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Revere Bank Review

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

Overview

Revere Bank was founded in 2007 and has its headquarters in Rockville, Maryland. Revere Bank owns $2 billion in assets along with deposits totaling $2 billion, which makes it a large bank. Revere Bank lacks premium access to customer service, with no live chat or all-day service options available. 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. Coming in at an average 3.8 stars out of 5, Revere Bank is a bank with better alternatives. Revere Bank has a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product maintains a monthly fee of $5.00, making it a rather expensive bank for checking. Finding a checking account with no monthly fee as well as 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.

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

4.0
SmartAsset Average: 3.5

Revere Bank has a savings rate of 0.10%, which is fair in comparison to the national average. Revere Bank's one-year and five-year term lengths CDs earn at a rate of 2.00% and 2.60%, respectively, while its highest-yielding money market account earns at a rate of 0.65%. Given Revere Bank's below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Revere Bank's Savings Rates Compare

Revere Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

On average, Revere Bank charges customers high fees compared to the average U.S. bank. At $5.00 per month, Revere Bank is less than great for people who want a simple checking account. Revere Bank does not refund out-of-network ATM charges, which means you will have to find a Revere Bank ATM or accept the ATM charge.

Monthly Fee $5.00 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

3.1
SmartAsset Average: 3.7

Revere Bank is a brick-and-mortar bank, with 11 total branches. With mobile and web apps, Revere Bank makes account access easy, even on the go. Revere Bank's online and mobile banking services receive mediocre scores from users. Out of 9 ratings across both iOS and Android platforms, the Revere Bank mobile app is scored at 2.4 out of 5 (compared to the national average of 3.8). You can access Revere Bank's mobile app to control your accounts by reviewing current statements, sending and receiving money as well as reaching support representatives. Revere Bank gets an outstanding consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 2.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Revere Bank ranks as a large bank and owns $2 billion in assets as well as deposits totaling $2 billion. It has an excellent Texas Ratio of 1.09%, suggesting that Revere Bank is in superb financial shape and unlikely to fail. Additionally, Revere 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.

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Compare Revere Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $50
Checking Account 0.05% APY $50
Certificates of Deposit
  • 12 Month: 2.00% APY
  • 24 Month: 2.20% APY
  • 36 Month: 2.35% APY
  • 48 Month: 2.45% APY
  • 60 Month: 2.60% APY
$1000 for all terms
Money Market Accounts 0.45% APY 0.65% APY $10000 $15000

Revere Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Revere 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. Revere Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Revere Bank Near Me

Revere Bank has 11 locations across the U.S.

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