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Herring Bank Review

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


Herring Bank started in 1899 with its headquarters in Amarillo, Texas. It handles $427 million in assets as well as deposits totaling $372 million, ranking it as a medium-size bank. Herring Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, Herring Bank is a solid pick to be your bank, with a score of 4.4 out of 5 stars from the SmartAsset team. Herring Bank provides customers with a full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. Finding an institution with no-fee checking as well as a high savings APY is your best option for getting the highest income on your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Herring Bank features a savings rate of 0.50%, which is fair compared to the average U.S. bank. Herring Bank's one-year CD earns at a rate of 1.56% and the five-year CD earns at a rate of 2.48%, while its highest-yielding money market account earns at a rate of 0.70%. Given Herring Bank's below average savings rate, you should consider other options to earn more on your deposits.

How Herring Bank's Savings Rates Compare

Herring Bank Savings 0.50 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

There is insufficient data on Herring Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

SmartAsset Average: 3.7

Herring Bank is a brick-and-mortar bank, with 14 total bank locations in Colorado, Oklahoma and Texas. With mobile and web apps, Herring Bank makes mobile banking convenient, even on the go. Herring Bank receives moderately high praise from customers for its mobile banking services. Out of 130 ratings on both Apple and Android platforms, the Herring Bank mobile app rates a 4.1 out of 5 (compared to the national average of 3.8). Herring Bank's mobile app allows you to control your finances by reviewing monthly statements, sending and receiving funds and reaching support representatives. Herring Bank gets an outstanding consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Herring Bank ranks as a medium-size bank and has assets totaling $427 million and deposits totaling $372 million. Herring Bank's Texas Ratio is 6.29%, denoting that the bank is in good financial condition and far from failure. Additionally, Herring Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Herring Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $100
Checking Account 0.6% APY $1000
Certificates of Deposit
  • 12 Month: 1.56% APY
  • 24 Month: 1.81% APY
  • 36 Month: 2.02% APY
  • 60 Month: 2.48% APY
$1000 for all terms
Money Market Account 0.7% APY $10000

Herring Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Herring 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. Herring Bank's CD rates are fair compared to other U.S. banks.

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Find a Herring Bank Near Me

Herring Bank has 14 branches in the U.S.

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