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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

Generations Bank started in 1907 and has its headquarters in Hampton, Arkansas. It owns assets of $465 million along with $384 million in deposits, ranking it as a medium-size bank. Generations Bank lacks premium access to customer service, with no live chat or all-day service options available. 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. With an average 3.5 out of 5 stars, Generations Bank proves it is a decent bank that leaves room for improvement. Generations Bank has a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. The bank's standard checking account maintains a $6.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Institutions that offer free checking and a high interest rate savings account are your best bet for accruing the most income on your deposits while having convenient access to your funds.

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

With a savings rate of 0.20%, Generations Bank ranks poorly in comparison to other U.S. banks. Generations Bank's CDs feature a rate of 0.55% and 1.16% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.25%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

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 has typically high fees in comparison to other U.S. banks. At $6.00 per month, Generations Bank's checking account is not ideal for those who want a hassle-free checking account. Generations Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you'll need to locate 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 branches in Arkansas. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Generations Bank's online and mobile banking services get reasonably good scores from users. Out of 27 ratings across both Apple and Android platforms, the Generations Bank mobile app is scored at 4.0 out of 5 (compared to the national average of 3.8). You can use Generations Bank's app to manage your finances by reviewing account balances, sending and receiving money as well as accessing customer service. Generations Bank gets an exceptional consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial 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 and has assets totaling $465 million and $384 million in deposits. It has a strong Texas Ratio of 6.25%, signifying a tiny chance of 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 Accounts 0.25% APY 0.25% APY $10000 $15000

Generations Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Generations Bank does not have the best savings rate, which means you should consider other options 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 the average U.S. bank.

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Find a Generations Bank Near Me

Generations Bank has 10 physical branches in the U.S.

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