. Equity Bank's CDs feature a rate of 0.62% and 1.52% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.50%. 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.

Compare Equity Bank to Other Competitive Offers

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 $3 billion and $2 billion in deposits. It has a very good Texas Ratio of 12.37%, 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 50 locations in the U.S.

Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure