Started in 2007, Level One Bank has assets totaling $1 billion as well as deposits totaling $1 billion, making it a medium-size bank. Level One Bank, whose headquarters are in Farmington Hills, Michigan, has above-average customer service access with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With an average 3.9 stars out of 5, Level One Bank proves it is a good bank that should be given a look. Level One Bank has the full slate of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account has a $5.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Locating a checking account with no monthly fee and a savings account with a high APY at the same institution is the best bet for returning the most income on 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
Level One Bank has a savings rate of 0.10%, which is fair compared to other U.S. banks. Its CD rates are 0.35% and 1.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.25%. Given its poor savings rate, you should think about other options to earn more on your deposits.
How Level One Bank's Savings Rates Compare
Level One Bank has generally above-average fees in comparison to the national average. At $5.00 per month, Level One Bank's checking account is less than great for those who need an easy banking experience. Additionally, at $35.00, it has a lower overdraft fee compared to the national average overdraft fee. Level One Bank reimburses their out-of-network ATM fees, making finding an ATM a free and straightforward process.
Level One Bank is a brick-and-mortar bank, with 13 total bank locations in Michigan. It also offers access to mobile and web apps for simple access and banking on the go. Additionally, Level One Bank customers can access live chat for customer service questions, an alternative customer service tool if you can't call in during business hours. Level One Bank gets fairly good ratings from customers for its mobile platform. Out of 18 ratings on both Apple and Android platforms, the Level One Bank mobile app rates a 4.2 out of 5 (compared to the national average of 3.8). Level One Bank's mobile app lets you control your accounts by monitoring monthly statements, sending and receiving funds as well as accessing customer service. Level One Bank gets an exceptional consumer satisfaction score due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
Level One Bank is currently a medium-size bank and manages assets totaling $1 billion as well as $1 billion in deposits. Its Texas Ratio is 11.42%, signifying 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
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.Back to Overview
Compare Level One Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.1% APY||$1|
|Checking Account||0.25% APY||$1500|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Account||0.25% APY||$25000|
Level One Bank offers several deposit products like 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 consider taking a look 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. Level One Bank's CD rates are fair in comparison to other U.S. banks.Back to Overview
Find a Level One Bank Near Me
Level One Bank has 13 physical branches in the U.S.Back to Overview