Leader Bank Review

Overview

Leader Bank first started operating in 2002 and has its headquarters in Arlington, Massachusetts. It owns assets of $4.24 billion and deposits totaling $3.54 billion, ranking 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 in-person service, in addition to its online and mobile apps. With a score of 4.4 stars out of 5, Leader Bank should be solidly in contention for your choice of bank. Leader Bank has a complete choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Leader Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Leader Bank offers an option without a maintenance or monthly fee. Locating an institution with free checking and a high savings APY is the best bet for returning the highest income from your deposits while having easy access to your funds.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

With a savings rate of 1.0%, Leader Bank ranks fairly compared to the national average. Leader Bank's one-year CD has a rate of 3.25% and the five-year CD has a rate of 3.50%, while its highest-yielding money market account earns at a rate of 3.00%. Given its noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Leader Bank's Savings Rates Compare

Leader Bank has typically extremely low fees in comparison to other U.S. banks. Leader Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. For those who withdraw money routinely, Leader Bank is perfect because it has no out-of-network ATM fees. Also, Leader Bank has an overdraft fee of $35.00, which is noticeably less than that of other U.S. banks. Leader Bank doesn't reimburse out-of-network ATM charges, meaning you'll have to locate a Leader Bank ATM or pay the withdrawal fee.

Leader Bank is a brick-and-mortar bank, with six total branches in Massachusetts. It also offers access to mobile and web apps for a simple mobile-banking experience. Leader Bank receives reasonably high marks from customers for its mobile app. The Leader Bank mobile app rates a 4.0 out of 5 (out of 25 ratings on iOS and Android) compared to the national average of 3.8. You can access Leader Bank's mobile app to manage your finances by monitoring account balances, transferring money and reaching support representatives. Leader Bank receives a superb consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Leader Bank is a medium-size bank with assets totaling $4.24 billion as well as $3.54 billion in deposits. Leader Bank's Texas Ratio is 0.05%, indicating that the bank is in outstanding financial well-being and far from 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.

Products Offered

Leader Bank has several deposit products like 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 looking elsewhere 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 compared to the national average.

Find a Leader Bank Near Me

Leader Bank has six locations across the U.S.