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Hamilton Bank Review

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Hamilton Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Hamilton Bank was founded in 1915 with its headquarters in Baltimore, Maryland. It has assets of $515 million and $396 million in deposits, which makes it a medium-size bank. Hamilton Bank has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional 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, Hamilton Bank is an acceptable bank choice, but may leave you wanting more. Hamilton Bank offers a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product has a $5.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best bet for accruing the most income on your deposits while maintaining 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

3.2
SmartAsset Average: 3.5

With a savings rate of 0.10%, Hamilton Bank ranks poorly in comparison to other U.S. banks. Its one-year CD has a rate of 0.80% and the five-year CD earns at a rate of 1.76%, while its highest-yielding money market account earns at an APY of 0.20%. Given Hamilton Bank's below average savings rate, you should consider other options to earn more on your deposits.

How Hamilton Bank's Savings Rates Compare

Hamilton Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Hamilton Bank has typically high fees compared to the average U.S. bank. Hamilton Bank's checking account has a monthly fee of $5.00, rating it fair for anyone looking for a hassle-free account. Also, Hamilton Bank has an overdraft fee of $35.00, which is on par with the national average overdraft fee. Hamilton Bank does not refund out-of-network ATM fees, meaning you will be required to locate a Hamilton Bank ATM or accept the withdrawal fee.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

2.8
SmartAsset Average: 3.7

Hamilton Bank is a brick-and-mortar bank, with seven total bank locations. With mobile and web apps, Hamilton Bank makes account access convenient, even on the go. Hamilton Bank also offers a live chat feature, which may provide helpful service without getting on the phone. You can utilize Hamilton Bank's mobile app to control your bank accounts by looking at account balances, sending and receiving money as well as accessing customer service. Hamilton Bank receives an outstanding consumer satisfaction rating based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

4.4
SmartAsset Average: 4.8

Hamilton Bank ranks as a medium-size bank with assets totaling $515 million and deposits totaling $396 million. Its Texas Ratio is 13.18%, signifying a tiny chance of failure. Additionally, Hamilton Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

13.18%
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 Hamilton Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $20
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 0.80% APY
  • 24 Month: 2.38% APY
  • 36 Month: 1.40% APY
  • 48 Month: 1.55% APY
  • 60 Month: 1.76% APY
$500 for all terms
Money Market Accounts 0.1% APY 0.2% APY $10000 $15000

Hamilton Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Hamilton 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. Hamilton Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Hamilton Bank Near Me

Hamilton Bank has seven physical locations in the U.S.

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