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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


Started in 2005, Sonabank has assets totaling $3 billion and deposits totaling $2 billion, making it a large bank. Sonabank, whose headquarters are in Tappahannock, Virginia, 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 conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a commendable 4.2 out of 5 stars, Sonabank proves it is a solid pick to be your bank. Sonabank has a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Sonabank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Sonabank's most basic checking does not carry a monthly maintenance fee. Finding a bank with free checking and a high interest rate savings account is the best option for getting the most income on your deposits while maintaining easy 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

With a savings rate of 0.10%, Sonabank ranks poorly as compared against the national average. Its one-year CD has a rate of 0.20% and the five-year CD earns at a rate of 1.00%, while its highest-yielding money market account earns at an APY of 0.25%. Given its noncompetitive savings rate, you should consider looking at the competition to open savings accounts.

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 as compared against the national average. With no monthly fee, Sonabank is ideal for people who want a basic banking experience. Sonabank unfortunately does not refund out-of-network ATM charges, which means you'll have to find a Sonabank ATM or accept 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 branches in Virginia. It also offers access to mobile and web apps for a straightforward mobile-banking experience. 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 customers can access live chat for customer service questions, giving customers an easy access point throughout the day. Sonabank receives poor reviews from customers for its mobile app. Out of 110 customer reviews on both iOS and Android platforms, the Sonabank mobile app has an overall rating of 3.4 out of 5 (compared to the national average of 3.8). You can use Sonabank's mobile app to manage your bank accounts by monitoring account balances, sending and receiving money as well as accessing support representatives. Sonabank receives an exceptional consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 ranks as a large bank and owns assets totaling $3 billion as well as $2 billion in deposits. Sonabank's Texas Ratio is 5.53%, suggesting a small possibility of 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 offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Sonabank does not have the best savings rate, which means you should think about 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. Sonabank's CD rates are fair compared to other U.S. banks.

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Find a Sonabank Near Me

Sonabank has 50 physical branches across the U.S.

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