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Herring Bank Review

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Herring Bank Savings
0.75% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Herring Bank first started operating in 1899 with its headquarters in Amarillo, Texas. Herring Bank handles assets of $427 million as well as $372 million in deposits, ranking it as a medium-size bank. Herring Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.4 out of 5 stars, Herring Bank is a solid contender in your bank search. Herring Bank offers a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. Locating an institution with no-fee checking as well as a high savings APY is your best option for returning the highest income from your deposits alongside convenient access to your funds.

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

With a savings rate of 0.75%, Herring Bank ranks poorly in comparison to other U.S. banks. Its CD rates are 2.27% and 2.89% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.90%. Given Herring Bank's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Herring Bank's Savings Rates Compare

Herring Bank Savings 0.75 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 branches in Colorado, Oklahoma and Texas. It also offers access to mobile and web apps for an easy mobile-banking experience. Herring Bank receives moderately positive feedback from users for its mobile platform. The Herring Bank mobile app has been given a 4.1 out of 5 (with 130 reviews on iOS and Android) compared to the national average of 3.8. You can use Herring Bank's app to manage your finances by reviewing monthly statements, sending and receiving funds and accessing support representatives. Herring Bank receives an excellent consumer satisfaction score based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 with assets totaling $427 million and deposits totaling $372 million. Herring Bank's Texas Ratio is 6.29%, indicating a tiny opportunity of 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 0.75% APY $1000
Checking Account 0.75% APY $2500
Certificates of Deposit
  • 12 Month: 2.27% APY
  • 24 Month: 2.27% APY
  • 36 Month: 2.38% APY
  • 60 Month: 2.89% APY
$1000 for all terms
Money Market Account 0.9% APY $10000

Herring Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Herring Bank does not have the best savings rate, which means you should think about 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 the average U.S. bank.

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Find a Herring Bank Near Me

Herring Bank has 14 physical locations in the U.S.

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