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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 was founded in 1915 and its headquarters are located in Wichita, Kansas. Southwest National Bank has $439 million in assets and deposits totaling $381 million, which makes it 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 conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated the bank 4.1 out of 5 stars, suggesting Southwest National Bank is a respectable bank that warrants your consideration. Southwest National Bank offers a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Southwest National Bank has a fair savings rate; you can find higher rates with other banks. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is the best option for returning the most income on your deposits while maintaining 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

3.7
SmartAsset Average: 3.5

Southwest National Bank features a savings rate of 0.15%, which is fair as compared against the national average. Its one-year CD earns at a rate of 2.00% and the five-year CD has a rate of 2.75%, while its highest-yielding money market account earns at an APY of 0.45%. Given its poor savings rate, you should think about looking elsewhere to open savings accounts.

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

On average, Southwest National Bank charges customers average fees in comparison to the national average. For those who often frequent the ATM, it is fair because it charges an out-of-network ATM fee of $2.00, which is reasonable in comparison to the national average. Additionally, at $30.00, it has a considerably lower overdraft fee compared to the national average. Southwest National Bank unfortunately does not refund out-of-network ATM fees, meaning you will be required 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. With mobile and web apps, Southwest National Bank makes account access easy, even on the go. Southwest National Bank gets fair feedback from users for its mobile banking services. Out of 110 ratings on Apple and Android platforms, the Southwest National Bank mobile app rates a 3.6 out of 5 (compared to the national average of 3.8). Southwest National Bank's mobile app allows you to control your finances by reviewing account balances, transferring funds as well as accessing customer service. Southwest National Bank receives an outstanding consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 owning assets totaling $439 million as well as deposits totaling $381 million. It has an excellent Texas Ratio of 1.33%, signifying that the bank is in superb financial shape and far from 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: 2.00% APY
  • 24 Month: 2.20% APY
  • 36 Month: 2.50% APY
  • 48 Month: 2.59% APY
  • 60 Month: 2.75% APY
$500 for all terms
Money Market Accounts 0.45% APY 0.45% APY $10000 $15000

Southwest National 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 National 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 National Bank's CD rates are fair as compared against the national average.

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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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