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Sonabank Review

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Sonabank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Sonabank started in 2005 and its headquarters are located in Tappahannock, Virginia. It has assets of $3 billion along with $2 billion in deposits, which makes it a large bank. Sonabank has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Sonabank is a great choice and should warrant serious consideration, with a score of 4.2 out of 5 stars from our experts. Sonabank provides customers with a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Sonabank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Sonabank's ordinary checking account does not have a monthly fee. Using a bank with no-fee checking as well as a high savings APY is your best option for returning the most income from your deposits while having 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

Sonabank has a savings rate of 0.10%, which is fair in comparison to the average U.S. bank. Its one-year CD has a rate of 0.20% and the five-year CD has a rate of 1.00%, while its highest-yielding money market account has a rate of 0.25%. Given Sonabank's noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Sonabank's Savings Rates Compare

Sonabank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Sonabank has typically extremely low fees in comparison to the average U.S. bank. With no monthly fee, Sonabank's checking account is ideal for those who need a hassle-free banking experience. Sonabank doesn't refund out-of-network ATM charges, meaning you will have to locate a Sonabank ATM or pay the ATM charge.

Monthly Fee $0 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

Sonabank is a brick-and-mortar bank, with 50 total bank locations in Virginia. With mobile and web apps, Sonabank makes account access convenient, even on the go. 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, 8:00 a.m. to 7:00 p.m. ET; Saturday, and 9:00 a.m. to 5:00 p.m. ET. Additionally, Sonabank offers a live chat feature, an alternative customer service tool if you can't call in during business hours. Sonabank's online and mobile banking services receive poor feedback from customers. Out of 110 ratings on both Apple and Android platforms, the Sonabank mobile app is scored at 3.4 out of 5 (compared to the national average of 3.8). You can utilize Sonabank's mobile app to control your bank accounts by reviewing current statements, sending and receiving funds as well as reaching support representatives. Sonabank receives a superb consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

SmartAsset Average: 4.8

Sonabank is currently a large bank and handles assets totaling $3 billion as well as $2 billion in deposits. Its Texas Ratio is 5.53%, signifying that Sonabank is in good financial condition and far from failure. Additionally, Sonabank 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 Sonabank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.60% APY
  • 48 Month: 0.65% APY
  • 60 Month: 1.00% APY
$1000 for all terms
Money Market Account 0.15% APY $10000

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

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Find a Sonabank Near Me

Sonabank has 50 physical locations across the U.S.

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