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Monroe Bank & Trust Review

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Monroe Bank & Trust Savings
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1905, Monroe Bank & Trust has $1 billion in assets as well as deposits totaling $1 billion, making it a medium-size bank. Monroe Bank & Trust, whose headquarters are in Monroe, Michigan, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a score of 4 stars out of 5, Monroe Bank & Trust should be near the middle of the pack in your search for a bank. Monroe Bank & Trust has a complete suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking account carries a $3.00 monthly fee, which is acceptable in comparison to the average U.S. bank. Using a bank with free checking as well as a high interest rate savings account is the best bet for returning the highest income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
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 0.02%, Monroe Bank & Trust ranks poorly in comparison to other U.S. banks. Monroe Bank & Trust's one-year CD has a rate of 1.21% and the five-year CD has a rate of 2.32%, while its highest-yielding money market account earns at a rate of 0.35%. Given its below average savings rate, you should consider other options to earn more on your deposits.

How Monroe Bank & Trust's Savings Rates Compare

Monroe Bank & Trust Savings 0.02 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Monroe Bank & Trust typically has high fees in comparison to the average U.S. bank. Monroe Bank & Trust's checking account has a monthly fee of $3.00, which makes it slightly worse for anyone looking for a simple account. Monroe Bank & Trust doesn't reimburse out-of-network ATM fees, meaning you will be required to find a Monroe Bank & Trust ATM or pay the fee.

Monthly Fee $3.00 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

4.2
SmartAsset Average: 3.7

Monroe Bank & Trust is a brick-and-mortar bank, with 20 total bank locations in Michigan. With mobile and web apps, Monroe Bank & Trust makes account access straightforward, even on the go. Monroe Bank & Trust receives positive ratings from customers for its mobile app. The Monroe Bank & Trust mobile app has been given a 4.5 out of 5 (out of 64 customer reviews on Apple and Android) compared to the national average of 3.8. Monroe Bank & Trust's mobile app allows you to control your finances by reviewing account balances, transferring funds and accessing customer service. Monroe Bank & Trust gets a superb consumer satisfaction score due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Monroe Bank & Trust ranks as a medium-size bank and owns $1 billion in assets and deposits totaling $1 billion. Monroe Bank & Trust's Texas Ratio is 3.66%, denoting that Monroe Bank & Trust is in terrific financial condition and far from failure. Additionally, Monroe Bank & Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.66%
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 Monroe Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.02% APY $1
Checking Account 0.02% APY $1
Certificates of Deposit
  • 12 Month: 1.21% APY
  • 24 Month: 1.46% APY
  • 36 Month: 1.66% APY
  • 48 Month: 1.97% APY
  • 60 Month: 2.32% APY
$1000 for all terms
Money Market Account 0.25% APY $2000

Monroe Bank & Trust offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Monroe Bank & Trust 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. Monroe Bank & Trust's CD rates are fair compared to the national average.

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Find a Monroe Bank & Trust Near Me

Monroe Bank & Trust has 20 branches across the U.S.

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