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Focus Bank Review

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Focus Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1930, Focus Bank has assets totaling $764 million and deposits totaling $573 million, ranking it as a medium-size bank. Focus Bank, whose headquarters are in Charleston, Missouri, 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 in-person service, in addition to its online and mobile offerings. SmartAsset has rated Focus Bank 4.1 stars out of 5, indicating that it is a respectable bank that warrants your consideration. Focus Bank provides customers with a diverse array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Focus Bank's standard checking account does not have a monthly fee. Institutions that offer free checking, in addition to a high interest rate savings account are the best bet for getting the most income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

With a savings rate of 0.25%, Focus Bank ranks poorly in comparison to the national average. Its one-year and five-year term lengths CDs earn at a rate of 1.26% and 2.52%, respectively, while its highest-yielding money market account has an APY of 0.25%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

How Focus Bank's Savings Rates Compare

Focus Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

4.8
SmartAsset Average: 4.4

Focus Bank has typically extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Additionally, it has an overdraft fee of $32.00, which is less than the national average overdraft fee. Focus Bank unfortunately doesn't refund out-of-network ATM fees, meaning you'll be required to locate a Focus 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 $32.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

Focus Bank is a brick-and-mortar bank, with 12 total bank locations in Arkansas and Missouri. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Focus Bank receives fairly high praise from customers for its mobile app. The Focus Bank mobile app is rated at 4.1 out of 5 (out of 82 ratings on Apple and Android) compared to the national average of 3.8. You can utilize Focus Bank's app to manage your bank accounts by monitoring account balances, sending and receiving funds and reaching support representatives. Focus Bank gets an exceptional consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.4
SmartAsset Average: 4.8

Focus Bank ranks as a medium-size bank with $764 million in assets as well as deposits totaling $573 million. Focus Bank has a strong Texas Ratio of 12.42%, signifying a tiny opportunity of failure. Additionally, Focus Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

12.42%
High Risk 75% 50% 20% 10% Low Risk

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 Focus Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $100
Checking Account 0.15% APY $2500
Certificates of Deposit
  • 12 Month: 1.26% APY
  • 24 Month: 2.27% APY
  • 36 Month: 2.27% APY
  • 48 Month: 1.91% APY
  • 60 Month: 2.52% APY
$1000 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

Focus Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Focus Bank does not have the best savings rate, which means you should consider looking 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. Focus Bank's CD rates are fair in comparison to the national average.

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Find a Focus Bank Near Me

Focus Bank has 12 branches in the U.S.

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