Started in 1887, Range Bank has assets totaling $371 million and $336 million in deposits, classifying the institution as a small bank. Range Bank, whose headquarters are in Marquette, Michigan, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4 stars out of 5, Range Bank should be near the middle of the pack in your search for a bank. Range Bank offers numerous banking products, which include savings accounts, checking accounts, money market accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. Finding an institution with free checking as well as a high interest rate savings account is your best bet for getting the highest income from your deposits while having easy access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Range Bank features a savings rate of 0.05%, which is poor compared to other U.S. banks. Its CDs feature a rate of 0.75% and 2.12% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.10%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.
How Range Bank's Savings Rates Compare
There is insufficient data on Range Bank's fees to provide a full SmartAsset rating.
Range Bank is a brick-and-mortar bank, with 11 total branches in Michigan. With mobile and web apps, Range Bank makes account access straightforward, even on the go. Range Bank's online and mobile banking platforms receive high marks from customers. The Range Bank mobile app has an overall rating of 4.6 out of 5 (out of 10 ratings on Apple and Android) compared to the national average of 3.8. Range Bank's mobile app allows you to control your accounts by looking at current statements, transferring funds and reaching support representatives. Range Bank gets an excellent consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
Range Bank ranks as a small bank with $371 million in assets as well as $336 million in deposits. Range Bank has a strong Texas Ratio of 9.32%, signifying a tiny likelihood of failure. Additionally, Range Bank 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 Range Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$1|
|Checking Account||0.05% APY||$501|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Account||0.1% APY||$1|
Range Bank has several deposit products like savings accounts, checking accounts and money market accounts that provide you with many options to manage your money. Range Bank does not have the best savings rate, which means you should think about looking 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. Range Bank's CD rates are fair in comparison to the average U.S. bank.Back to Overview
Find a Range Bank Near Me
Range Bank has 11 physical branches across the U.S.Back to Overview