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Exchange Bank (NE) 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
0.15% APY

Overview

Our Rating: 4.5/5 How we calculated this rating

Exchange Bank started in 1930 with headquarters in Gibbon, Nebraska. Exchange Bank has assets totaling $876 million along with $597 million in deposits, which makes it a medium-size bank. Exchange Bank does not have the customer service bells and whistles of other banks. 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 presence. Overall, Exchange Bank is a superb bank that you should seriously consider with a rating of 4.5 stars out of 5 from our experts. 

Exchange Bank provides customers with a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. Exchange Bank has a fair savings rate compared to the average savings account. A great, everyday account, Exchange Bank's standard checking account does not have a monthly fee. Why use checking and savings accounts with one bank? Fast transferring between both accounts translates to better interest rates in your savings account with the ability to spend from your checking.

Service Quality

Exchange Bank is a brick-and-mortar bank, with seven total bank locations in Kansas and Nebraska. With mobile and web apps, Exchange Bank makes mobile banking convenient, even on the go.  

Exchange Bank's online and mobile banking platforms get positive feedback from customers: with 8 ratings on both Apple and Android platforms, the Exchange Bank mobile app has an overall rating of 4.6 out of 5 (compared to the national average of 3.8). Exchange Bank's mobile app allows you to control your accounts by reviewing monthly statements, sending and receiving funds as well as reaching support representatives. Exchange Bank receives an excellent consumer satisfaction score due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.15% APY $50 Compare Offers
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.15% APY
  • 36 Month: 1.30% APY
  • 48 Month: 1.96% APY
  • 60 Month: 1.95% APY
  • $2,500
  • $2,500
  • $2,500
  • $2,500
  • $500
Compare Offers
Money Market Accounts 10K tier: 0.25% APY $10,000 Compare Offers
Checking Accounts 0.10% APY $1 Compare Offers

Exchange Bank has several deposit products which include 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 average U.S. bank.

Rates

Exchange Bank features a savings rate of 0.15%, which is fair compared to the average U.S. bank. Exchange Bank's one-year CD has a rate of 1.00% and the five-year CD earns at a rate of 1.95%, while its highest-yielding money market account has an APY of 0.25%. It has a fair savings rate, which means other popular banks have higher rates. Think about choosing another bank to earn more on your deposits.

Compare Exchange Bank to Other Competitive Offers

Fees

On average, Exchange Bank charges customers extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. 

Financial Health

Exchange Bank ranks as a medium-size bank with $876 million in assets and $597 million in deposits. Exchange Bank's Texas Ratio is 3.81%, signifying that the bank is in excellent financial condition and very far from failure. 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 seven branches in the U.S.

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