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Grand Valley Bank Review

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Grand Valley Bank Savings
0.35% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Grand Valley Bank started in 1983 with headquarters located in Heber City, Utah. Grand Valley Bank handles assets of $374 million along with deposits totaling $336 million, making it a small bank. Grand Valley 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 in-person service, in addition to its online and mobile apps. Coming in at an average 3.8 stars out of 5, Grand Valley Bank is a decent choice, but with better options out there. Grand Valley Bank has a selection of product offerings, which include savings accounts, checking accounts, money market accounts, IRAs, mortgage products and credit cards. Grand Valley Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account has a monthly fee of $7.50, although banks sometimes have requirements that allow you to waive the fee. Institutions that offer no-fee checking, in addition to a high savings APY are the best option for getting the highest income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

With a savings rate of 0.35%, Grand Valley Bank ranks poorly in comparison to the average U.S. bank. Grand Valley Bank's one-year CD has a rate of 1.05% and the five-year CD earns at a rate of 2.25%, while its highest-yielding money market account earns at an APY of 0.40%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

How Grand Valley Bank's Savings Rates Compare

Grand Valley Bank Savings 0.35 National Average 0.26 Compare Offers
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Fees

2.5
SmartAsset Average: 4.4

On average, Grand Valley Bank charges customers high fees in comparison to the average U.S. bank. At $7.50 per month, Grand Valley Bank is less than the best option for people who want a basic banking experience. For those who often withdraw cash from the ATM, Grand Valley Bank is fair because it has an out-of-network ATM fee of $2.00, which is reasonable in comparison to the national average. Grand Valley Bank unfortunately doesn't refund out-of-network ATM fees, meaning you'll need to search for a Grand Valley Bank ATM or accept the ATM charge.

Monthly Fee $7.50 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Grand Valley Bank is a brick-and-mortar bank, with eight total bank locations in Colorado and Utah. With mobile and web apps, Grand Valley Bank makes mobile banking straightforward, even on the go. Grand Valley Bank's online and mobile banking platforms get fair scores from customers. Out of 8 ratings across Apple and Android platforms, the Grand Valley Bank mobile app is scored at 3.9 out of 5 (compared to the national average of 3.8). Grand Valley Bank's mobile app lets you manage your finances by looking at account balances, sending and receiving money and reaching support representatives. Grand Valley Bank receives an outstanding consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Grand Valley Bank is a small bank owning $374 million in assets as well as $336 million in deposits. Its Texas Ratio is 0.56%, denoting a negligible chance of failure. Additionally, Grand Valley 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.

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Compare Grand Valley Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.35% APY $100
Checking Account 0.15% APY $100
Certificates of Deposit
  • 12 Month: 1.05% APY
  • 24 Month: 1.20% APY
  • 36 Month: 1.30% APY
  • 48 Month: 1.50% APY
  • 60 Month: 2.25% APY
$500 for all terms
Money Market Account 0.25% APY $10000

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

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Find a Grand Valley Bank Near Me

Grand Valley Bank has eight branches across the U.S.

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