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Leader Bank Review

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Leader Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Leader Bank first started operating in 2002 with its headquarters in Arlington, Massachusetts. It owns $1 billion in assets along with $901 million in deposits, classifying it as a medium-size bank. Leader Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Overall, Leader Bank is a solid pick to be your bank, with a score of 4.4 out of 5 stars from our experts. Leader Bank offers a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Leader Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Leader Bank offers an option without a monthly fee. Locating an institution with no-fee checking and a high savings APY is the best bet for accruing the highest income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
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

Leader Bank features a savings rate of 0.10%, which is poor in comparison to the national average. Leader Bank's one-year CD earns at a rate of 1.50% and the five-year CD earns at a rate of 3.00%, while its highest-yielding money market account earns at a rate of 1.06%. Given Leader Bank's noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Leader Bank's Savings Rates Compare

Leader Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Leader Bank charges customers extremely low fees compared to the average U.S. bank. Leader Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is ideal because it has no out-of-network ATM fees. Additionally, it has an overdraft fee of $30.00, which is considerably less than the national average overdraft fee. Leader Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you will need to locate a Leader Bank ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

Leader Bank is a brick-and-mortar bank, with seven total bank locations in Massachusetts. With mobile and web apps, Leader Bank makes mobile banking straightforward, even on the go. Leader Bank's online and mobile banking platforms receive moderately good ratings from users. Out of 25 customer reviews on Apple and Android platforms, the Leader Bank mobile app rates a 4.0 out of 5 (compared to the national average of 3.8). You can utilize Leader Bank's app to control your accounts by looking at account balances, sending and receiving money as well as accessing support representatives. Leader Bank receives a superb consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Leader Bank is currently a medium-size bank with $1 billion in assets and $901 million in deposits. Leader Bank has an excellent Texas Ratio of 0.15%, denoting a negligible possibility of failure. Additionally, Leader Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Leader Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $10
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 0.85% APY
  • 36 Month: 1.40% APY
  • 48 Month: 0.85% APY
  • 60 Month: 3.00% APY
$1000 for all terms
Money Market Account 1.06% APY $10

Leader Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Leader Bank does not have the best savings rate, which means you should think about 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. Leader Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Leader Bank Near Me

Leader Bank has seven locations in the U.S.

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