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Level One Bank Review

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

Overview

Level One Bank first started operating in 2007 with headquarters located in Farmington Hills, Michigan. Level One Bank owns $1 billion in assets along with $1 billion in deposits, classifying it as a medium-size bank. Level One Bank has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With an average 3.9 stars out of 5, Level One Bank proves it is a respectable bank that should be given a look. Level One Bank offers the complete package of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking account has a monthly fee of $5.00, which places it at the higher end of monthly fees. Institutions that offer free checking and a high interest rate savings account are your best option for gaining the most income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.10%, Level One Bank ranks poorly in comparison to the national average. Level One Bank's one-year and five-year term lengths CDs earn at a rate of 0.35% and 1.15%, respectively, while its highest-yielding money market account earns at a rate of 0.25%. Given its below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Level One Bank's Savings Rates Compare

Level One Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.8
SmartAsset Average: 4.4

Level One Bank has generally above-average fees in comparison to other U.S. banks. Level One Bank's checking account has a monthly fee of $5.00, which makes it fair for anyone looking for a hassle-free account. Additionally, at $35.00, Level One Bank has a lower overdraft fee compared to that of other U.S. banks. Level One Bank reimburses their out-of-network ATM fees, making getting cash a free and straightforward process.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

Level One Bank is a brick-and-mortar bank, with 13 total branches in Michigan. It also offers access to mobile and web apps for easy access and banking on the go. Additionally, Level One Bank customers can access live chat for help, an alternative customer service tool if you can't call in during business hours. Level One Bank's online and mobile banking platforms receive fairly high marks from users. Out of 18 ratings on both Apple and Android platforms, the Level One Bank mobile app is scored at 4.2 out of 5 (compared to the national average of 3.8). Level One Bank's mobile app allows you to manage your bank accounts by looking at account balances, transferring money and reaching customer service. Level One Bank receives a superb consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.5
SmartAsset Average: 4.8

Level One Bank is currently a medium-size bank and manages $1 billion in assets as well as deposits totaling $1 billion. Level One Bank has a strong Texas Ratio of 11.42%, denoting a small chance of failure. Additionally, Level One Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

11.42%
High Risk 75% 50% 20% 10% Low Risk

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 Level One Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.25% APY $1500
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.55% APY
  • 36 Month: 0.70% APY
  • 48 Month: 0.95% APY
  • 60 Month: 1.15% APY
$500 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

Level One Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Level One 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. Level One Bank's CD rates are fair compared to other U.S. banks.

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Find a Level One Bank Near Me

Level One Bank has 13 locations in the U.S.

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