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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

Habib American Bank first started operating in 1984 with its headquarters in New York, New York. Habib American Bank owns $1 billion in assets along with deposits totaling $1 billion, which makes it a medium-size bank. Habib American Bank lacks premium access to support representatives, with no options for live chat or all-day service. 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. With a score of 4.6 out of 5 stars, Habib American Bank should be near the top of your list for your bank search. Habib American Bank provides customers with the complete package of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking account does not have a monthly charge. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is the best bet for accruing the most income from your deposits alongside easy 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

Habib American Bank features a savings rate of 0.50%, which is fair compared to the national average. Its CDs feature a rate of 2.20% and 2.68% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.90%. Given Habib American Bank's below average savings rate, you should think about opting for higher earning savings accounts with other banks.

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 charges customers extremely low fees compared to the average U.S. bank. Habib American Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Habib American Bank does not refund out-of-network ATM fees, which means you'll be required to search for a Habib American Bank ATM or eat the fee.

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 relatively high marks from customers for its online presence. With 4 customer reviews across both Apple and Android platforms, the Habib American Bank mobile app has an overall rating of 4.2 out of 5 (compared to the national average of 3.8). Habib American Bank's mobile app allows you to control your finances by checking current statements, sending and receiving money as well as reaching customer service. Habib American Bank receives a superb consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 ranks as a medium-size bank owning assets totaling $1 billion as well as deposits totaling $1 billion. Habib American Bank's Texas Ratio is 4.06%, signifying a negligible chance 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
Checking Account 0.9% APY $1500
Certificates of Deposit
  • 12 Month: 2.20% APY
  • 24 Month: 2.38% APY
  • 36 Month: 2.48% APY
  • 48 Month: 2.58% APY
  • 60 Month: 2.68% APY
$1500 for all terms
Money Market Accounts 0.9% APY 0.9% APY $10000 $15000

Habib American Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Habib American 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. 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 branches in the U.S.

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