River Valley Bank Review

River Valley Bank Savings

0.03% APY

Established in 1967, River Valley Bank has assets totaling $1 billion along with deposits totaling $1 billion, classifying it as a medium-size bank. River Valley Bank, whose headquarters are in Wausau, Wisconsin, does not have the customer service bells and whistles of other banks. It is a conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. With a score of 4.1 out of 5 stars, River Valley Bank should be solidly in contention for your choice of bank. 

River Valley Bank has a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. River Valley Bank has a fair savings rate, which means you can find higher rates with other banks. The bank's standard checking account features a monthly fee of $5.00, which is acceptable compared to the national average. Why use checking and savings accounts with one bank? Fast transferring between both accounts means you can still get better interest rates in your savings account but still spend your money from your checking.

Service Quality

River Valley Bank is a brick-and-mortar bank, with 18 total branches in Michigan and Wisconsin. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 7:30 a.m. to 11:00 p.m. CT; Saturday, 9:00 a.m. to 5:00 p.m. CT; Sunday, 9:00 a.m. to 5:00 p.m. CT. 

River Valley Bank gets high praise from users for its online presence: the River Valley Bank mobile app is rated at 4.3 out of 5 (with 26 ratings on Apple and Android) compared to the national average of 3.8. You can utilize River Valley Bank's app to control your accounts by monitoring monthly statements, transferring funds and accessing support representatives. River Valley Bank gets an outstanding consumer satisfaction rating due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

River Valley Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should think about taking a look elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. River Valley Bank's CD rates are competitive compared to the average U.S. bank. 

Rates

With a savings rate of 0.03%, River Valley Bank ranks below the mean compared to other U.S. banks. River Valley Bank's one-year CD earns at a rate of 0.35% and the five-year CD earns at a rate of 1.51%, while its highest-yielding money market account has a rate of 0.05%. It has a fair savings rate, which means other popular banks have higher rates. Think about other options to earn more on your deposits.

Fees

River Valley Bank typically has low fees compared to the average U.S. bank. Its checking account has a monthly fee of $5.00, ranking it slightly worse for anyone looking for a hassle-free account. For those who withdraw money frequently, River Valley Bank is ideal because it offers no ATM fees. 

Financial Health

River Valley Bank is currently a medium-size bank and manages $1 billion in assets as well as deposits totaling $1 billion. River Valley Bank has a very good Texas Ratio of 5.54%, signifying that the bank is in fine financial well-being and far from failure. Additionally, River Valley Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a River Valley Bank Near Me

River Valley Bank has 18 locations across the U.S.