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Mission Bank Review

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Mission Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1998, Mission Bank has assets totaling $594 million along with $538 million in deposits, which makes the institution a medium-size bank. Mission Bank, whose headquarters are in Bakersfield, California, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a commendable 4.2 stars out of 5, Mission Bank is a great bank that you should seriously consider. Mission Bank provides customers with a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate compared to the average savings account. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best option for getting the most income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
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

Mission Bank has a savings rate of 0.10%, which is poor in comparison to the average U.S. bank. Mission Bank's one-year CD has a rate of 0.45% and the five-year CD has a rate of 0.85%, while its highest-yielding money market account has a rate of 0.10%. Given Mission Bank's poor savings rate, you should think about looking elsewhere to open savings accounts.

How Mission Bank's Savings Rates Compare

Mission Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Mission Bank charges customers extremely low fees in comparison to the average U.S. bank. For those who visit the ATM often, it is ideal because it charges no out-of-network ATM fees. Mission Bank unfortunately does not refund out-of-network ATM charges, which means you will need to find a Mission Bank ATM or accept the fee.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

Mission Bank is a brick-and-mortar bank, with eight total branches in California. It also offers access to mobile and web apps for simple access and banking on the go. Mission Bank's online and mobile banking platforms receive moderately high scores from customers. The Mission Bank mobile app rates a 4.0 out of 5 (out of 7 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Mission Bank's app to manage your funds by reviewing monthly statements, sending and receiving funds as well as accessing support representatives. Mission Bank receives a superb consumer satisfaction score due to comparatively few complaints reported to 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

4.7
SmartAsset Average: 4.8

Mission Bank is currently a medium-size bank owning $594 million in assets as well as $538 million in deposits. Mission Bank has a strong Texas Ratio of 7.33%, indicating a small possibility of failure. Additionally, Mission Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.33%
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 Mission Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.45% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.70% APY
  • 48 Month: 0.80% APY
  • 60 Month: 0.85% APY
$10000 for all terms
Money Market Account 0.08% APY $10000

Mission 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. Mission Bank does not have the best savings rate, which means you should consider 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. Mission Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Mission Bank Near Me

Mission Bank has eight physical locations across the U.S.

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