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Reliant Bank Review

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

Overview

Reliant Bank first started operating in 2006 with headquarters in Brentwood, Tennessee. Reliant Bank handles assets of $1 billion along with deposits totaling $885 million, ranking it as a medium-size bank. Reliant Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a commendable 4.3 out of 5 stars, Reliant Bank proves it is a great choice and should warrant serious consideration. Reliant Bank offers the full package 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, Reliant Bank's standard checking account does not have a monthly fee. Using an institution with free checking as well as a high interest rate savings account is the best option for gaining the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

With a savings rate of 0.05%, Reliant Bank ranks poorly in comparison to other U.S. banks. Reliant Bank's one-year CD earns at a rate of 1.20% and the five-year CD earns at a rate of 1.92%, while its highest-yielding money market account earns at a rate of 0.20%. Given Reliant Bank's noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How Reliant Bank's Savings Rates Compare

Reliant Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Reliant Bank charges customers extremely low fees compared to other U.S. banks. With no monthly fee, Reliant Bank's checking account is ideal for people who want a hassle-free checking account. For those who routinely visit the ATM, it is ideal because it charges no out-of-network ATM fees. Reliant Bank unfortunately does not reimburse out-of-network ATM fees, meaning you will need to find a Reliant Bank ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Reliant Bank is a brick-and-mortar bank, with 17 total bank locations in Tennessee. With mobile and web apps, Reliant Bank makes mobile banking easy, even on the go. Reliant Bank's online and mobile banking platforms receive moderate marks from users. With 30 ratings across both Apple and Android platforms, the Reliant Bank mobile app has an overall rating of 3.9 out of 5 (compared to the national average of 3.8). You can use Reliant Bank's mobile app to control your finances by monitoring account balances, transferring money and reaching support representatives. Reliant Bank gets an outstanding consumer satisfaction score due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Reliant Bank is a medium-size bank and manages $1 billion in assets and deposits totaling $885 million. Reliant Bank's Texas Ratio is 3.50%, indicating a negligible possibility of failure. Additionally, Reliant Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.5%
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 Reliant Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.15% APY $1500
Certificates of Deposit
  • 12 Month: 1.20% APY
  • 24 Month: 1.41% APY
  • 36 Month: 1.56% APY
  • 48 Month: 1.66% APY
  • 60 Month: 1.92% APY
$1000 for all terms
Money Market Account 0.2% APY $10000

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

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Find a Reliant Bank Near Me

Reliant Bank has 17 locations across the U.S.

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