The Andover Bank Review

Overview

The Andover Bank started in 1884 and its headquarters are located in Andover, Ohio. The Andover Bank has assets of $411 million and deposits totaling $332 million, ranking it as a medium-size bank. The Andover 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 in-person service, in addition to its online and mobile apps. We ranked the bank at a 4.2 out of 5 stars, which means The Andover Bank is a great bank that you should seriously consider. The Andover Bank provides customers with a complete suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's most basic checking does not have a monthly fee. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best bet for returning the most income on your deposits while having 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 0.50%, The Andover Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD earns at a rate of 0.20% and the five-year CD has a rate of 1.00%, while its highest-yielding money market account has an APY of 0.15%. Given its poor savings rate, you should consider other options to earn more on your deposits.

How The Andover Bank's Savings Rates Compare

On average, The Andover Bank charges its customers extremely low fees in comparison to the national average. With no monthly fee, The Andover Bank is perfect for people who want a basic checking account. For those who withdraw money often, it is perfect because it charges no out-of-network ATM fees. Also, at $33.00, it has a significantly lower overdraft fee compared to the average U.S. overdraft fee. The Andover Bank does not refund out-of-network ATM charges, meaning you'll need to find a The Andover Bank ATM or accept the fee.

The Andover Bank is a brick-and-mortar bank, with 10 total branches in Ohio and Pennsylvania. With mobile and web apps, The Andover Bank makes mobile banking easy, even on the go. The Andover Bank's online and mobile banking services receive fairly high marks from customers. The The Andover Bank mobile app has an overall rating of 4.0 out of 5 (out of 19 ratings on iOS and Android) compared to the national average of 3.8. You can use The Andover Bank's app to manage your funds by checking current statements, transferring funds and accessing customer service. The Andover Bank receives an exceptional consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

The Andover Bank ranks as a medium-size bank with assets totaling $411 million and deposits totaling $332 million. The Andover Bank has an excellent Texas Ratio of 1.92%, indicating that The Andover Bank is in terrific 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 think about 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 the national average.

Find a The Andover Bank Near Me

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