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Southwest National Bank Review

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Southwest National Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Southwest National Bank started in 1915 with its headquarters in Wichita, Kansas. It owns assets of $439 million as well as $381 million in deposits, classifying it as a medium-size bank. Southwest National Bank lacks premium access to support representatives, 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. At a SmartAsset rating of 4.1 out of 5 stars, Southwest National Bank should be solidly in contention for your choice of bank. Southwest National Bank has a varied choice of banking products, 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 an institution with free checking as well as a high savings APY is your best bet for returning the highest income on your deposits while having 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

3.7
SmartAsset Average: 3.5

Southwest National Bank has a savings rate of 0.15%, which is fair as compared against the national average. Southwest National Bank's one-year CD has a rate of 1.41% and the five-year CD has a rate of 2.70%, while its highest-yielding money market account earns at a rate of 0.30%. Given Southwest National Bank's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Southwest National Bank's Savings Rates Compare

Southwest National Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

Southwest National Bank charges customers average fees in comparison to the average U.S. bank. For those who often withdraw money from the ATM, it is fair because it charges an out-of-network ATM fee of $2.00, which is reasonable compared to the national average. Additionally, at $30.00, its overdraft fee is markedly lower than the national average overdraft fee. Southwest National Bank does not reimburse out-of-network ATM fees, which means you will need to find a Southwest National Bank ATM or eat the cost of withdrawal.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

3.7
SmartAsset Average: 3.7

Southwest National Bank is a brick-and-mortar bank, with nine total branches in Kansas. It also offers access to mobile and web apps for easy access and banking on the go. Southwest National Bank's online and mobile banking platforms receive fair feedback from users. With 110 ratings across both iOS and Android platforms, the Southwest National Bank mobile app has an overall rating of 3.6 out of 5 (compared to the national average of 3.8). You can utilize Southwest National Bank's mobile app to control your funds by reviewing current statements, sending and receiving funds as well as accessing support representatives. Southwest National Bank gets an exceptional consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.6/5
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

Southwest National Bank is currently a medium-size bank and has assets totaling $439 million as well as $381 million in deposits. Its Texas Ratio is 1.33%, suggesting a low probability of failure. Additionally, Southwest National 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 National Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.15% APY $100
Certificates of Deposit
  • 12 Month: 1.41% APY
  • 24 Month: 1.75% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.15% APY
  • 60 Month: 2.70% APY
$500 for all terms
Money Market Account 0.3% APY $1000

Southwest National 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 National Bank does not have the best savings rate, which means you should consider 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. Southwest National Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Southwest National Bank Near Me

Southwest National Bank has nine locations in the U.S.

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