Resource Bank Review

Overview

Started in 1998, Resource Bank has $688 million in assets as well as deposits totaling $534 million, making it a medium-size bank. Resource Bank, whose headquarters are in Covington, Louisiana, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset experts rated Resource Bank 4.5 stars out of 5, indicating that it is an outstanding bank that you should seriously consider. Resource Bank offers a variety of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Resource Bank's standard checking account does not have a monthly fee. Using an institution with no-fee checking, in addition to a high savings APY is the best option for getting the most income from your deposits while maintaining easy access to your money.

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

Resource Bank features a savings rate of 0.05%, which is fair in comparison to other U.S. banks. Its one-year CD has a rate of 1.50%, while its highest-yielding money market account earns at a rate of 0.20%. Given its below average savings rate, you should think about other options to earn more on your deposits.

How Resource Bank's Savings Rates Compare

Resource Bank charges customers extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Resource Bank does not reimburse out-of-network ATM charges, meaning you will be required to search for a Resource Bank ATM or eat 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 simple access and banking on the go. Resource Bank gets reasonably satisfactory reviews from customers for its online presence. Out of 69 ratings on iOS and Android platforms, the Resource Bank mobile app has an overall rating of 4.4 out of 5 (compared to the national average of 3.8). Resource Bank's mobile app allows you to manage your finances by reviewing current statements, sending and receiving funds and reaching support representatives. Resource Bank gets a superb consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Resource Bank is currently a medium-size bank owning $688 million in assets as well as deposits totaling $534 million. Resource Bank's Texas Ratio is 3.42%, signifying a minute possibility 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 consider 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 in comparison to other U.S. banks.

Find a Resource Bank Near Me

Resource Bank has 11 locations across the U.S.