The Andover Bank Review

Overview

The Andover Bank first started operating in 1884 with its headquarters in Andover, Ohio. The Andover Bank owns $411 million in assets as well as $332 million in deposits, making it a medium-size bank. The Andover Bank lacks premium access to customer service, 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. On the whole, The Andover Bank is a solid pick to be your bank, with a score of 4.2 stars out of 5 from the SmartAsset team. The Andover Bank has the full package of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Andover Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, The Andover Bank's standard checking does not have a monthly maintenance fee. Banks that offer free checking, in addition to a high interest rate savings account are your best option for returning the highest income on your deposits while having convenient access to your money.

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

The Andover Bank has a savings rate of 0.50%, which is poor compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.20% and 1.00%, respectively, while its highest-yielding money market account has a rate of 0.15%. Given its noncompetitive savings rate, you should think about other options to earn more on your deposits.

How The Andover Bank's Savings Rates Compare

The Andover Bank charges customers extremely low fees compared to the average U.S. bank. With no monthly fee, The Andover Bank is perfect for those who want a basic banking experience. For those who will need cash in a pinch, The Andover Bank is perfect because it charges no out-of-network ATM fees. Additionally, The Andover Bank has an overdraft fee of $33.00, which is less than the national average overdraft fee. The Andover Bank unfortunately doesn't refund out-of-network ATM charges, meaning you will have to locate a The Andover Bank ATM or eat the withdrawal fee.

The Andover Bank is a brick-and-mortar bank, with 10 total branches in Ohio and Pennsylvania. It also offers access to mobile and web apps for straightforward access and banking on the go. The Andover Bank receives relatively good ratings from users for its mobile banking services. Out of 19 ratings across iOS and Android platforms, the The Andover Bank mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). You can access The Andover Bank's mobile app to control your funds by checking account balances, transferring money as well as accessing support representatives. The Andover Bank receives an excellent consumer satisfaction rating based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

The Andover Bank ranks as a medium-size bank and has assets totaling $411 million and deposits totaling $332 million. It has an excellent Texas Ratio of 1.92%, signifying that the bank is in excellent financial health and far from failure. Additionally, The Andover Bank 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

The Andover 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. The Andover Bank 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. The Andover Bank's CD rates are fair in comparison to other U.S. banks.

Find a The Andover Bank Near Me

The Andover Bank has 10 branches across the U.S.