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Macatawa Bank 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
Macatawa Bank Savings
0.01% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

Founded in 1997, Macatawa Bank has $2 billion in assets and $2 billion in deposits, ranking the institution as a large bank. Macatawa Bank, whose headquarters are in Holland, Michigan, 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 conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. On the whole, Macatawa Bank is a solid pick to be your bank at a score of 4.3 stars out of 5 from the SmartAsset team. 

Macatawa Bank offers a complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Macatawa Bank has a fair savings rate, which means you can find higher rates with other banks. Using one bank for checking and savings is best when you want to get the most return on your money while keeping easy control over your money.

Service Quality

Macatawa Bank is a brick-and-mortar bank, with 30 total bank locations in Michigan. With mobile and web apps, Macatawa Bank makes mobile banking convenient, even on the go. It provides all-day access to representatives. 

Macatawa Bank gets relatively good reviews from customers for its mobile banking services: the Macatawa Bank mobile app has an overall rating of 3.4 out of 5 (with 130 ratings on Apple and Android) compared to the national average of 3.8. You can access Macatawa Bank's app to control your finances by checking monthly statements, transferring money as well as reaching customer service. Macatawa Bank gets a superb consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.01% APY $2,500 Compare Offers
Certificates of Deposit
  • 12 Month: 0.18% APY
  • 24 Month: 0.95% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.00% APY
  • $10,000 for 12 month
  • $1,000 for all othertiers
Compare Offers
Money Market Accounts
  • 10K tier: 0.09% APY
  • 25K tier: 0.11% APY
  • $10,000
  • $25,000
Compare Offers
Checking Accounts 0.01% APY $2,000 Compare Offers

It has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Macatawa Bank does not have the best savings rate, which means you should consider other options 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. Macatawa Bank's CD rates are competitive in comparison to the national average.

Rates

Macatawa Bank features a savings rate of 0.01%, which is fair compared to other U.S. banks. Macatawa Bank's one-year CD has a rate of 0.18% and the five-year CD has a rate of 1.00 %, while its highest-yielding money market account has an APY of 0.11%. It has a fair savings rate, which means you can find higher rates with other banks. Consider taking a look at other banks for savings accounts.

Compare Macatawa Bank to Other Competitive Offers

Fees

Macatawa Bank generally has low fees compared to the national average. Additionally, at $32, Macatawa Bank has a considerably lower overdraft fee compared to the average U.S. overdraft fee. 

Financial Health

Macatawa Bank ranks as a large bank with assets totaling $2 billion as well as $2 billion in deposits. Its Texas Ratio is 2.75%, denoting a very minute possibility of failure. Additionally, Macatawa Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Macatawa Bank Near Me

Macatawa Bank has 30 locations across the U.S.

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