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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 first started operating in 1985 with headquarters located in Abingdon, Virginia. It has assets of $594 million as well as deposits totaling $500 million, making it a medium-size bank. Highlands Union Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, Highlands Union Bank is a good bank that deserves your consideration, with a rating of 4.0 stars out of 5 from the SmartAsset team. Highlands Union Bank has a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Highlands Union Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Highlands Union Bank's standard checking account does not have a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is your best option for returning the most income from your deposits alongside 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 as compared against the national average. Its CD rates are 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 its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

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 generally has average fees compared to other U.S. banks. Highlands Union Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who will need cash in a pinch, it is not the best product because it has an out-of-network ATM fee of $3.00, which is not great in comparison to other U.S. banks. Also, it has an overdraft fee of $35.00, which is on par with the average overdraft fee charged by U.S. banks. Highlands Union Bank does not reimburse out-of-network ATM charges, which means you'll need to locate a Highlands Union Bank ATM or eat the 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. It also offers access to mobile and web apps for a simple mobile-banking experience. Highlands Union Bank receives fair reviews from customers for its mobile banking services. The Highlands Union Bank mobile app is rated at 3.5 out of 5 (out of 77 reviews on iOS and Android) compared to the national average of 3.8. Highlands Union Bank's mobile app lets you manage your finances by monitoring monthly statements, sending and receiving money as well as reaching customer service. Highlands Union Bank gets a superb consumer satisfaction rating due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 ranks as a medium-size bank with $594 million in assets as well as $500 million in deposits. Its Texas Ratio is 10.67%, suggesting that Highlands Union Bank is in good financial health and unlikely to fail. 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 Accounts 0.6% APY 0.6% APY $10000 $15000

Highlands Union Bank offers several deposit products including 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 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. Highlands Union Bank's CD rates are fair as compared against the national average.

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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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