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Exchange Bank (CA) Review

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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
Exchange Bank Savings
0.10% APY

Overview

Our Rating: 4.5/5 How we calculated this rating

Established in 1890, Exchange Bank has assets totaling $3 billion as well as deposits totaling $2 billion, ranking the institution as a large bank. Exchange Bank, whose headquarters are in Santa Rosa, California, has above-average access to customer service with all-day support available, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile apps. Our testers rated Exchange Bank a 4.5 stars out of 5, Exchange Bank should be solidly in contention for your choice of bank. 

Exchange Bank offers a full choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Exchange Bank has a fair savings rate, which means you can find higher rates with other banks. A great, everyday account, the bank's most basic checking does not carry a monthly fee. Using one bank for checking and savings is ideal for getting the highest interest rates on your income while retaining access to your funds without getting penalized for withdrawing.

Service Quality

Exchange Bank is a brick-and-mortar bank, with 21 total bank locations in California. With mobile and web apps, Exchange Bank makes mobile banking convenient, even on the go. It provides all-day customer service. 

Exchange Bank receives great ratings from users for its mobile platform: the Exchange Bank mobile app has an overall rating of 4.6 out of 5 (out of 670 customer reviews on Apple and Android) compared to the national average of 3.8. Exchange Bank's mobile app lets you manage your bank accounts by reviewing current statements, transferring funds as well as reaching customer service. Exchange Bank receives an exceptional consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 1.41% APY
  • 24 Month: 1.71% APY
  • 36 Month: 1.71% APY
  • 48 Month: 1.82% APY
  • 60 Month: 1.92% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.20% APY $10,000 Compare Offers
Checking Accounts 0.010% APY $1 Compare Offers

Exchange Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Exchange Bank 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. Exchange Bank's CD rates are competitive in comparison to the national average.

Rates

With a savings rate of 0.10%, Exchange Bank ranks below the mean compared to the national average. Exchange Bank's one-year and five-year term lengths CD's earn at a rate of 1.41% and 1.92%, respectively, while its highest-yielding money market account has a rate of 0.20%. It has a fair savings rate compared to the average savings account. Think about looking at some of the competition to open savings accounts.

Compare Exchange Bank to Other Competitive Offers

Fees

Exchange Bank generally has extremely low fees compared to the average U.S. bank. Exchange Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who often withdraw cash from the ATM, it is perfect because it has no ATM fees. Also, at $32, its overdraft fee is significantly lower than the average overdraft fee charged by U.S. banks. Exchange Bank reimburses their ATM fees (with conditions), making ATM withdrawals a free and convenient process.

Financial Health

Exchange Bank is a large bank owning assets totaling $3 billion and $2 billion in deposits. Exchange Bank's Texas Ratio is 1.14%, signifying that the bank is in terrific financial shape and very improbable to fail. Additionally, Exchange Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find an Exchange Bank Near Me

Exchange Bank has 21 branches in the U.S.

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