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Montgomery Bank Review

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Montgomery Bank Savings
0.11% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Montgomery Bank first started operating in 1934 with headquarters located in Sikeston, Missouri. Montgomery Bank has assets of $905 million and $723 million in deposits, making it a medium-size bank. Montgomery Bank has above-average customer service access with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset experts rated the bank 4.1 out of 5 stars, which means Montgomery Bank is a good bank that warrants your consideration. Montgomery Bank provides customers with a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, brokerage accounts, mortgage products and credit cards. Montgomery Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Montgomery Bank's standard checking does not have a monthly fee. Institutions that offer free checking, in addition to a high savings APY are your best bet for accruing the most income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.1
SmartAsset Average: 3.5

Montgomery Bank has a savings rate of 0.11%, which is poor in comparison to the average U.S. bank. Montgomery Bank's one-year CD earns at a rate of 0.55% and the five-year CD earns at a rate of 2.75%. Given its below average savings rate, you should think about other options to earn more on your deposits.

How Montgomery Bank's Savings Rates Compare

Montgomery Bank Savings 0.11 National Average 0.26 Compare Offers
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Fees

4.9
SmartAsset Average: 4.4

Montgomery Bank charges customers extremely low fees in comparison to the national average. With no monthly fee, Montgomery Bank is perfect for people who want a basic checking account. For those who will need cash in a pinch, Montgomery Bank is ideal because it charges no out-of-network ATM fees. Additionally, Montgomery Bank has an overdraft fee of $33.00, which is less than that of other U.S. banks. Montgomery Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll be required to locate a Montgomery Bank ATM or accept the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $33.00 National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

Montgomery Bank is a brick-and-mortar bank, with 10 total branches in Missouri. With mobile and web apps, Montgomery Bank makes mobile banking easy, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. CT; Saturday, and 8:00 a.m. to 12:00 p.m. CT. Montgomery Bank also offers a live chat feature, giving customers an easy access point throughout the day. Montgomery Bank gets fair reviews from customers for its mobile app. With 84 ratings on both iOS and Android platforms, the Montgomery Bank mobile app has an overall rating of 3.8 out of 5 (compared to the national average of 3.8). You can use Montgomery Bank's app to manage your finances by reviewing current statements, transferring funds as well as reaching customer service. Montgomery Bank gets a superb consumer satisfaction rating based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.3
SmartAsset Average: 4.8

Montgomery Bank is a medium-size bank owning assets totaling $905 million and $723 million in deposits. Its Texas Ratio is 14.20%, signifying that the bank is in fine financial health and unlikely to fail. Additionally, Montgomery Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

14.2%
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 Montgomery Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.11% APY $1
Checking Account 0.07% APY $1
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.85% APY
  • 36 Month: 1.05% APY
  • 48 Month: 1.40% APY
  • 60 Month: 2.75% APY
$1000 for all terms

Montgomery Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Montgomery 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. Montgomery Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Montgomery Bank Near Me

Montgomery Bank has 10 branches across the U.S.

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