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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


EvaBank first started operating in 1986 and is headquartered in Eva, Alabama. EvaBank has $377 million in assets and $285 million in deposits, making it a small bank. EvaBank lacks premium access to customer service, with no options for live chat or all-day service. 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. With a score of 4.2 stars out of 5, EvaBank should be solidly in contention for your choice of bank. EvaBank provides customers with a varied choice 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; you can find higher rates with other banks. If you're looking for a checking account for everyday use, EvaBank's ordinary checking account does not have a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is your best option for returning the most income on your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

EvaBank has a savings rate of 0.15%, which is fair as compared against the national average. Its one-year and five-year term lengths CDs earn at a rate of 1.15% and 2.79%, respectively, while its highest-yielding money market account earns at an APY of 1.26%. Given EvaBank's noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How EvaBank's Savings Rates Compare

EvaBank Savings 0.15 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, EvaBank charges customers extremely low fees as compared against the national average. EvaBank's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Also, it has an overdraft fee of $18.00, which is markedly less than the average overdraft fee charged by U.S. banks. EvaBank does not refund out-of-network ATM fees, meaning you'll have to search for an EvaBank ATM or pay the cost of withdrawal.

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

SmartAsset Average: 3.7

EvaBank is a brick-and-mortar bank, with six total bank locations in Alabama. It also offers access to mobile and web apps for straightforward access and banking on the go. EvaBank's online and mobile banking platforms get mediocre marks from customers. The EvaBank mobile app has an overall rating of 3.2 out of 5 (with 8 ratings on Apple and Android) compared to the national average of 3.8. You can utilize EvaBank's app to control your bank accounts by reviewing current statements, transferring money as well as accessing customer service. EvaBank receives an exceptional consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

SmartAsset Average: 4.8

EvaBank is a small bank with assets totaling $377 million and $285 million in deposits. It has a strong Texas Ratio of 7.86%, suggesting that the bank is in good financial shape and unlikely 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

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: 1.15% APY
  • 24 Month: 2.79% APY
  • 36 Month: 2.79% APY
  • 48 Month: 2.79% APY
  • 60 Month: 2.79% APY
$1000 for all terms
Money Market Account 1.26% APY $100

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 consider other options 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 as compared against the national average.

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Find a EvaBank Near Me

EvaBank has six locations across the U.S.

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