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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

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.

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 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 Savings 0.02 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

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.

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 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.

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 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

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 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.

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Find a Monroe Bank & Trust Near Me

Monroe Bank & Trust has 20 physical branches in the U.S.

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