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Merchants Bank of Bangor Review

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Merchants Bank of Bangor Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1890, Merchants Bank of Bangor has assets totaling $393 million and deposits totaling $331 million, which makes the institution a small bank. Merchants Bank of Bangor, whose headquarters are in Bangor, Pennsylvania, 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 in-person service, in addition to its online and mobile apps. Overall, Merchants Bank of Bangor is a satisfactory bank that might not serve all your needs, with a rating of 3.3 out of 5 stars from our experts. Merchants Bank of Bangor provides customers with a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. Locating a bank with no-fee checking, in addition to a high savings APY is your best option for accruing the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.3/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

Merchants Bank of Bangor has a savings rate of 0.05%, which is fair in comparison to the national average. Merchants Bank of Bangor's CDs feature a rate of 0.50% and 1.25% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.15%. Given its below average savings rate, you should consider choosing another bank to earn more on your deposits.

How Merchants Bank of Bangor's Savings Rates Compare

Merchants Bank of Bangor Savings 0.05 National Average 0.26 Compare Offers
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Fees

2.8
SmartAsset Average: 4.4

On average, Merchants Bank of Bangor charges its customers high fees compared to the average U.S. bank. For those who will need cash in a pinch, it is not ideal because it charges an out-of-network ATM fee of $2.50, which is less than great in comparison to the national average. Merchants Bank of Bangor doesn't refund out-of-network ATM fees, which means you'll need to find a Merchants Bank of Bangor ATM or accept the withdrawal fee.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee $2.50 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

Merchants Bank of Bangor is a brick-and-mortar bank, with nine total bank locations in Pennsylvania. With mobile and web apps, Merchants Bank of Bangor makes mobile banking easy, even on the go. Merchants Bank of Bangor's mobile app lets you control your bank accounts by checking current statements, transferring money and accessing customer service. Merchants Bank of Bangor gets a superb consumer satisfaction score due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Merchants Bank of Bangor is currently a small bank and manages $393 million in assets and $331 million in deposits. Merchants Bank of Bangor's Texas Ratio is 6.94%, indicating a tiny opportunity of failure. Additionally, Merchants Bank of Bangor is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.94%
High Risk 75% 50% 20% 10% Low Risk

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 Merchants Bank of Bangor to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.65% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.25% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.15% APY $10000 $15000

Merchants Bank of Bangor has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Merchants Bank of Bangor 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. Merchants Bank of Bangor's CD rates are fair in comparison to the national average.

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Find a Merchants Bank of Bangor Near Me

Merchants Bank of Bangor has nine physical branches in the U.S.

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