Resource Bank Review

Overview

Founded in 1998, Resource Bank has assets totaling $688 million along with $534 million in deposits, making it a medium-size bank. Resource Bank, whose headquarters are in Covington, Louisiana, lacks premium access to customer service, with no options for 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. With a score of 4.5 stars out of 5, Resource Bank should be solidly in contention for your choice of bank. Resource Bank provides customers with a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Resource Bank's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best bet for gaining the most income on your deposits while having easy access to your funds.

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

With a savings rate of 0.10%, Resource Bank ranks poorly compared to other U.S. banks. Its one-year CD has a rate of 1.65%, while its highest-yielding money market account earns at an APY of 0.25%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Resource Bank's Savings Rates Compare

Resource Bank typically has extremely low fees compared to the national average. Resource Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. Resource Bank does not refund out-of-network ATM charges, meaning you will need to search for a Resource Bank ATM or accept the ATM charge.

Resource Bank is a brick-and-mortar bank, with 11 total branches in Louisiana. It also offers access to mobile and web apps for easy access and banking on the go. Resource Bank's online and mobile banking platforms get fairly satisfactory feedback from users. With 69 ratings across Apple and Android platforms, the Resource Bank mobile app is scored at 4.4 out of 5 (compared to the national average of 3.8). You can utilize Resource Bank's mobile app to manage your accounts by looking at current statements, transferring funds as well as reaching support representatives. Resource Bank receives a superb consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Resource Bank is currently a medium-size bank owning assets totaling $688 million and deposits totaling $534 million. Resource Bank has an excellent Texas Ratio of 3.42%, indicating a minute probability of failure. Additionally, Resource Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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.

Products Offered

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

Find a Resource Bank Near Me

Resource Bank has 11 locations across the U.S.