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InterBank 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
InterBank Savings
0.20% APY

Overview

Our Rating: 4.1/5 How we calculated this rating

InterBank first started operating in 1988 and its headquarters are located in Oklahoma City, Oklahoma. It has assets totaling $3 billion and $3 billion in deposits, ranking it as a large bank. InterBank has above-average access to customer service with all-day support available, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. Our team rated InterBank a 4.1 stars out of 5, InterBank should be near the middle of the pack in your search for a bank. 

InterBank provides customers with a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, brokerage accounts and mortgage products. InterBank offers a savings account with a moderate interest rate, appropriate if you need a place to stash your money. Using one bank for checking and savings is best when you want to get the highest return on your deposits while keeping convenient control over your money.

Service Quality

InterBank is a brick-and-mortar bank, with 47 total branches in Oklahoma and Texas. It also offers access to mobile and web apps for simple access and banking on the go. It has access to all-day customer service. 

InterBank gets decent reviews from customers for its mobile banking services: with 120 customer reviews on both iOS and Android platforms, the InterBank mobile app rates a 2.5 out of 5 (compared to the national average of 3.8). You can utilize InterBank's mobile app to manage your bank accounts by looking at monthly statements, sending and receiving funds and reaching customer service. InterBank receives a superb consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.20% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 2.52% APY
  • 24 Month: 2.93% APY
  • 36 Month: 3.14% APY
  • 48 Month: 3.29% APY
  • 60 Month: 3.66% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.35% APY $10,000 Compare Offers
Checking Accounts 0.20% APY $100 Compare Offers

InterBank has 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 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. InterBank's CD rates are competitive compared to the average U.S. bank. 

Rates

With a savings rate of 0.20%, InterBank ranks below the mean as compared against the national average. Its CD rates are 2.52% and 3.55% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.20%. It has a fair savings rate, which means other popular banks have higher rates. Consider other options to earn more on your deposits.

Compare InterBank to Other Competitive Offers

Fees

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

Financial Health

InterBank is a large bank and manages assets totaling $3 billion and $3 billion in deposits. InterBank has a very good Texas Ratio of 5.82%, signifying a tiny opportunity of failure. Additionally, InterBank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find an InterBank Near Me

InterBank has 47 locations across the U.S.

 

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