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Summit Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Summit Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Summit Bank was founded in 2008 and its headquarters are located in Panama City, Florida. Summit Bank owns assets of $414 million along with $335 million in deposits, classifying it as 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 conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at a superb 4.6 stars out of 5, Summit Bank is a superb bank that you should seriously consider. Summit Bank offers the complete slate of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Summit Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's standard checking does not carry a monthly maintenance charge. Using an institution with no-fee checking as well as a high savings APY is the best option for accruing the highest income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.6/5
National Average: 4.1

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

Rates

4.3
SmartAsset Average: 3.5

Summit Bank has a savings rate of 0.30%, which is poor compared to the national average. Its one-year CD earns at a rate of 1.77% and the five-year CD earns at a rate of 2.28%, while its highest-yielding money market account has a rate of 0.60%. Given Summit Bank's below average savings rate, you should consider taking a look at other banks for savings accounts.

How Summit Bank's Savings Rates Compare

Summit Bank Savings 0.30 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Summit Bank charges customers extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Summit Bank does not refund out-of-network ATM fees, meaning you'll need to search for a Summit Bank ATM or eat the fee.

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

4.5
SmartAsset Average: 3.7

Summit Bank is a brick-and-mortar bank, with four total branches in Florida. It also offers access to mobile and web apps for straightforward access and banking on the go. Summit Bank gets high marks from users for its online presence. With 1 ratings across both Apple and Android platforms, the Summit Bank mobile app has an overall rating of 5.0 out of 5 (compared to the national average of 3.8). Summit Bank's mobile app lets you manage your funds by looking at current statements, transferring funds and reaching customer service. Summit Bank gets a superb consumer satisfaction rating due to relatively few complaints reported 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

4.6
SmartAsset Average: 4.8

Summit Bank is a medium-size bank with assets totaling $414 million and deposits totaling $335 million. Summit Bank's Texas Ratio is 8.27%, suggesting that the bank is in good financial health and improbable 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

8.27%
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 Accounts 0.35% APY 0.6% APY $10000 $15000

Summit Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Summit Bank does not have the best savings rate, which means you should think about 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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