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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

Started in 1965, Relyance Bank has $760 million in assets and deposits totaling $605 million, making it a medium-size bank. Relyance Bank, whose headquarters are in Pine Bluff, Arkansas, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With an average 3.8 out of 5 stars, Relyance Bank is an acceptable bank choice, but may leave you wanting more. Relyance Bank offers an array product offerings, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Relyance Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking account features a monthly fee of $3.00, which is acceptable in comparison to the average U.S. bank. Locating a bank with free checking, in addition to a high savings APY is your best option for getting the most income on your deposits alongside 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

With a savings rate of 0.10%, Relyance Bank ranks poorly in comparison to other U.S. banks. Its one-year CD has a rate of 0.35% and the five-year CD has a rate of 1.40%, while its highest-yielding money market account earns at a rate of 0.10%. Given Relyance Bank's below average savings rate, you should think about other options 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 charges its customers high fees in comparison to the national average. At $3.00/month, Relyance Bank is not ideal for those who want a basic checking account. Relyance Bank does not reimburse out-of-network ATM charges, which means you'll need to locate a Relyance Bank ATM or eat the cost of withdrawal.

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 bank locations in Arkansas. With mobile and web apps, Relyance Bank makes mobile banking easy, even on the go. Relyance Bank receives positive ratings from users for its online presence. The Relyance Bank mobile app is rated at 4.5 out of 5 (out of 49 ratings on Apple and Android) compared to the national average of 3.8. You can use Relyance Bank's mobile app to control your bank accounts by looking at monthly statements, sending and receiving funds as well as reaching customer service. Relyance Bank gets a superb consumer satisfaction rating due to relatively few consumer complaints registered with 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 ranks as a medium-size bank and has $760 million in assets and $605 million in deposits. Relyance Bank's Texas Ratio is 7.91%, suggesting that the bank is in fine financial well-being and far from failure. 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 Account 0.1% APY $500

Relyance Bank offers several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Relyance Bank does not have the best savings rate, which means you should think about 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 compared to the national average.

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Find a Relyance Bank Near Me

Relyance Bank has 16 locations across the U.S.

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