Metabank (Pathward) Review

Metabank (Pathward) Savings

0.10% APY

Update: MetaBank changed its company name to Pathward in 2022. It now focuses on banking as a service (BaaS) services, through which it works with other financial institutions to provide various financial solutions. The review below is only up to date as of the 2022 name change. 

MetaBank first started operating in 1954 with headquarters located in Sioux Falls, South Dakota. MetaBank has retail branches in Iowa and South Dakota. It is a conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. At a SmartAsset rating of 4.3 out of 5 stars, MetaBank should be solidly in contention for your choice of bank. 

MetaBank has a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs and mortgage products. The bank has a fair savings rate, which means other popular banks have higher rates. Perfect for basic banking needs, MetaBank's ordinary checking account does not have a monthly fee. Why have checking and savings accounts with one bank? Fast transferring of funds between both accounts translates to better interest rates in your savings account with the ability to spend from your checking.

Service Quality

MetaBank is a brick-and-mortar bank, with bank locations in Iowa and South Dakota. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. CT. 

MetaBank's online and mobile banking platforms get positive scores from users: out of 200 ratings across Apple and Android platforms, the MetaBank mobile app rates a 4.3 out of 5 and 4.2 out of 5, respectively. MetaBank's mobile app allows you to manage your finances by reviewing account balances, sending and receiving money and reaching support representatives. MetaBank receives an exceptional consumer satisfaction rating due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

MetaBank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. MetaBank does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. MetaBank's CD rates are competitive compared to the national average. 

Rates

With a savings rate of 0.15%, MetaBank ranks below the mean as compared against the national average. Its one-year CD earns at a rate of 2.00% and the five-year CD earns at a rate of 2.41%, while its highest-yielding money market account earns at a rate of 0.20%. MetaBank has a fair savings rate, which means you can find higher rates with other banks. Consider looking elsewhere to open savings accounts.

Fees

On average, MetaBank charges its customers extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who will need cash in a pinch, MetaBank is perfect because it has no ATM fees. 

Financial Health

MetaBank is currently a large bank with almost $7 billion in total assets. It is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a MetaBank Near Me

MetaBank has 11 branches in the U.S.