Red River Bank Review

Red River Bank Savings

0.10% APY

Red River Bank started in 1999 with headquarters in Alexandria, Louisiana. Red River Bank handles assets totaling $2 billion along with deposits totaling $2 billion, which makes it a large bank. Red River Bank does not have the same customer service perks that others do. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. On the whole, Red River Bank is a great bank that you should seriously consider at a rating of 4.3 stars out of 5 from our team. 

Red River Bank has the full slate of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate, which means you can find higher rates with other banks. A great, everyday account, Red River Bank offers one without a monthly fee. Opening accounts in one place is perfect for getting the highest interest rates on your income while retaining access to your money without getting penalized for withdrawing.

Service Quality

Red River Bank is a brick-and-mortar bank, with 24 total branches in Louisiana. With mobile and web apps, Red River Bank makes account access easy, even on the go.  

Red River Bank's online and mobile banking services get moderately high praise from customers: the Red River Bank mobile app has been given a 3.7 out of 5 (with 180 reviews on iOS and Android) compared to the national average of 3.8. Red River Bank's mobile app allows you to manage your bank accounts by reviewing monthly statements, transferring money and reaching customer service. Red River Bank receives a superb consumer satisfaction rating based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Red River Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It 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. Red River Bank's CD rates are competitive compared to the average U.S. bank.

Rates

With a savings rate of 0.10%, Red River Bank ranks below the mean in comparison to the average U.S. bank. Its one-year and five-year term lengths CD's earn at a rate of 1.51% and 0.40%, respectively, while its highest-yielding money market account earns at an APY of 0.01%. It has a fair savings rate, which means other popular banks have higher rates. Consider other options to earn more on your deposits.

Fees

On average, Red River Bank charges customers extremely low fees in comparison to the national average. With no monthly fee, Red River Bank's checking account is perfect for people who want a hassle-free checking account. 

Financial Health

Red River Bank is a large bank with assets totaling $2 billion and deposits totaling $2 billion. Red River Bank has a very good Texas Ratio of 5.62%, signifying that Red River Bank is in good financial well-being and improbable to fail. Additionally, Red River Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Red River Bank Near Me

Red River Bank has 24 physical branches in the U.S.