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Generations Bank Review

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Generations Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1907, Generations Bank has assets totaling $465 million as well as $384 million in deposits, making the institution a medium-size bank. Generations Bank, whose headquarters are in Hampton, Arkansas, 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. At a SmartAsset rating of 3.5 stars out of 5, Generations Bank should be more closely inspected to see if its features satisfy your needs. Generations Bank offers a complete selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Generations Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product features a monthly fee of $6.00, which ranks on the higher end of monthly fees. Locating an institution with free checking and a high interest rate savings account is the best option for getting the highest income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.5/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

Generations Bank has a savings rate of 0.20%, which is fair compared to the national average. Its one-year CD earns at a rate of 0.55% and the five-year CD earns at a rate of 1.16%, while its highest-yielding money market account earns at an APY of 0.25%. Given its below average savings rate, you should consider choosing another bank to earn more on your deposits.

How Generations Bank's Savings Rates Compare

Generations Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Generations Bank generally has high fees in comparison to the national average. Generations Bank's checking account has a monthly fee of $6.00, ranking it fair for anyone looking for a simple account. Generations Bank doesn't reimburse out-of-network ATM fees, meaning you'll have to find a Generations Bank ATM or pay the fee.

Monthly Fee $6.00 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

4.0
SmartAsset Average: 3.7

Generations Bank is a brick-and-mortar bank, with 10 total bank locations in Arkansas. With mobile and web apps, Generations Bank makes mobile banking easy, even on the go. Generations Bank's online and mobile banking platforms receive moderately positive feedback from customers. The Generations Bank mobile app rates a 4.0 out of 5 (with 27 reviews on iOS and Android) compared to the national average of 3.8. You can access Generations Bank's app to control your funds by monitoring monthly statements, transferring funds and accessing support representatives. Generations Bank receives a superb consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Generations Bank is currently a medium-size bank owning $465 million in assets as well as deposits totaling $384 million. Generations Bank's Texas Ratio is 6.25%, signifying that the bank is in fine financial shape and far from failure. Additionally, Generations Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.25%
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 Generations Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $100
Checking Account 0.1% APY $500
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.80% APY
  • 36 Month: 0.90% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.16% APY
$1000 for all terms
Money Market Account 0.25% APY $2500

Generations Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Generations 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. Generations Bank's CD rates are fair compared to other U.S. banks.

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Find a Generations Bank Near Me

Generations Bank has 10 locations across the U.S.

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