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Habib American Bank Review

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Habib American Bank Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1984, Habib American Bank has assets totaling $1 billion along with deposits totaling $1 billion, ranking it as a medium-size bank. Habib American Bank, whose headquarters are in New York, New York, 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 apps. At a SmartAsset rating of 4.6 stars out of 5, Habib American Bank should be near the top of your list for your bank search. Habib American Bank provides customers with the complete slate of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Habib American Bank offers an option without a maintenance or monthly fee. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best bet for returning the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.6/5
National Average: 4.1

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

Rates

4.4
SmartAsset Average: 3.5

With a savings rate of 0.50%, Habib American Bank ranks poorly in comparison to the national average. Habib American Bank's one-year and five-year term lengths CDs earn at a rate of 1.30% and 1.49%, respectively. Given Habib American Bank's below average savings rate, you should consider other options to earn more on your deposits.

How Habib American Bank's Savings Rates Compare

Habib American Bank Savings 0.50 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Habib American Bank typically has extremely low fees compared to the national average. With no monthly fee, Habib American Bank's checking account is perfect for people who want an easy banking experience. Habib American Bank does not refund out-of-network ATM fees, meaning you will be required to find a Habib American Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 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

4.1
SmartAsset Average: 3.7

Habib American Bank is a brick-and-mortar bank, with seven total bank locations in California, New Jersey and New York. It also offers access to mobile and web apps for a simple mobile-banking experience. Habib American Bank gets fairly positive feedback from customers for its mobile platform. The Habib American Bank mobile app rates a 4.2 out of 5 (out of 4 reviews on iOS and Android) compared to the national average of 3.8. Habib American Bank's mobile app allows you to manage your bank accounts by monitoring current statements, transferring money and accessing customer service. Habib American Bank gets an outstanding consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Habib American Bank is currently a medium-size bank and owns $1 billion in assets as well as deposits totaling $1 billion. Its Texas Ratio is 4.06%, indicating a low probability of failure. Additionally, Habib American Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.06%
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 Habib American Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $500
Certificates of Deposit
  • 12 Month: 1.30% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.49% APY
$1500 for all terms

Habib American Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Habib American Bank does not have the best savings rate, which means you should think about taking a look 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. Habib American Bank's CD rates are fair compared to the national average.

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Find a Habib American Bank Near Me

Habib American Bank has seven locations in the U.S.

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