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Mars 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
Mars Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Mars Bank first started operating in 1900 and has its headquarters in Mars, Pennsylvania. It has assets of $391 million as well as $337 million in deposits, which makes it a small bank. Mars Bank lacks premium access to customer service, 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 apps. Coming in at an average 3.7 stars out of 5, Mars Bank is an acceptable bank choice, but may leave you wanting more. Mars Bank offers a complete suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. Locating a bank with free checking, in addition to a high savings APY is your best option for getting the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

Mars Bank features a savings rate of 0.03%, which is poor in comparison to the national average. Mars Bank's one-year CD earns at a rate of 0.10% and the five-year CD has a rate of 0.80%, while its highest-yielding money market account earns at an APY of 0.03%. Given its poor savings rate, you should think about looking at the competition to open savings accounts.

How Mars Bank's Savings Rates Compare

Mars Bank Savings 0.03 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Mars 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

3.2
SmartAsset Average: 3.7

Mars Bank is a brick-and-mortar bank, with five total bank locations in Pennsylvania. It also offers access to mobile and web apps for an easy mobile-banking experience. Mars Bank's online and mobile banking services receive poor marks from users. With 4 ratings across both iOS and Android platforms, the Mars Bank mobile app is scored at 2.5 out of 5 (compared to the national average of 3.8). You can use Mars Bank's app to manage your accounts by reviewing account balances, transferring money and reaching support representatives. Mars Bank receives an exceptional consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 2.5/5
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

Mars Bank is a small bank owning $391 million in assets and $337 million in deposits. It has an excellent Texas Ratio of 0.27%, signifying that Mars Bank is in superb financial shape and unlikely to fail. Additionally, Mars 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 Mars Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $25
Checking Account 0.03% APY $1
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.20% APY
  • 36 Month: 0.35% APY
  • 48 Month: 0.50% APY
  • 60 Month: 0.80% APY
$1000 for all terms
Money Market Accounts 0.03% APY 0.03% APY $10000 $15000

Mars Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Mars 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. Mars Bank's CD rates are fair compared to the national average.

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Find a Mars Bank Near Me

Mars Bank has five branches across the U.S.

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