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Summit Bank Review

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Summit Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Summit Bank was founded in 2008 with headquarters in Panama City, Florida. It handles assets of $414 million as well as deposits totaling $335 million, making it a medium-size bank. Summit Bank lacks premium access to support representatives, 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 apps. At a SmartAsset rating of 4.6 stars out of 5, Summit Bank should be near the top of your list for your bank search. Summit Bank offers a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Summit Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Summit Bank's standard checking account does not have a monthly fee. Institutions that offer free checking, in addition to a high interest rate savings account are your best option for getting the highest income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Summit Bank features a savings rate of 0.30%, which is poor as compared against the national average. Summit Bank's CD rates are 1.77% and 2.28% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.50%. Given its below average savings rate, you should consider looking elsewhere to open savings accounts.

How Summit Bank's Savings Rates Compare

Summit Bank Savings 0.30 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Summit Bank charges customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Summit Bank's checking account is ideal for people who need a hassle-free checking account. Summit Bank does not reimburse out-of-network ATM charges, meaning you will be required to search for a Summit Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 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

SmartAsset Average: 3.7

Summit Bank is a brick-and-mortar bank, with four total bank locations in Florida. With mobile and web apps, Summit Bank makes account access straightforward, even on the go. Summit Bank's online and mobile banking services get high marks from users. The Summit Bank mobile app is rated at 5.0 out of 5 (with 1 ratings on iOS and Android) compared to the national average of 3.8. You can use Summit Bank's mobile app to control your finances by looking at account balances, transferring funds as well as reaching customer service. Summit Bank receives an exceptional consumer satisfaction rating based on relatively few consumer complaints reported to 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

SmartAsset Average: 4.8

Summit Bank is a medium-size bank with assets totaling $414 million as well as $335 million in deposits. Summit Bank's Texas Ratio is 8.27%, indicating that the bank is in fine financial condition and unlikely to fail. Additionally, Summit Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Summit Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $500
Checking Account 0.25% APY $5000
Certificates of Deposit
  • 12 Month: 1.77% APY
  • 24 Month: 1.87% APY
  • 36 Month: 1.92% APY
  • 48 Month: 2.02% APY
  • 60 Month: 2.28% APY
$10000 for all terms
Money Market Account 0.25% APY $2500

Summit 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. Summit 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. Summit Bank's CD rates are fair compared to other U.S. banks.

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Find a Summit Bank Near Me

Summit Bank has four branches across the U.S.

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