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EvaBank Review

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

Overview

Founded in 1986, EvaBank has assets totaling $377 million and deposits totaling $285 million, ranking it as a small bank. EvaBank, whose headquarters are in Eva, Alabama, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, EvaBank is a great choice and should warrant serious consideration, with a score of 4.2 stars out of 5 from the SmartAsset experts. EvaBank has 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; other popular banks have higher rates. If you're interested in stress-free personal checking, EvaBank's standard checking account does not have a monthly fee. Banks that offer no-fee checking, in addition to a high interest rate savings account are the best bet for gaining the highest income from your deposits while having 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

3.6
SmartAsset Average: 3.5

EvaBank features a savings rate of 0.15%, which is poor in comparison to the average U.S. bank. Its CDs feature a rate of 2.50% and 2.84% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 1.26%. Given its below average savings rate, you should think about choosing another bank to earn more on your deposits.

How EvaBank's Savings Rates Compare

EvaBank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

EvaBank has generally extremely low fees compared to the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a simple account. Also, at $18.00, it has a noticeably lower overdraft fee compared to the national average overdraft fee. EvaBank does not reimburse out-of-network ATM fees, meaning you will be required to find an EvaBank ATM or eat the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $18.00 National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

EvaBank is a brick-and-mortar bank, with six total branches in Alabama. With mobile and web apps, EvaBank makes mobile banking convenient, even on the go. EvaBank's online and mobile banking platforms get poor feedback from users. With 8 ratings across both iOS and Android platforms, the EvaBank mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). EvaBank's mobile app lets you manage your bank accounts by looking at account balances, sending and receiving money as well as reaching customer service. EvaBank gets an outstanding consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

EvaBank is a small bank and manages assets totaling $377 million as well as deposits totaling $285 million. EvaBank's Texas Ratio is 7.86%, denoting that EvaBank is in good financial well-being and improbable to fail. Additionally, EvaBank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.86%
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 EvaBank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Certificates of Deposit
  • 12 Month: 2.50% APY
  • 24 Month: 2.79% APY
  • 36 Month: 2.79% APY
  • 48 Month: 2.79% APY
  • 60 Month: 2.84% APY
$1000 for all terms
Money Market Accounts 1.26% APY 1.26% APY $10000 $15000

EvaBank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. EvaBank does not have the best savings rate, which means you should think about looking 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. EvaBank's CD rates are fair compared to the average U.S. bank.

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Find a EvaBank Near Me

EvaBank has six physical branches across the U.S.

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