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Metro 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
Metro Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Metro Bank first started operating in 1989 with headquarters in Pell City, Alabama. Metro Bank handles $726 million in assets as well as deposits totaling $621 million, ranking it as a medium-size bank. Metro Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With an average 3.5 out of 5 stars, Metro Bank proves it is an acceptable bank choice, but may leave you wanting more. Metro Bank offers a full selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product has a $6.00 monthly fee, making it a rather costly bank for checking. Finding an institution with free checking as well as a high interest rate savings account is the best option for gaining the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.5/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

With a savings rate of 0.25%, Metro Bank ranks poorly in comparison to other U.S. banks. Metro Bank's one-year and five-year term lengths CDs earn at a rate of 0.75% and 1.50%, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Metro Bank's Savings Rates Compare

Metro Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Metro Bank charges its customers high fees compared to other U.S. banks. Metro Bank's checking account has a monthly fee of $6.00, making it fair for anyone looking for a simple account. Also, at $30.00, Metro Bank's overdraft fee is noticeably lower than the national average. Metro Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you will need to find a Metro Bank ATM or accept the ATM charge.

Monthly Fee $6.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

Metro Bank is a brick-and-mortar bank, with nine total branches in Alabama. It also offers access to a web app, for a simple online-banking experience. Metro Bank receives an exceptional 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

4.3
SmartAsset Average: 4.8

Metro Bank is a medium-size bank owning assets totaling $726 million and $621 million in deposits. It has a strong Texas Ratio of 14.42%, suggesting a small opportunity of failure. Additionally, Metro Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

14.42%
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 Metro Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $100
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.50% APY
$500 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

Metro Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Metro Bank does not have the best savings rate, which means you should consider other options 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. Metro Bank's CD rates are fair compared to the average U.S. bank.

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Find a Metro Bank Near Me

Metro Bank has nine physical locations across the U.S.

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