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SpiritBank Review

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SpiritBank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1916, SpiritBank has $670 million in assets and $544 million in deposits, ranking the institution as a medium-size bank. SpiritBank, whose headquarters are in Tulsa, Oklahoma, has above-average access to customer service with all-day support available, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a commendable 4.2 stars out of 5, SpiritBank is a solid pick to be your bank. SpiritBank offers a complete choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. SpiritBank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, SpiritBank's most basic checking does not carry a monthly maintenance charge. Finding an institution with no-fee checking as well as a high interest rate savings account is your best bet for getting the highest income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

With a savings rate of 0.10%, SpiritBank ranks poorly in comparison to the national average. SpiritBank's one-year CD earns at a rate of 1.15% and the five-year CD has a rate of 1.90%, while its highest-yielding money market account has an APY of 0.30%. Given SpiritBank's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How SpiritBank's Savings Rates Compare

SpiritBank Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.7
SmartAsset Average: 4.4

On average, SpiritBank charges its customers extremely low fees compared to the national average. With no monthly fee, SpiritBank is perfect for those who want a basic banking experience. For those who withdraw cash routinely, it is good because it has an out-of-network ATM fee of $1.00, which is solid in comparison to other U.S. banks. Also, at $29.00, its overdraft fee is significantly lower than the national average. SpiritBank unfortunately does not reimburse out-of-network ATM fees, which means you'll have to search for a SpiritBank ATM or accept the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.00 National Average: $1.20
Overdraft Fee $29.00 National Average: $35.00
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Service Quality

4.5
SmartAsset Average: 3.7

SpiritBank is a brick-and-mortar bank, with seven total bank locations in Oklahoma. With mobile and web apps, SpiritBank makes account access convenient, even on the go. It provides all-day customer service. SpiritBank's online and mobile banking platforms receive high marks from customers. With 39 ratings across both Apple and Android platforms, the SpiritBank mobile app has an overall rating of 4.5 out of 5 (compared to the national average of 3.8). You can use SpiritBank's app to manage your bank accounts by reviewing monthly statements, transferring funds and reaching support representatives. SpiritBank gets a superb consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

3.9
SmartAsset Average: 4.8

SpiritBank ranks as a medium-size bank owning $670 million in assets and deposits totaling $544 million. SpiritBank has a good Texas Ratio of 23.05%, denoting that the bank is in decent financial condition. Additionally, SpiritBank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

23.05%
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 SpiritBank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1000
Checking Account 0.05% APY $1500
Certificates of Deposit
  • 12 Month: 1.15% APY
  • 24 Month: 1.40% APY
  • 36 Month: 1.50% APY
  • 48 Month: 1.70% APY
  • 60 Month: 1.90% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.3% APY $10000 $15000

SpiritBank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. SpiritBank does not have the best savings rate, which means you should consider 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. SpiritBank's CD rates are fair as compared against the national average.

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Find a SpiritBank Near Me

SpiritBank has seven physical branches across the U.S.

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