Established in 1943, Highland Bank has $491 million in assets as well as deposits totaling $361 million, making the institution a medium-size bank. Highland Bank, whose headquarters are in Saint Michael, Minnesota, lacks premium access to customer service, 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. With a commendable 4.3 out of 5 stars, Highland Bank is a solid pick to be your bank. Highland Bank provides customers with a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Highland Bank's most basic checking does not have a monthly fee. Institutions that offer free checking and a high interest rate savings account are the best bet for accruing the most income from your deposits while maintaining convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.05%, Highland Bank ranks poorly in comparison to other U.S. banks. Its one-year CD earns at a rate of 0.80% and the five-year CD earns at a rate of 1.85%, while its highest-yielding money market account has an APY of 0.15%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.
How Highland Bank's Savings Rates Compare
On average, Highland Bank charges its customers extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, making it excellent for anyone looking for a simple account. Highland Bank unfortunately doesn't refund out-of-network ATM fees, meaning you'll be required to find a Highland Bank ATM or eat the withdrawal fee.
Highland Bank is a brick-and-mortar bank, with five total branches in Minnesota. It also offers access to mobile and web apps for easy access and banking on the go. Highland Bank's online and mobile banking platforms receive fairly high praise from users. With 6 customer reviews across Apple and Android platforms, the Highland Bank mobile app has an overall rating of 4.3 out of 5 (compared to the national average of 3.8). Highland Bank's mobile app allows you to control your funds by reviewing monthly statements, transferring money and reaching customer service. Highland Bank receives a superb consumer satisfaction rating based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
Highland Bank ranks as a medium-size bank owning assets totaling $491 million and deposits totaling $361 million. It has an excellent Texas Ratio of 4.23%, signifying that Highland Bank is in excellent financial well-being and far from failure. Additionally, Highland Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
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.Back to Overview
Compare Highland Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$1|
|Checking Account||0.05% APY||$1000|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Accounts||0.15% APY 0.15% APY||$10000 $15000|
Highland Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Highland 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. Highland Bank's CD rates are fair as compared against the national average.Back to Overview
Find a Highland Bank Near Me
Highland Bank has five physical branches across the U.S.Back to Overview