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Fifth District Savings Bank Review

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

Overview

Fifth District Savings Bank started in 1926 with headquarters in New Orleans, Louisiana. Fifth District Savings Bank owns assets of $406 million and $331 million in deposits, making it a small bank. Fifth District Savings Bank lacks premium access to support representatives, 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 4.5 stars out of 5, Fifth District Savings Bank should be solidly in contention for your choice of bank. Fifth District Savings Bank has the complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Fifth District Savings Bank offers an option without a maintenance or monthly fee. Using a bank with no-fee checking as well as a high interest rate savings account is the best bet for getting the most income on your deposits alongside convenient access to your funds.

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

With a savings rate of 0.05%, Fifth District Savings Bank ranks poorly in comparison to other U.S. banks. Fifth District Savings Bank's one-year CD has a rate of 2.50% and the five-year CD has a rate of 1.30%, while its highest-yielding money market account has an APY of 0.75%. Given Fifth District Savings Bank's below average savings rate, you should think about other options 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
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Fees

5.0
SmartAsset Average: 4.4

On average, Fifth District Savings Bank charges its customers extremely low fees as compared against the national average. Fifth District Savings Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Fifth District Savings Bank does not reimburse out-of-network ATM charges, which means you will be required to find a Fifth District Savings Bank 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 N/A National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

Fifth District Savings Bank is a brick-and-mortar bank, with six total branches in Louisiana. With mobile and web apps, Fifth District Savings Bank makes mobile banking easy, even on the go. Fifth District Savings Bank gets reasonably high praise from users for its mobile app. The Fifth District Savings Bank mobile app is rated at 4.2 out of 5 (out of 6 ratings on Apple and Android) compared to the national average of 3.8. Fifth District Savings Bank's mobile app allows you to manage your finances by checking current statements, sending and receiving money as well as accessing support representatives. Fifth District Savings Bank gets a superb consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Fifth District Savings Bank is a small bank with $406 million in assets and $331 million in deposits. It has an excellent Texas Ratio of 1.38%, signifying a minute 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.

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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: 2.50% APY
  • 24 Month: 2.25% APY
  • 36 Month: 2.75% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.30% APY
$1000 for all terms
Money Market Accounts 0.25% APY 0.75% APY $10000 $15000

Fifth District Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Fifth District Savings Bank does not have the best savings rate, which means you should consider 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 in comparison to the average U.S. bank.

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Find a Fifth District Savings Bank Near Me

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

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