Terrabank Review

Overview

Established in 1985, Terrabank has $378 million in assets as well as $338 million in deposits, making it a small bank. Terrabank, whose headquarters are in Miami, Florida, 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 in-person service, in addition to its online and mobile offerings. We gave Terrabank a 4.1 stars out of 5, suggesting it is a respectable bank that you should consider. Terrabank has a full array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Terrabank's most basic checking account does not carry a monthly maintenance charge. Using a bank with free 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 funds.

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

With a savings rate of 0.10%, Terrabank ranks poorly in comparison to other U.S. banks. Terrabank's one-year CD earns at a rate of 2.25% and the five-year CD has a rate of 2.25%, while its highest-yielding money market account has an APY of 0.15%. Given Terrabank's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Terrabank's Savings Rates Compare

Terrabank charges its customers extremely low fees compared to the national average. With no monthly fee, Terrabank is perfect for people who want a basic banking experience. Terrabank unfortunately does not reimburse out-of-network ATM charges, which means you'll need to locate a Terrabank ATM or eat the cost of withdrawal.

Terrabank is a brick-and-mortar bank, with three total bank locations in Florida. It also offers access to mobile and web apps for a straightforward mobile-banking experience. You can utilize Terrabank's app to manage your finances by checking monthly statements, sending and receiving money and reaching customer service. Terrabank receives an exceptional consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Terrabank is a small bank with $378 million in assets and $338 million in deposits. It has an excellent Texas Ratio of 0.14%, suggesting that Terrabank is in superb financial condition and far from failure. Additionally, Terrabank 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.

Products Offered

Terrabank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Terrabank does not have the best savings rate, which means you should think about looking 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. Terrabank's CD rates are fair in comparison to the average U.S. bank.

Find a Terrabank Near Me

Terrabank has three branches across the U.S.