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Reliance 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
Reliance Bank Savings
0.05% APY

Overview

Our Rating: 4.1/5 How we calculated this rating

Established in 1999, Reliance Bank has assets totaling $1 billion along with deposits totaling $1 billion, ranking the institution as a large bank. Reliance Bank, whose headquarters are in Des Peres, Missouri, lacks premium access to customer service, with no options of live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at a commendable 4.1 stars out of 5, Reliance Bank proves it is a respectable bank that gets the job done. 

Reliance Bank has a diverse array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Reliance Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Reliance Bank's most basic checking does not carry a monthly fee. Using the same bank for checking and savings is best for getting the largest interest rates on your income while retaining access to your money without having to wait for money to transfer between accounts.

Service Quality

Reliance Bank is a brick-and-mortar bank, with 23 total branches in Illinois and Missouri. It also offers access to mobile and web apps for straightforward access and banking on the go.  

Reliance Bank's online and mobile banking services receive moderate marks from customers: the Reliance Bank mobile app has an overall rating of 3.6 out of 5 (out of 39 reviews on Apple and Android) compared to the national average of 3.8. Reliance Bank's mobile app lets you control your bank accounts by monitoring account balances, sending and receiving funds as well as reaching customer service. Reliance Bank gets an outstanding consumer satisfaction rating due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $25 Compare Offers
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 0.60% APY
  • 36 Month: 2.15% APY
  • 60 Month: 2.00% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 5K tier: 0.15% APY $5,000 Compare Offers
Checking Accounts 0.80% APY $50 Compare Offers

Reliance Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, providing you with 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. Reliance Bank's CD rates are great compared to the national average.

Rates

With a savings rate of 0.05%, Reliance Bank ranks below the mean in comparison to the average U.S. bank. Its CDs feature a rate of 1.00% and 2.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.15%. Given its below average savings rate, you should think about choosing another bank to earn more on your deposits.

Compare Reliance Bank to Other Competitive Offers

Fees

On average, Reliance Bank charges its customers low fees in comparison to other U.S. banks. With no monthly fee, Reliance Bank is perfect for people who want a simple checking account. For those who visit the ATM often, Reliance Bank is perfect because it has no ATM fees. Also, Reliance Bank has an overdraft fee of $36, which is slightly higher than that of other U.S. banks, making it satisfactory for those who don't check their balance often. 

Financial Health

Reliance Bank ranks as a large bank owning $1 billion in assets as well as deposits totaling $1 billion. Its Texas Ratio is 6.20%, signifying a tiny chance of failure. Additionally, Reliance Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Reliance Bank Near Me

Reliance Bank has 23 branches across the U.S.

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