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Range Bank Review

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Range Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Range Bank first started operating in 1887 with headquarters in Marquette, Michigan. Range Bank handles assets of $371 million and $336 million in deposits, which makes it a small bank. Range Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Range Bank is a good bank that gets the job done, with a rating of 4.0 out of 5 stars from our team. Range Bank provides customers with a variety of product offerings, including savings accounts, checking accounts, money market accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. Banks that offer no-fee checking, in addition to a high interest rate savings account are your best option for accruing the highest income from your deposits while having 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

3.1
SmartAsset Average: 3.5

Range Bank has a savings rate of 0.05%, which is fair in comparison to the national average. Its one-year CD earns at a rate of 0.60% and the five-year CD has a rate of 1.76%, while its highest-yielding money market account has a rate of 0.10%. Given its below average savings rate, you should consider looking at the competition to open savings accounts.

How Range Bank's Savings Rates Compare

Range Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Range Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

4.3
SmartAsset Average: 3.7

Range Bank is a brick-and-mortar bank, with 11 total branches in Michigan. With mobile and web apps, Range Bank makes mobile banking straightforward, even on the go. Range Bank gets high marks from customers for its mobile banking services. The Range Bank mobile app has an overall rating of 4.6 out of 5 (with 10 reviews on Apple and Android) compared to the national average of 3.8. You can use Range Bank's mobile app to control your finances by checking monthly statements, sending and receiving funds and accessing support representatives. Range Bank gets a superb consumer satisfaction score based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Range Bank is currently a small bank with assets totaling $371 million as well as $336 million in deposits. Range Bank's Texas Ratio is 9.32%, denoting that the bank is in good financial shape and unlikely to fail. 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

9.32%
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 Range Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $501
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.26% APY
  • 48 Month: 1.51% APY
  • 60 Month: 1.76% APY
$1000 for all terms
Money Market Account 0.1% APY $1

Range Bank offers 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 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. Range Bank's CD rates are fair as compared against the national average.

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Find a Range Bank Near Me

Range Bank has 11 physical locations across the U.S.

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