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Signature Bank Review

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Signature Bank Savings
0.40% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 2002, Signature Bank has $812 million in assets and deposits totaling $726 million, classifying it as a medium-size bank. Signature Bank, whose headquarters are in Toledo, Ohio, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at an average 3.9 stars out of 5, Signature Bank proves it is a respectable bank that gets the job done. Signature Bank has a full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. Locating an institution with no-fee checking and a high interest rate savings account is your best option for returning the most income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

4.1
SmartAsset Average: 3.5

Signature Bank has a savings rate of 0.40%, which is poor in comparison to other U.S. banks. Signature Bank's one-year CD earns at a rate of 1.70% and the five-year CD earns at a rate of 2.00%, while its highest-yielding money market account has a rate of 0.50%. Given its below average savings rate, you should consider other options to earn more on your deposits.

How Signature Bank's Savings Rates Compare

Signature Bank Savings 0.40 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Signature Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

2.5
SmartAsset Average: 3.7

Signature Bank is a brick-and-mortar bank, with two total branches in Ohio. It also offers access to mobile and web apps for easy access and banking on the go. Signature Bank's mobile app allows you to manage your accounts by reviewing current statements, transferring money and accessing customer service. Signature Bank receives a superb consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating NR
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

Signature Bank is a medium-size bank and has $812 million in assets as well as deposits totaling $726 million. Signature Bank has an excellent Texas Ratio of 0.60%, denoting that Signature Bank is in excellent 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.

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Compare Signature Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.4% APY $2500
Checking Account 0.25% APY $2500
Certificates of Deposit
  • 12 Month: 1.70% APY
  • 24 Month: 1.85% APY
  • 36 Month: 1.75% APY
  • 48 Month: 1.75% APY
  • 60 Month: 2.00% APY
$5000 for all terms
Money Market Accounts 0.45% APY 0.5% APY $10000 $15000

Signature Bank offers several deposit products like 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 as compared against the national average.

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Find a Signature Bank Near Me

Signature Bank has two locations in the U.S.

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