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Extraco Banks Review

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Extraco Banks Money Market
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Established in 1933, Extraco Banks has $1 billion in assets as well as deposits totaling $1 billion, ranking the institution as a large bank. Extraco Banks, whose headquarters are in Temple, Texas, has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4.1 stars out of 5, Extraco Banks should be solidly in contention for your choice of bank. Extraco Banks offers a full choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs and credit cards. Extraco Banks has a fair savings rate compared to the average savings account. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is the best option for returning the most income on your deposits alongside convenient access to your funds.

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

Its one-year and five-year term lengths CDs earn at a rate of 1.00% and 2.00%, respectively, while its highest-yielding money market account earns at an APY of 0.20%.

How Extraco Banks's Savings Rates Compare

Extraco Banks Money Market 0.15 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, Extraco Banks charges customers average fees compared to the average U.S. bank. Additionally, Extraco Banks has an overdraft fee of $35.00, which is on par with the national average overdraft fee. Extraco Banks unfortunately does not reimburse out-of-network ATM fees, which means you'll be required to locate an Extraco Banks ATM or pay the cost of withdrawal.

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

SmartAsset Average: 3.7

Extraco Banks is a brick-and-mortar bank, with 17 total branches in Texas. With mobile and web apps, Extraco Banks makes mobile banking convenient, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 11:00 p.m. CT; Saturday, 8:00 a.m. to 5:00 p.m. CT; Sunday, and 9:00 a.m. to 5:00 p.m. CT. Extraco Banks also offers a live chat feature, which may provide helpful service without getting on the phone. Extraco Banks gets unsatisfactory reviews from customers for its mobile app. Out of 68 ratings on iOS and Android platforms, the Extraco Banks mobile app rates a 2.9 out of 5 (compared to the national average of 3.8). You can utilize Extraco Banks's mobile app to manage your bank accounts by monitoring account balances, transferring funds and accessing customer service. Extraco Banks gets an exceptional consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 2.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

SmartAsset Average: 4.8

Extraco Banks is a large bank owning assets totaling $1 billion as well as $1 billion in deposits. It has an excellent Texas Ratio of 1.04%, suggesting a minute chance of failure. Additionally, Extraco Banks is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Extraco Banks to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.35% APY
  • 36 Month: 1.75% APY
  • 48 Month: 1.85% APY
  • 60 Month: 2.00% APY
$1000 for all terms
Money Market Account 0.15% APY $10000

Extraco Banks has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Extraco Banks does not have the best savings rate, which means you should think about taking a look 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. Extraco Banks's CD rates are fair compared to the national average.

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Find a Extraco Banks Near Me

Extraco Banks has 17 locations in the U.S.

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