Monroe Bank & Trust was founded in 1905 with headquarters located in Monroe, Michigan. Monroe Bank & Trust owns assets of $1 billion along with $1 billion in deposits, which makes it a medium-size bank. Monroe Bank & Trust lacks premium access to support representatives, with no options for live chat or all-day service. 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 out of 5 stars, Monroe Bank & Trust proves it is a respectable bank that deserves your consideration. Monroe Bank & Trust provides customers with a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Monroe Bank & Trust has a fair savings rate compared to the average savings account. The bank's standard checking product features a $3.00 monthly fee, which is acceptable compared to the average U.S. bank. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best option for gaining the most income from your deposits while maintaining 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 compared to other U.S. banks. Monroe Bank & Trust's one-year and five-year term lengths CDs earn at a rate of 1.21% and 2.32%, respectively, while its highest-yielding money market account earns at an APY of 0.35%. Given Monroe Bank & Trust's poor savings rate, you should consider taking a look at other banks for savings accounts.
How Monroe Bank & Trust's Savings Rates Compare
Monroe Bank & Trust generally has high fees compared to the average U.S. bank. At $3.00 per month, Monroe Bank & Trust's checking account is not great for people who want an easy banking experience. Monroe Bank & Trust unfortunately does not reimburse out-of-network ATM fees, meaning you will be required to locate a Monroe Bank & Trust ATM or pay the withdrawal fee.
Monroe Bank & Trust is a brick-and-mortar bank, with 20 total branches in Michigan. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Monroe Bank & Trust gets high marks from customers for its mobile banking services. With 64 ratings on both Apple and Android platforms, the Monroe Bank & Trust mobile app has an overall rating of 4.5 out of 5 (compared to the national average of 3.8). Monroe Bank & Trust's mobile app allows you to control your accounts by reviewing current statements, sending and receiving money as well as accessing support representatives. Monroe Bank & Trust gets an excellent consumer satisfaction score based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
Monroe Bank & Trust is a medium-size bank and handles $1 billion in assets and deposits totaling $1 billion. Monroe Bank & Trust has an excellent Texas Ratio of 3.66%, denoting that Monroe Bank & Trust is in superb financial well-being 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 Account||0.25% APY||$2000|
Monroe Bank & Trust has several deposit products like 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 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. Monroe Bank & Trust's CD rates are fair compared to the average U.S. bank.Back to Overview
Find a Monroe Bank & Trust Near Me
Monroe Bank & Trust has 20 physical branches in the U.S.Back to Overview