Terrabank Review

Overview

Terrabank first started operating in 1985 and has its headquarters in Miami, Florida. It owns $378 million in assets as well as deposits totaling $338 million, ranking it as a small bank. Terrabank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, Terrabank is a respectable bank that deserves your consideration, with a score of 4.1 stars out of 5 from our team. Terrabank provides customers with a complete choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. Terrabank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's standard checking account does not have a monthly maintenance fee. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is your best bet for gaining the most income from your deposits alongside convenient 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 compared to the average U.S. bank. Its one-year CD has a rate of 1.50% and the five-year CD has a rate of 2.00%, while its highest-yielding money market account earns at a rate of 0.15%. Given its below average savings rate, you should think about choosing another bank to earn more on your deposits.

How Terrabank's Savings Rates Compare

Terrabank has typically extremely low fees compared to the average U.S. bank. With no monthly fee, Terrabank's checking account is perfect for people who need an easy checking account. Terrabank doesn't refund out-of-network ATM charges, which means you'll be required to find a Terrabank ATM or accept the withdrawal fee.

Terrabank is a brick-and-mortar bank, with three total bank locations in Florida. It also offers access to mobile and web apps for easy access and banking on the go. You can utilize Terrabank's mobile app to control your funds by looking at monthly statements, transferring funds as well as accessing customer service. Terrabank gets a superb consumer satisfaction rating based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Terrabank is currently a small bank with assets totaling $378 million as well as deposits totaling $338 million. It has an excellent Texas Ratio of 0.14%, indicating a minute possibility of 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 that provide you with many options to manage your money. Terrabank 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. Terrabank's CD rates are fair as compared against the national average.

Find a Terrabank Near Me

Terrabank has three physical locations across the U.S.