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Relyance Bank Review

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Relyance Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1965, Relyance Bank has assets totaling $760 million along with deposits totaling $605 million, ranking the institution as a medium-size bank. Relyance Bank, whose headquarters are in Pine Bluff, Arkansas, 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 offerings. On the whole, Relyance Bank is a decent bank that leaves room for improvement, with a score of 3.8 out of 5 stars from the SmartAsset team. Relyance Bank offers numerous banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Relyance Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product has a monthly fee of $3.00, which is acceptable as compared against the national average. Using an institution with no-fee checking as well as a high savings APY is the best bet for gaining the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

Relyance Bank has a savings rate of 0.10%, which is poor compared to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.35% and 1.40%, respectively, while its highest-yielding money market account has a rate of 0.10%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Relyance Bank's Savings Rates Compare

Relyance Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Relyance Bank typically has high fees compared to the average U.S. bank. Relyance Bank's checking account has a monthly fee of $3.00, rating it slightly worse for anyone looking for a hassle-free account. Relyance Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you will have to find a Relyance Bank ATM or pay the withdrawal fee.

Monthly Fee $3.00 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

4.2
SmartAsset Average: 3.7

Relyance Bank is a brick-and-mortar bank, with 16 total branches in Arkansas. With mobile and web apps, Relyance Bank makes mobile banking convenient, even on the go. Relyance Bank's online and mobile banking services receive high praise from customers. With 49 ratings on iOS and Android platforms, the Relyance Bank mobile app rates a 4.5 out of 5 (compared to the national average of 3.8). Relyance Bank's mobile app lets you manage your funds by reviewing account balances, sending and receiving money as well as accessing support representatives. Relyance Bank gets an outstanding consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Relyance Bank is a medium-size bank owning assets totaling $760 million as well as $605 million in deposits. Relyance Bank's Texas Ratio is 7.91%, signifying that Relyance Bank is in good financial condition and improbable to fail. Additionally, Relyance Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.91%
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 Relyance Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.02% APY $500
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.55% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.20% APY
  • 60 Month: 1.40% APY
$500 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Relyance Bank has several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. Relyance Bank does not have the best savings rate, which means you should consider 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. Relyance Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Relyance Bank Near Me

Relyance Bank has 16 physical locations across the U.S.

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