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Hawthorn 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
Hawthorn Bank Savings
0.05% APY

Overview

Our Rating: 4.0/5 How we calculated this rating

Hawthorn Bank started in 1911 with headquarters in Jefferson City, Missouri. Hawthorn Bank has $1 billion in assets as well as deposits totaling $1 billion, making it a large bank. Hawthorn Bank does not have the same customer service perks that others do. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. SmartAsset experts rated the bank 4 stars out of 5, indicating that Hawthorn Bank is a respectable bank that deserves your consideration. 

Hawthorn Bank provides customers with a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate, which means other popular banks have higher rates. Perfect for basic banking needs, Hawthorn Bank's most basic checking account does not carry a monthly fee. Keeping both checking and savings accounts in the same place is perfect for getting the highest interest rates on your money while retaining convenient control over your money.

Service Quality

Hawthorn Bank is a brick-and-mortar bank, with 22 total bank locations in Missouri. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. CT; Saturday, 9:00 a.m. to 12:00 p.m. CT. 

Hawthorn Bank's online and mobile banking platforms get fair scores from customers: out of 74 ratings on Apple and Android platforms, the Hawthorn Bank mobile app is scored at 2.9 out of 5 (compared to the national average of 3.8). Hawthorn Bank's mobile app allows you to manage your funds by looking at current statements, transferring funds as well as reaching support representatives. Hawthorn Bank gets an outstanding consumer satisfaction score due to comparatively few consumer complaints brought to 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 0.05% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.55% APY
  • 48 Month: 0.70% APY
  • 60 Month: 0.80% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.10% APY $5,000 Compare Offers
Checking Accounts 0.05% APY $2,500 Compare Offers

Hawthorn Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, which offers you many options to manage your money. It does not have the best savings rate, which means you should consider looking elsewhere 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. Still, Hawthorn Bank's CD rates are competitive compared to the national average.

Rates

Hawthorn Bank features a savings rate of 0.05%, which is fair compared to other U.S. banks. Its one-year CD earns at a rate of 0.40% and the five-year CD earns at a rate of 0.80%, while its highest-yielding money market account earns at a rate of 0.15%. Hawthorn Bank has a fair savings rate, which means other popular banks have higher rates. Think about higher earning savings accounts with other banks.

Compare Hawthorn Bank to Other Competitive Offers

Fees

Hawthorn Bank charges customers low fees in comparison to other U.S. banks. With no monthly fee, Hawthorn Bank's checking account is perfect for those who need an easy checking account. For those who use cash often, it is good because it offers an ATM fee of $1.00, which is solid compared to the average U.S. bank. Additionally, at $35, Hawthorn Bank's overdraft fee is lower than the average overdraft fee charged by U.S. banks, making it good for those who don't check their balance often. Hawthorn Bank unfortunately doesn't reimbursee ATM fees which means you will have to find a Hawthorn Bank ATM or accept the cost of withdrawal.

Financial Health

Hawthorn Bank is a large bank and owns assets totaling $1 billion as well as $1 billion in deposits. Hawthorn Bank's Texas Ratio is 10.48%, denoting that Hawthorn Bank is in fine financial well-being and improbable to fail. Additionally, Hawthorn Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Hawthorn Bank Near Me

Hawthorn Bank has 22 branches in the U.S.

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