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Orrstown Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Orrstown Bank Savings
0.20% APY

Overview

Our Rating: 4.1/5 How we calculated this rating

Founded in 1919, Orrstown Bank has $2 billion in assets as well as $1 billion in deposits, which makes the institution a large bank. Orrstown Bank, whose headquarters are in Shippensburg, Pennsylvania, has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. SmartAsset experts rated Orrstown Bank 4.1 stars out of 5, indicating that it is a respectable bank that deserves your consideration. 

Orrstown Bank has a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate, which means you can find higher rates with other banks. Perfect for basic banking needs, Orrstown Bank's standard checking account does not carry a monthly fee. Using the same bank for checking and savings is perfect for getting the largest interest rates on your deposits while keeping access to your funds without getting penalized for withdrawing.

Service Quality

Orrstown Bank is a brick-and-mortar bank, with 25 total branches in Maryland and Pennsylvania. It also offers access to mobile and web apps for easy access and banking on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:30 a.m. to 7:00 p.m. ET; Saturdays, 8:00 a.m. to 12:00 p.m. ET. Additionally, Orrstown Bank offers a live chat feature, a helpful way to reach a representative during the work day.

Orrstown Bank's online and mobile banking services get positive feedback from customers: out of 2 ratings on both iOS and Android platforms, the Orrstown Bank mobile app is scored at 5.0 out of 5 (compared to the national average of 3.8). You can utilize Orrstown Bank's app to manage your finances by looking at monthly statements, transferring money and accessing customer service. Orrstown Bank gets an outstanding consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.15% APY $250 Compare Offers
Certificates of Deposit
  • 13 Month: 2.68% APY
  • 25 Month: 2.38% APY
  • 35 Month
  • Jumbo: 2.38% APY
  • 37 Month Growth: 2.38% APY
  • 46 Month Growth: 2.38% APY
$2000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.15% APY
  • 25K tier: 0.35% APY
  • $10,000
  • $20,000
Compare Offers
Checking Accounts 0.05% APY $500 Compare Offers

Orrstown Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Orrstown Bank does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Orrstown Bank's CD rates are competitive compared to the average U.S. bank.

Rates

With a savings rate of 0.15%, Orrstown Bank ranks below the mean in comparison to the national average. Orrstown Bank's one-year and five-year term lengths CD's earn at a rate of 0.15% and 1.00%, respectively, while its highest-yielding money market account earns at a rate of 0.35%. It has a fair savings rate, which means other popular banks have higher rates. Consider other options to earn more on your deposits.

Compare Orrstown Bank to Other Competitive Offers

Fees

Orrstown Bank charges its customers high fees in comparison to the national average. With no monthly fee, Orrstown Bank's checking account is perfect for those who want a hassle-free checking account. For those who often visit the ATM, Orrstown Bank is fair because it offers ATM fee of $2.00, which is fair in comparison to the average U.S. bank. Additionally, at $37, it has a slightly higher overdraft fee compared to the national average, making it not ideal for those who don't check their balance often. Orrstown Bank unfortunately does not refund ATM fees meaning you'll be required to search for an Orrstown Bank ATM or accept the cost of withdrawal.

Financial Health

Orrstown Bank ranks as a large bank and handles assets totaling $2 billion as well as deposits totaling $1 billion. Orrstown Bank has a very good Texas Ratio of 7.05%, denoting a tiny chance of failure. Additionally, Orrstown Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find an Orrstown Bank Near Me

Orrstown Bank has 25 locations in the U.S.

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