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The Bank of Glen Burnie Review

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The Bank of Glen Burnie Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1949, The Bank of Glen Burnie has $389 million in assets along with deposits totaling $334 million, classifying the institution as a small bank. The Bank of Glen Burnie, whose headquarters are in Glen Burnie, Maryland, lacks premium access to customer service, 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. On the whole, The Bank of Glen Burnie is a great choice and should warrant serious consideration, with a rating of 4.4 stars out of 5 from the SmartAsset team. The Bank of Glen Burnie has a diverse array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. The Bank of Glen Burnie has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, The Bank of Glen Burnie offers an option without a maintenance or monthly fee. Banks that offer no-fee checking as well as a high interest rate savings account are your best bet for accruing the highest income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, The Bank of Glen Burnie ranks poorly compared to the national average. The Bank of Glen Burnie's one-year CD has a rate of 1.75% and the five-year CD has a rate of 2.40%, while its highest-yielding money market account has a rate of 0.05%. Given its below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How The Bank of Glen Burnie's Savings Rates Compare

The Bank of Glen Burnie Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Bank of Glen Burnie has typically extremely low fees in comparison to other U.S. banks. With no monthly fee, The Bank of Glen Burnie is perfect for those who want a basic checking account. The Bank of Glen Burnie unfortunately does not reimburse out-of-network ATM charges, which means you'll need to search for a The Bank of Glen Burnie ATM or accept the ATM charge.

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

4.2
SmartAsset Average: 3.7

The Bank of Glen Burnie is a brick-and-mortar bank, with eight total branches. With mobile and web apps, The Bank of Glen Burnie makes mobile banking convenient, even on the go. The Bank of Glen Burnie gets high praise from customers for its online presence. The The Bank of Glen Burnie mobile app has been given a 4.5 out of 5 (with 15 reviews on Apple and Android) compared to the national average of 3.8. The Bank of Glen Burnie's mobile app allows you to control your accounts by looking at account balances, transferring funds and accessing customer service. The Bank of Glen Burnie receives a superb consumer satisfaction rating based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.5/5
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

The Bank of Glen Burnie ranks as a small bank owning assets totaling $389 million as well as deposits totaling $334 million. Its Texas Ratio is 9.46%, suggesting a tiny chance of failure. Additionally, The Bank of Glen Burnie is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

9.46%
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 The Bank of Glen Burnie to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.03% APY $1000
Certificates of Deposit
  • 12 Month: 1.75% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.15% APY
  • 48 Month: 2.30% APY
  • 60 Month: 2.40% APY
$500 for all terms
Money Market Account 0.05% APY $2500

The Bank of Glen Burnie has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Bank of Glen Burnie does not have the best savings rate, which means you should consider 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. The Bank of Glen Burnie's CD rates are fair in comparison to the average U.S. bank.

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Find a The Bank of Glen Burnie Near Me

The Bank of Glen Burnie has eight physical locations in the U.S.

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