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Signature Bank Review

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Signature Bank Money Market
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Signature Bank was founded in 2001 and its headquarters are located in New York, New York. Signature Bank manages $43 billion in assets as well as deposits totaling $33 billion, classifying it as a very large bank. Signature Bank 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 stars out of 5, which means Signature Bank is a solid contender in your bank search. Signature Bank provides customers with a full selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking account features a $3.00 monthly fee, which is not too high compared to the average U.S. bank. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same institution is the best bet for getting the most income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Signature Bank's one-year CD earns at a rate of 2.43% and the five-year CD earns at a rate of 2.63%, while its highest-yielding money market account earns at an APY of 0.25%.

How Signature Bank's Savings Rates Compare

Signature Bank Money Market 0.25 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, Signature Bank charges customers above-average fees in comparison to the national average. At $3.00/month, Signature Bank's checking account is not the best product for those who want an easy banking experience. Signature Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you'll have to search for a Signature Bank ATM or eat the ATM charge.

Monthly Fee $3.00 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

SmartAsset Average: 3.7

Signature Bank is a brick-and-mortar bank, with 33 total bank locations in Connecticut and New York. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 9:00 p.m. ET; Saturday and Sunday, and 9:00 a.m. to 5:00 p.m. ET. Signature Bank receives unsatisfactory marks from users for its mobile platform. With 17 ratings across both Apple and Android platforms, the Signature Bank mobile app has an overall rating of 2.5 out of 5 (compared to the national average of 3.8). Signature Bank's mobile app allows you to control your bank accounts by checking current statements, sending and receiving funds as well as accessing customer service. Signature Bank gets an excellent consumer satisfaction score due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 2.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Signature Bank ranks as a very large bank owning assets totaling $43 billion as well as $33 billion in deposits. Signature Bank's Texas Ratio is 7.88%, indicating that the bank is in good financial condition and far from failure. Additionally, Signature Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

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 Signature Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Checking Account 0.2% APY $5000
Certificates of Deposit
  • 12 Month: 2.43% APY
  • 24 Month: 2.53% APY
  • 36 Month: 2.58% APY
  • 60 Month: 2.63% APY
$5000 for all terms
Money Market Account 0.25% APY $1

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

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Find a Signature Bank Near Me

Signature Bank has 33 physical branches across the U.S.

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