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Malaga Bank F.S.B. Review

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Malaga Bank F.S.B. Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Malaga Bank F.S.B. started in 1985 and its headquarters are located in Palos Verdes Pen, California. Malaga Bank F.S.B. manages assets of $1 billion along with $759 million in deposits, classifying it as a medium-size bank. Malaga Bank F.S.B. 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 offerings. On the whole, Malaga Bank F.S.B. is a great choice and should warrant serious consideration, with a rating of 4.3 out of 5 stars from the SmartAsset team. Malaga Bank F.S.B. provides customers with a diverse array of banking products, which include savings accounts, checking accounts, money market accounts and CDs. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking does not carry a monthly maintenance fee. Finding a checking account with no monthly fee and a savings account with a high APY at the same institution is your best option for returning the most income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
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 0.05%, Malaga Bank F.S.B. ranks poorly in comparison to the average U.S. bank. Malaga Bank F.S.B.'s one-year and five-year term lengths CDs earn at a rate of 0.30% and 3.05%, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Malaga Bank F.S.B.'s Savings Rates Compare

Malaga Bank F.S.B. Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Malaga Bank F.S.B. charges customers extremely low fees compared to the average U.S. bank. With no monthly fee, Malaga Bank F.S.B.'s checking account is perfect for those who need a hassle-free checking account. Malaga Bank F.S.B. doesn't refund out-of-network ATM charges, which means you will be required to find a Malaga Bank F.S.B. ATM or accept the cost of withdrawal.

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

4.1
SmartAsset Average: 3.7

Malaga Bank F.S.B. is a brick-and-mortar bank, with five total bank locations in California. With mobile and web apps, Malaga Bank F.S.B. makes account access straightforward, even on the go. Malaga Bank F.S.B. gets reasonably high praise from customers for its mobile app. Out of 7 customer reviews on iOS and Android platforms, the Malaga Bank F.S.B. mobile app rates a 4.3 out of 5 (compared to the national average of 3.8). You can access Malaga Bank F.S.B.'s mobile app to manage your accounts by checking current statements, sending and receiving funds as well as accessing customer service. Malaga Bank F.S.B. gets an outstanding consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.3/5
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

Malaga Bank F.S.B. ranks as a medium-size bank with assets totaling $1 billion as well as $759 million in deposits. Malaga Bank F.S.B.'s Texas Ratio is 0.00%, signifying that Malaga Bank F.S.B. is in superb financial health and improbable to fail. Additionally, Malaga Bank F.S.B. 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 Malaga Bank F.S.B. to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.60% APY
  • 60 Month: 3.05% APY
$10000 for all terms
Money Market Account 0.1% APY $25000

Malaga Bank F.S.B. has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Malaga Bank F.S.B. does not have the best savings rate, which means you should consider 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. Malaga Bank F.S.B.'s CD rates are fair compared to the national average.

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Find a Malaga Bank F.S.B. Near Me

Malaga Bank F.S.B. has five physical locations in the U.S.

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