Five Points Bank Review

Overview

Five Points Bank started in 1971 with headquarters in Grand Island, Nebraska. It owns assets of $997 million as well as $861 million in deposits, ranking it as a medium-size bank. Five Points Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, Five Points Bank is a great bank that you should seriously consider, with a score of 4.3 out of 5 stars from the SmartAsset experts. Five Points Bank has the full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Five Points Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly maintenance charge. Institutions that offer no-fee checking as well as a high interest rate savings account are your best bet for getting the most income on your deposits while having easy access to your funds.

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

Five Points Bank has a savings rate of 0.10%, which is poor compared to the average U.S. bank. Five Points Bank's one-year CD has a rate of 1.26%, while its highest-yielding money market account earns at an APY of 0.45%. Given Five Points Bank's noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Five Points Bank's Savings Rates Compare

Five Points Bank charges customers low fees compared to other U.S. banks. With no monthly fee, Five Points Bank is ideal for people who want a basic checking account. For those who will need cash in a pinch, it is fair because it charges an out-of-network ATM fee of $1.50, which is reasonable compared to the national average. Five Points Bank unfortunately doesn't refund out-of-network ATM charges, meaning you will need to search for a Five Points Bank ATM or accept the ATM charge.

Five Points Bank is a brick-and-mortar bank, with 11 total branches in Nebraska. With mobile and web apps, Five Points Bank makes account access straightforward, even on the go. Five Points Bank receives reasonably high praise from customers for its mobile platform. The Five Points Bank mobile app has an overall rating of 4.2 out of 5 (with 35 reviews on iOS and Android) compared to the national average of 3.8. You can use Five Points Bank's app to control your accounts by looking at monthly statements, transferring funds as well as reaching customer service. Five Points Bank receives an excellent consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Five Points Bank is currently a medium-size bank owning $997 million in assets as well as $861 million in deposits. Its Texas Ratio is 0.27%, denoting that the bank is in excellent financial health and far from failure. Additionally, Five Points 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.

Products Offered

Five Points Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Five Points 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. Five Points Bank's CD rates are fair compared to other U.S. banks.

Find a Five Points Bank Near Me

Five Points Bank has 11 branches across the U.S.