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Southwest Bank Review

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Southwest Bank Savings
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1947, Southwest Bank has assets totaling $375 million and $337 million in deposits, classifying the institution as a small bank. Southwest Bank, whose headquarters are in Odessa, Texas, 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 offerings. Coming in at a commendable 4.1 stars out of 5, Southwest Bank proves it is a good bank that gets the job done. Southwest Bank provides customers with the complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best bet for returning the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.02%, Southwest Bank ranks poorly compared to other U.S. banks. Its one-year CD has a rate of 0.25%, while its highest-yielding money market account earns at an APY of 0.02%. Given Southwest Bank's poor savings rate, you should think about looking at the competition to open savings accounts.

How Southwest Bank's Savings Rates Compare

Southwest Bank Savings 0.02 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Southwest 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

4.5
SmartAsset Average: 3.7

Southwest Bank is a brick-and-mortar bank, with eight total bank locations in Texas. With mobile and web apps, Southwest Bank makes mobile banking straightforward, even on the go. Southwest Bank gets high praise from users for its mobile platform. The Southwest Bank mobile app is rated at 5.0 out of 5 (with 5 customer reviews on Apple and Android) compared to the national average of 3.8. Southwest Bank's mobile app allows you to control your funds by looking at current statements, sending and receiving funds as well as reaching customer service. Southwest Bank gets an excellent consumer satisfaction rating based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

4.9
SmartAsset Average: 4.8

Southwest Bank ranks as a small bank owning $375 million in assets and $337 million in deposits. Southwest Bank's Texas Ratio is 2.03%, indicating a minute chance of failure. Additionally, Southwest 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 Southwest Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.02% APY $250
Checking Account 0.01% APY $1000
Certificates of Deposit
  • 12 Month: 0.25% APY
$10000 for all terms
Money Market Account 0.02% APY $2500

Southwest Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Southwest Bank does not have the best savings rate, which means you should consider looking 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. Southwest Bank's CD rates are fair compared to the average U.S. bank.

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Find a Southwest Bank Near Me

Southwest Bank has eight locations across the U.S.

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