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Parke Bank Review

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Parke Bank Savings
0.45% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Parke Bank first started operating in 1999 and has its headquarters in Sewell, New Jersey. Parke Bank handles assets of $1 billion along with $868 million in deposits, making it a medium-size bank. Parke Bank lacks premium access to customer service, with no live chat or all-day service options available. 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. Coming in at a commendable 4.4 stars out of 5, Parke Bank proves it is a solid contender in your bank search. Parke Bank has a full suite of banking products, including 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. If you're looking for a checking account for everyday use, Parke Bank's ordinary checking account does not have a monthly fee. Locating a bank with free checking as well as a high interest rate savings account is the best option for gaining the highest income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

4.0
SmartAsset Average: 3.5

With a savings rate of 0.45%, Parke Bank ranks poorly compared to the average U.S. bank. Parke Bank's one-year CD earns at a rate of 1.10% and the five-year CD earns at a rate of 1.85%, while its highest-yielding money market account earns at a rate of 0.35%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Parke Bank's Savings Rates Compare

Parke Bank Savings 0.45 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Parke Bank generally has extremely low fees in comparison to other U.S. banks. With no monthly fee, Parke Bank is ideal for people who want a basic banking experience. Parke Bank unfortunately doesn't refund out-of-network ATM charges, which means you'll have to find a Parke Bank ATM or pay the withdrawal fee.

Monthly Fee $0 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

4.0
SmartAsset Average: 3.7

Parke Bank is a brick-and-mortar bank, with eight total bank locations in New Jersey and Pennsylvania. It also offers access to mobile and web apps for an easy mobile-banking experience. Parke Bank's online and mobile banking services receive moderately high scores from customers. Out of 10 customer reviews on Apple and Android platforms, the Parke Bank mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). Parke Bank's mobile app lets you control your accounts by monitoring account balances, sending and receiving money and reaching customer service. Parke Bank receives an excellent consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Parke Bank is a medium-size bank and has assets totaling $1 billion and $868 million in deposits. Its Texas Ratio is 7.19%, indicating that the bank is in fine financial health and far from failure. Additionally, Parke Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.19%
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 Parke Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.45% APY $100
Checking Account 0.3% APY $1000
Certificates of Deposit
  • 12 Month: 1.10% APY
  • 24 Month: 1.50% APY
  • 36 Month: 1.55% APY
  • 48 Month: 1.60% APY
  • 60 Month: 1.85% APY
$500 for all terms
Money Market Accounts 0.35% APY 0.35% APY $10000 $15000

Parke Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Parke Bank does not have the best savings rate, which means you should think about taking a look 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. Parke Bank's CD rates are fair compared to other U.S. banks.

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Find a Parke Bank Near Me

Parke Bank has eight physical branches in the U.S.

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