Howard Bank (MD) Review

Howard Bank Savings

0.01% APY

Founded in 2004, Howard Bank has $1 billion in assets along with deposits totaling $879 million, which makes the institution a medium-size bank. Howard Bank, whose headquarters are in Ellicott City, Maryland, lacks premium access to support representatives, with no options of 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 offerings. Overall, Howard Bank is a decent bank that leaves room for improvement at a score of 3.8 out of 5 stars from the SmartAsset experts. 

Howard Bank has a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Howard Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Howard Bank's standard checking account does not have a monthly maintenance fee. Why have checking and savings accounts with the same bank? Seamless transferring of funds between both accounts means you can still get higher interest rates in your savings account but still access your money from your checking.

Service Quality

Howard Bank is a brick-and-mortar bank, with 24 total branches in Maryland. With mobile and web apps, Howard Bank makes mobile banking convenient, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, 9:00 a.m. to 5:00 p.m. ET. 

Howard Bank's mobile app allows you to control your bank accounts by checking account balances, transferring money and reaching support representatives. Howard Bank gets an outstanding consumer satisfaction rating based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Howard Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. It does not have the best savings rate, which means you should think about taking a look elsewhere 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. Howard Bank's CD rates are fair compared to other U.S. banks.

Rates

With a savings rate of 0.01%, Howard Bank ranks below the mean compared to other U.S. banks. Its one-year CD earns at a rate of 0.15% and the five-year CD earns at a rate of 0.20%, while its highest-yielding money market account has an APY of 0.03%. Given its below average savings rate, you should think about choosing another bank to earn more on your deposits.

Fees

Howard Bank has generally extremely low fees in comparison to the national average. Howard Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. For those who will need cash in a pinch, it is perfect because it has no ATM fees. Also, at $35, it has a lower overdraft fee compared to the national average. Howard Bank reimburses any incurred ATM fees (with conditions), making getting cash a free and easy process.

Financial Health

Howard Bank is currently a medium-size bank with assets totaling $1 billion and $879 million in deposits. Howard Bank has a very good Texas Ratio of 13.48%, suggesting that the bank is in fine financial health and far from failure. Additionally, Howard Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Howard Bank Near Me

Howard Bank has 24 branches in the U.S.