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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

Southwest Bank first started operating in 1947 and has its headquarters in Odessa, Texas. Southwest Bank has assets of $375 million as well as $337 million in deposits, which makes it a small bank. Southwest Bank lacks premium access to support representatives, with no options for live chat or all-day service. 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 4.1 out of 5 stars, Southwest Bank is a good bank that should be given a look. Southwest Bank has a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Southwest Bank has a fair savings rate compared to the average savings account. Finding an institution with no-fee checking and a high interest rate savings account is the best bet for accruing the most income from your deposits while having convenient 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. Southwest Bank's one-year CD has a rate of 0.25%, while its highest-yielding money market account has an APY of 0.02%. Given Southwest Bank's noncompetitive 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. It also offers access to mobile and web apps for a simple mobile-banking experience. Southwest Bank's online and mobile banking services get great scores from customers. With 5 customer reviews across iOS and Android platforms, the Southwest Bank mobile app has an overall rating of 5.0 out of 5 (compared to the national average of 3.8). You can utilize Southwest Bank's mobile app to control your finances by checking monthly statements, sending and receiving money and reaching support representatives. Southwest Bank receives a superb consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed 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 is a small bank with assets totaling $375 million as well as deposits totaling $337 million. Southwest Bank's Texas Ratio is 2.03%, denoting a negligible possibility 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 $1
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 including 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 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. 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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