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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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 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.
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.
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
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.Back to Overview
Compare Monroe Bank & Trust to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.02% APY||$1|
|Checking Account||0.02% APY||$1|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Accounts||0.25% APY 0.351% APY||$10000 $15000|
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.Back to Overview
Find a Monroe Bank & Trust Near Me
Monroe Bank & Trust has 20 branches across the U.S.Back to Overview