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Manufacturers Bank Review

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Manufacturers Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1962, Manufacturers Bank has $3 billion in assets as well as deposits totaling $2 billion, classifying the institution as a large bank. Manufacturers Bank, whose headquarters are in Los Angeles, California, lacks premium access to support representatives, with no options for live chat or all-day service. 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. Overall, Manufacturers Bank is an acceptable bank choice, but may leave you wanting more, with a score of 3.6 stars out of 5 from the SmartAsset experts. Manufacturers Bank has a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. Manufacturers Bank has a fair savings rate; you can find higher rates with other banks. Institutions that offer no-fee checking as well as a high interest rate savings account are the best bet for returning the highest income on your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

With a savings rate of 0.20%, Manufacturers Bank ranks poorly compared to the average U.S. bank. Manufacturers Bank's one-year CD earns at a rate of 0.60% and the five-year CD has a rate of 0.75%, while its highest-yielding money market account earns at an APY of 0.15%. Given Manufacturers Bank's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Manufacturers Bank's Savings Rates Compare

Manufacturers Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Manufacturers Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

2.5
SmartAsset Average: 3.7

Manufacturers Bank is a brick-and-mortar bank, with 10 total branches in California. With a mobile app, Manufacturers Bank provides straightforward mobile banking, even from home or work. Manufacturers Bank receives an outstanding consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating NR
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

Manufacturers Bank is a large bank and manages assets totaling $3 billion as well as deposits totaling $2 billion. It has an excellent Texas Ratio of 0.04%, denoting a low probability of failure. Additionally, Manufacturers 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.

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Compare Manufacturers Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.65% APY
  • 36 Month: 0.70% APY
  • 48 Month: 0.75% APY
  • 60 Month: 0.75% APY
$1 for all terms
Money Market Account 0.15% APY $25000

Manufacturers Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Manufacturers Bank does not have the best savings rate, which means you should think about 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. Manufacturers Bank's CD rates are fair compared to other U.S. banks.

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Find a Manufacturers Bank Near Me

Manufacturers Bank has 10 physical locations across the U.S.

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