Generations Bank Review

Overview

Established in 1907, Generations Bank has $867 million in assets along with deposits totaling $720.3 million, ranking the institution as 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 access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset experts rated the bank 3.5 stars out of 5, which means Generations Bank is an average bank that leaves room for improvement. Generations Bank offers the complete slate 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. The bank's standard checking product maintains a monthly fee of $6.00, which places it at the higher end of monthly fees. Institutions that offer no-fee checking, in addition to a high savings APY are your best option for returning the most income from your deposits alongside convenient access to your funds.

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

Generations Bank has a savings rate of 0.25%, which is poor compared to other U.S. banks. Generations Bank's one-year CD earns at a rate of 5.20% and the two-year CD has a rate of 4.24%, while its highest-yielding money market account earns at a rate of 2.71%. Given Generations Bank's noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How Generations Bank's Savings Rates Compare

Generations Bank typically has high fees compared to other U.S. banks. At $6.00/month, Generations Bank is not the best option for those who want a simple banking experience. Generations Bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you'll have to find a Generations Bank ATM or eat the ATM charge.

Generations Bank is a brick-and-mortar bank, with 12 total branches in , , , , and . It also offers access to mobile and web apps for a straightforward mobile-banking experience. Generations Bank gets relatively high marks from customers for its online presence. The Generations Bank mobile app has an overall rating of 4.0 out of 5 (with 27 ratings on iOS and Android) compared to the national average of 3.8. You can access Generations Bank's mobile app to control your funds by checking account balances, transferring money as well as reaching support representatives. Generations Bank receives a superb consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Generations Bank ranks as a medium-size bank owning $867 million in assets as well as $720.3 million in deposits. It has a strong Texas Ratio of 0.23%, indicating that the bank is in fine financial health 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

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

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 think about 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 as compared against the national average.

Find a Generations Bank Near Me

Generations Bank has 12 physical locations in the U.S.