Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Fifth District Savings Bank Review

Your Details Done
by Updated
Fifth District Savings Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1926, Fifth District Savings Bank has assets totaling $406 million as well as $331 million in deposits, classifying the institution as a small bank. Fifth District Savings Bank, whose headquarters are in New Orleans, Louisiana, lacks premium access to support representatives, with no live chat or all-day service options available. 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. With a score of 4.5 stars out of 5, Fifth District Savings Bank should be solidly in contention for your choice of bank. Fifth District Savings Bank provides customers with the full selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Fifth District Savings Bank's most basic checking does not have a monthly charge. Finding a bank with no-fee checking, in addition to a high interest rate savings account is the best bet for accruing the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

Fifth District Savings Bank has a savings rate of 0.05%, which is fair in comparison to the national average. Its CD rates are 1.75% and 1.30% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.40%. Given its below average savings rate, you should think about choosing another bank to earn more on your deposits.

How Fifth District Savings Bank's Savings Rates Compare

Fifth District Savings Bank Savings 0.05 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

Fifth District Savings Bank charges customers extremely low fees in comparison to other U.S. banks. Fifth District Savings Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. Fifth District Savings Bank does not refund out-of-network ATM fees, which means you'll be required to locate a Fifth District Savings Bank ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
Back to Overview

Service Quality

4.1
SmartAsset Average: 3.7

Fifth District Savings Bank is a brick-and-mortar bank, with six total branches in Louisiana. It also offers access to mobile and web apps for an easy mobile-banking experience. Fifth District Savings Bank gets moderately high praise from users for its mobile banking services. With 6 ratings on both Apple and Android platforms, the Fifth District Savings Bank mobile app rates a 4.2 out of 5 (compared to the national average of 3.8). You can utilize Fifth District Savings Bank's mobile app to manage your accounts by monitoring account balances, sending and receiving funds as well as accessing support representatives. Fifth District Savings Bank receives a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

5.0
SmartAsset Average: 4.8

Fifth District Savings Bank is a small bank owning $406 million in assets as well as deposits totaling $331 million. Fifth District Savings Bank's Texas Ratio is 1.38%, suggesting a negligible likelihood of failure. Additionally, Fifth District Savings Bank 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.

Back to Overview

Compare Fifth District Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $150
Checking Account 0.02% APY $300
Certificates of Deposit
  • 12 Month: 1.75% APY
  • 24 Month: 1.90% APY
  • 36 Month: 2.25% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.30% APY
$1000 for all terms
Money Market Account 0.15% APY $2500

Fifth District Savings Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Fifth District Savings Bank 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. Fifth District Savings Bank's CD rates are fair compared to the national average.

Back to Overview

Find a Fifth District Savings Bank Near Me

Fifth District Savings Bank has six physical locations in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure