Shore United Bank Review

Overview

Established in 1876, Shore United Bank has assets totaling $1 billion and $1 billion in deposits, ranking it as a medium-size bank. Shore United Bank, whose headquarters are in Easton, Maryland, lacks premium access to customer service, 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 apps. We gave the bank a 4.2 out of 5 stars, indicating that Shore United Bank is a great choice and should warrant serious consideration. Shore United Bank has a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Shore United Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly maintenance charge. 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 option for gaining the most income on your deposits alongside convenient access to your money.

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

With a savings rate of 0.03%, Shore United Bank ranks poorly compared to other U.S. banks. Its one-year CD earns at a rate of 1.36% and the five-year CD has a rate of 2.12%, while its highest-yielding money market account earns at an APY of 0.50%. Given Shore United Bank's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Shore United Bank's Savings Rates Compare

On average, Shore United Bank charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, Shore United Bank's checking account is ideal for people who want a hassle-free checking account. For those who will need cash in a pinch, Shore United Bank is perfect because it has no out-of-network ATM fees. Additionally, Shore United Bank has an overdraft fee of $35.00, which is on par with that of other U.S. banks. Shore United Bank unfortunately does not refund out-of-network ATM fees, which means you will be required to search for a Shore United Bank ATM or accept the ATM charge.

Shore United Bank is a brick-and-mortar bank, with 21 total branches in Delaware and Virginia. With mobile and web apps, Shore United Bank makes mobile banking easy, even on the go. Shore United Bank's online and mobile banking services get relatively decent feedback from customers. The Shore United Bank mobile app is rated at 4.3 out of 5 (with 170 ratings on iOS and Android) compared to the national average of 3.8. You can access Shore United Bank's mobile app to control your funds by looking at monthly statements, transferring funds and reaching customer service. Shore United Bank gets an outstanding consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Shore United Bank is a medium-size bank and manages assets totaling $1 billion and deposits totaling $1 billion. Shore United Bank's Texas Ratio is 4.73%, signifying that Shore United Bank is in superb financial shape and far from failure. Additionally, Shore United 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

Shore United Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Shore United 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. Shore United Bank's CD rates are fair as compared against the national average.

Find a Shore United Bank Near Me

Shore United Bank has 21 physical locations in the U.S.