Mega Bank Review

Overview

Mega Bank first started operating in 2008 with headquarters located in San Gabriel, California. Mega Bank manages $352 million in assets as well as $279 million in deposits, ranking it as a small bank. Mega Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.1 out of 5 stars, Mega Bank should be solidly in contention for your choice of bank. Mega Bank has a diversity of banking products, which include savings accounts, checking accounts, money market accounts and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Mega Bank's standard checking account does not have a monthly fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best bet for getting the most income from your deposits alongside convenient access to your money.

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

With a savings rate of 0.25%, Mega Bank ranks poorly compared to the national average. Its one-year CD earns at a rate of 1.21% and the five-year CD has a rate of 1.41%, 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 Mega Bank's Savings Rates Compare

On average, Mega Bank charges customers extremely low fees as compared against the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Mega Bank unfortunately does not reimburse out-of-network ATM charges, which means you will be required to find a Mega Bank ATM or pay the withdrawal fee.

Mega Bank is a brick-and-mortar bank, with five total bank locations in California. With a mobile app, Mega Bank provides straightforward account access, even from home or work. Mega Bank receives a superb consumer satisfaction score due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Mega Bank ranks as a small bank and manages $352 million in assets and $279 million in deposits. Mega Bank has an excellent Texas Ratio of 3.68%, indicating that the bank is in excellent financial condition and improbable to fail. Additionally, Mega 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.

Products Offered

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

Find a Mega Bank Near Me

Mega Bank has five branches across the U.S.