Horizon Bank Review

Horizon Bank Savings

0.01% APY

Horizon Bank was founded in 1873 and its headquarters are located in Michigan City, Indiana. Horizon Bank owns assets totaling $7.94 billion and deposits totaling $5.77 billion, making it a large bank. Horizon Bank does not have the access to customer service other banks offer. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. On the whole, Horizon Bank is a good bank that deserves your consideration at a rating of 4.1 stars out of 5 from the SmartAsset team. 

Horizon Bank provides customers with a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Horizon Bank has a fair savings rate compared to the average savings account. The bank's standard checking product features a monthly fee of $5.00, which is not too bad compared to other U.S. banks. Why have checking and savings accounts with the same bank? Convenient transferring between the two accounts means you can still get higher interest rates in your savings account but still spend your funds from your checking.

Service Quality

Horizon Bank is a brick-and-mortar bank, with 78 total bank locations in Indiana and Michigan. With mobile and web apps, Horizon Bank makes mobile banking straightforward, even on the go.  

Horizon Bank's online and mobile banking services get reasonably high ratings from customers: out of 240 customer reviews on Apple and Android platforms, the Horizon Bank mobile app has an overall rating of 3.5 out of 5 (compared to the national average of 3.8). Horizon Bank's mobile app lets you control your finances by looking at monthly statements, sending and receiving funds and accessing customer service. Horizon Bank gets a superb consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Horizon Bank offers several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should think about other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Horizon Bank's CD rates are competitive compared to other U.S. banks. 

Rates

Horizon Bank features a savings rate of 0.01%, which is fair in comparison to the national average. Its one-year CD earns at a rate of 0.15% and the five-year CD earns at a rate of 1.00%, while its highest-yielding money market account has a rate of 4.25%. It has a fair savings rate compared to the average savings account. Think about other options to earn more on your deposits.

Fees

On average, Horizon Bank charges its customers low fees as compared against the national average. Its checking account has a monthly fee of $5.00, rating it slightly worse for anyone looking for a simple account. For those who frequent the ATM, Horizon Bank is ideal because it has no ATM fees. 

Financial Health

Horizon Bank is currently a large bank with assets totaling $7.94 billion and $5.77 billion in deposits. Horizon Bank has an excellent Texas Ratio of 2.61%, indicating a very low probability of failure. Additionally, Horizon Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Horizon Bank Near Me

Horizon Bank has 78 branches in the U.S.