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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

Mission Bank started in 1998 and its headquarters are located in Bakersfield, California. It has $594 million in assets along with deposits totaling $538 million, making it a medium-size bank. Mission Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We gave Mission Bank a 4.2 out of 5 stars, which means it is a great bank that you should seriously consider. Mission Bank provides customers with a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. Mission Bank has a fair savings rate; other popular banks have higher rates. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same bank is your best bet for returning the most income from your deposits while having convenient access to your funds.

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

With a savings rate of 0.10%, Mission Bank ranks poorly as compared against the national average. Mission Bank's one-year CD earns at a rate of 0.45% and the five-year CD has a rate of 0.70%, while its highest-yielding money market account has a rate of 0.10%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

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 its customers extremely low fees compared to the average U.S. bank. For those who often withdraw money from the ATM, it is perfect because it has no out-of-network ATM fees. Mission Bank doesn't refund out-of-network ATM charges, which means you'll be required to locate a Mission Bank ATM or eat the withdrawal 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 bank locations in California. With mobile and web apps, Mission Bank makes account access easy, even on the go. Mission Bank receives fairly high praise from customers for its mobile platform. Out of 7 ratings on both Apple and Android platforms, the Mission Bank mobile app is scored at 4.0 out of 5 (compared to the national average of 3.8). Mission Bank's mobile app allows you to control your finances by reviewing monthly statements, sending and receiving funds as well as accessing support representatives. Mission Bank gets an outstanding consumer satisfaction rating based on 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 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 a medium-size bank with assets totaling $594 million as well as $538 million in deposits. It has a strong Texas Ratio of 7.33%, indicating that Mission Bank is in good financial health and unlikely to fail. 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: 0.50% APY
  • 36 Month: 0.60% APY
  • 48 Month: 0.65% APY
  • 60 Month: 0.70% 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 think about 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. Mission Bank's CD rates are fair compared to the average U.S. bank.

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Find a Mission Bank Near Me

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

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