Established in 2001, Signature Bank has assets totaling $43 billion along with deposits totaling $33 billion, ranking it as a very large bank. Signature Bank, whose headquarters are in New York, New York, 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 in-person service, in addition to its online and mobile apps. SmartAsset has rated Signature Bank 4.2 out of 5 stars, which means it is a great bank that you should seriously consider. Signature Bank has a complete suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product has a $3.00 monthly fee, which is acceptable as compared against the national average. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is your best option for accruing the most income from your deposits alongside convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Signature Bank's one-year CD earns at a rate of 2.02% and the five-year CD earns at a rate of 2.53%, while its highest-yielding money market account has an APY of 0.25%.
How Signature Bank's Savings Rates Compare
Signature Bank generally has above-average fees compared to the national average. At $3.00/month, Signature Bank's checking account is less than great for those who need an easy checking account. Signature Bank doesn't reimburse out-of-network ATM charges, which means you will need to find a Signature Bank ATM or eat the fee.
Signature Bank is a brick-and-mortar bank, with 33 total branches in Connecticut and New York. With mobile and web apps, Signature Bank makes mobile banking easy, even on the go. It does not offer all-day customer service with 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's online and mobile banking services get poor scores from users. With 17 customer reviews on both iOS and Android platforms, the Signature Bank mobile app rates a 2.5 out of 5 (compared to the national average of 3.8). You can access Signature Bank's app to control your accounts by monitoring current statements, sending and receiving money and reaching customer service. Signature Bank receives a superb consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
Signature Bank is currently a very large bank with assets totaling $43 billion as well as deposits totaling $33 billion. It has a strong Texas Ratio of 7.88%, indicating that the bank is in fine financial shape and unlikely to fail. 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
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.Back to Overview
Compare Signature Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Checking Account||0.2% APY||$5000|
|Certificates of Deposit|| ||$5000 for all terms|
|Money Market Account||0.25% APY||$1|
Signature Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Signature Bank does not have the best savings rate, which means you should consider other options 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 in comparison to the average U.S. bank.Back to Overview
Find a Signature Bank Near Me
Signature Bank has 33 physical branches across the U.S.Back to Overview