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Horizon Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Horizon Bank Savings
0.60% APY

Overview

Our Rating: 4.5/5 How we calculated this rating

Founded in 1905, Horizon Bank has assets totaling $887 million along with deposits totaling $809 million, classifying it as a medium-size bank. Horizon Bank, whose headquarters are in Austin, Texas, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.5 stars out of 5, Horizon Bank should be solidly in contention for your choice of bank. 

Horizon Bank offers a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Perfect for those who want their extra money to grow without monitoring it, Horizon Bank's savings account APY is extremely competitive. Why have checking and savings accounts with the same bank? Fast transferring between the two accounts translates to better interest rates in your savings account with the ability to spend from your checking.

Service Quality

Horizon Bank is a brick-and-mortar bank, with seven total branches in Texas. With mobile and web apps, Horizon Bank makes account access convenient, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. CT. 

Horizon Bank's online and mobile banking services receive fair feedback from customers: with 260 customer reviews on both iOS and Android platforms, the Horizon Bank mobile app is scored at 3.6 out of 5 (compared to the national average of 3.8). Horizon Bank's mobile app allows you to control your bank accounts by monitoring monthly statements, sending and receiving money and accessing support representatives. Horizon Bank receives a superb consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.60% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 1.61% APY
  • 24 Month: 1.91% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.50% APY $1 Compare Offers
Checking Accounts 0.20% APY $1 Compare Offers

Horizon Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. Horizon Bank's savings account interest rate is extremely competitive, great if you want to grow your money while still having it available. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Horizon Bank's CD rates are stellar compared to other U.S. banks.

Rates

Horizon Bank features a savings rate of 0.60%, which is excellent compared to other U.S. banks. Its one-year CD has a rate of 1.61%, while its highest-yielding money market account has an APY of 0.50%. Given that Horizon Bank has a superb APY, Horizon Bank's savings account can be used to work toward a crucial occasion like retirement.

Compare Horizon Bank to Other Competitive Offers

Fees

There is insufficient data on Horizon Bank's fees to provide a full SmartAsset rating.

Financial Health

Horizon Bank ranks as a medium-size bank and owns assets totaling $887 million as well as $809 million in deposits. Horizon Bank's Texas Ratio is 0.71%, suggesting that Horizon Bank is in outstanding financial shape and very unlikely to fail. 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 seven locations in the U.S.

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