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Mid Penn Bank Review

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Mid Penn Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1868, Mid Penn Bank has assets totaling $1 billion along with deposits totaling $1 billion, making it a medium-size bank. Mid Penn Bank, whose headquarters are in Millersburg, Pennsylvania, lacks premium access to support representatives, 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 apps. SmartAsset experts rated the bank 4.1 out of 5 stars, which means Mid Penn Bank is a good bank that warrants your consideration. Mid Penn Bank has a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking account does not carry a monthly maintenance fee. Locating an institution with free checking, in addition to a high savings APY is your best bet for accruing the highest income on your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
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

With a savings rate of 0.20%, Mid Penn Bank ranks poorly in comparison to the average U.S. bank. Mid Penn Bank's one-year and five-year term lengths CDs earn at a rate of 0.60% and 1.75%, respectively, while its highest-yielding money market account earns at an APY of 1.00%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Mid Penn Bank's Savings Rates Compare

Mid Penn Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Mid Penn Bank charges its customers extremely low fees compared to other U.S. banks. Mid Penn Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Mid Penn Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you will have to find a Mid Penn Bank ATM or eat the withdrawal fee.

Monthly Fee $0 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

4.0
SmartAsset Average: 3.7

Mid Penn Bank is a brick-and-mortar bank, with 29 total bank locations in Pennsylvania. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:30 a.m. to 5:00 p.m. ET; Saturday, and 8:30 a.m. to 12:00 p.m. ET. Mid Penn Bank's online and mobile banking platforms receive relatively high praise from customers. The Mid Penn Bank mobile app is rated at 4.0 out of 5 (with 27 reviews on Apple and Android) compared to the national average of 3.8. Mid Penn Bank's mobile app allows you to manage your finances by reviewing monthly statements, sending and receiving funds as well as accessing support representatives. Mid Penn Bank gets an excellent consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Mid Penn Bank ranks as a medium-size bank with assets totaling $1 billion as well as $1 billion in deposits. Its Texas Ratio is 11.08%, denoting a small opportunity of failure. Additionally, Mid Penn Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

11.08%
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 Mid Penn Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1000
Checking Account 0.15% APY $10000
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.20% APY
  • 48 Month: 1.35% APY
  • 60 Month: 1.75% APY
$500 for all terms
Money Market Accounts 0.55% APY 1.0% APY $10000 $15000

Mid Penn Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Mid Penn Bank 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. Mid Penn Bank's CD rates are fair compared to other U.S. banks.

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Find a Mid Penn Bank Near Me

Mid Penn Bank has 29 locations in the U.S.

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