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Guaranty Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Guaranty Bank Savings
0.15% APY

Overview

Our Rating: 4.0/5 How we calculated this rating

Established in 1934, First Guaranty Bank has assets totaling $2 billion as well as $2 billion in deposits, which makes it a large bank. First Guaranty Bank, whose headquarters are in Hammond, Louisiana, does not have the same customer service perks that others do. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. Coming in at an average 4 stars out of 5, First Guaranty Bank proves it is a respectable bank that should be given a look. 

First Guaranty Bank has the complete package of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Guaranty Bank has a fair savings rate, which means other popular banks have higher rates. The bank's standard checking account has a monthly fee of $5.00, which is not too bad compared to the average U.S. bank. Why have checking and savings accounts with the same bank? Fast transferring between the two accounts means you can still get higher interest rates in your savings account but still use your money from your checking.

Service Quality

First Guaranty Bank is a brick-and-mortar bank, with 27 total branches in Louisiana and Texas. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Thursday, 8:00 a.m. to 5:00 p.m. CT; Friday, 8:00 a.m. to 5:30 p.m. CT. 

First Guaranty Bank gets high praise from users for its mobile app: the First Guaranty Bank mobile app rates a 4.2 out of 5 (out of 84 ratings on Apple and Android) compared to the national average of 3.8. You can use First Guaranty Bank's app to manage your finances by looking at current statements, sending and receiving funds as well as reaching support representatives. First Guaranty Bank gets an outstanding consumer satisfaction rating based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.15% APY $50 Compare Offers
Certificates of Deposit
  • 12 Month: 0.62% APY
  • 24 Month: 0.81% APY
  • 36 Month: 0.91% APY
  • 48 Month: 1.17% APY
  • 60 Month: 1.45% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.25% APY $10,000 Compare Offers
Checking Accounts 0.12% APY $1,000 Compare Offers

It has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should think about other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Guaranty Bank's CD rates are relatively competitive compared to other U.S. banks. 

Rates

With a savings rate of 0.05%, First Guaranty Bank ranks below the mean in comparison to the average U.S. bank. First Guaranty Bank's CDs feature a rate of 1.55% and 3.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.05%. It has a fair savings rate, which means other popular banks have higher rates. Consider other options to earn more on your deposits.

Compare Guaranty Bank to Other Competitive Offers

Fees

First Guaranty Bank charges its customers high fees in comparison to other U.S. banks. At $5.00/month, First Guaranty Bank is less than ideal for people who want a simple checking account. 

Financial Health

First Guaranty Bank is currently a large bank and has assets totaling $2 billion and deposits totaling $2 billion. Its Texas Ratio is 7.56%, signifying a small opportunity of failure. Additionally, First Guaranty Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a First Guaranty Bank Near Me

First Guaranty Bank has 27 branches across the U.S.

 

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