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Highlands Union Bank Review

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Highlands Union Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Highlands Union Bank was founded in 1985 with its headquarters in Abingdon, Virginia. It handles $594 million in assets and deposits totaling $500 million, ranking it as a medium-size bank. Highlands Union 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 offerings. Overall, Highlands Union Bank is a respectable bank that gets the job done, with a rating of 4.0 out of 5 stars from the SmartAsset team. Highlands Union Bank offers a varied choice of product offerings, 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. If you're interested in stress-free personal checking, Highlands Union Bank's standard checking account does not have a monthly fee. Locating a bank with no-fee checking and a high interest rate savings account is the best option for accruing the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

With a savings rate of 0.25%, Highlands Union Bank ranks poorly in comparison to the national average. Its CDs feature a rate of 1.00% and 1.99% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.60%. Given Highlands Union Bank's poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Highlands Union Bank's Savings Rates Compare

Highlands Union Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

4.1
SmartAsset Average: 4.4

Highlands Union Bank typically has average fees compared to the average U.S. bank. With no monthly fee, Highlands Union Bank's checking account is ideal for people who want an easy checking account. For those who regularly visit the ATM, it is less than great because it charges an out-of-network ATM fee of $3.00, which is less than great compared to the national average. Also, it has an overdraft fee of $35.00, which is on par with that of other U.S. banks. Highlands Union Bank unfortunately does not refund out-of-network ATM fees, which means you will need to search for a Highlands Union Bank ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $3.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.7
SmartAsset Average: 3.7

Highlands Union Bank is a brick-and-mortar bank, with 14 total bank locations in North Carolina, Tennessee and Virginia. With mobile and web apps, Highlands Union Bank makes account access convenient, even on the go. Highlands Union Bank gets fair marks from customers for its online presence. Out of 77 ratings on Apple and Android platforms, the Highlands Union Bank mobile app has an overall rating of 3.5 out of 5 (compared to the national average of 3.8). You can access Highlands Union Bank's mobile app to manage your accounts by reviewing current statements, sending and receiving money and accessing support representatives. Highlands Union Bank receives a superb consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Highlands Union Bank is a medium-size bank and owns $594 million in assets and $500 million in deposits. Highlands Union Bank's Texas Ratio is 10.67%, suggesting a tiny possibility of failure. Additionally, Highlands Union Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

10.67%
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 Highlands Union Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.29% APY
  • 36 Month: 1.49% APY
  • 48 Month: 1.84% APY
  • 60 Month: 1.99% APY
$500 for all terms
Money Market Account 0.6% APY $10000

Highlands Union Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Highlands Union Bank does not have the best savings rate, which means you should consider looking elsewhere 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. Highlands Union Bank's CD rates are fair compared to the average U.S. bank.

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Find a Highlands Union Bank Near Me

Highlands Union Bank has 14 physical branches across the U.S.

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