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The Bank of Glen Burnie Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
The Bank of Glen Burnie Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Bank of Glen Burnie first started operating in 1949 with its headquarters in Glen Burnie, Maryland. The Bank of Glen Burnie owns assets of $389 million along with deposits totaling $334 million, making it a small bank. The Bank of Glen Burnie lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated The Bank of Glen Burnie 4.4 out of 5 stars, which means it is a solid pick to be your bank. The Bank of Glen Burnie provides customers with a varied choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's most basic checking account does not have a monthly maintenance 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 option for getting the most income from your deposits while having 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 in comparison to the national average. Its one-year and five-year term lengths CDs earn at a rate of 1.75% and 2.40%, respectively, while its highest-yielding money market account earns at a rate of 0.05%. Given its below average savings rate, you should consider looking at the competition to open savings accounts.

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 typically has extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. The Bank of Glen Burnie doesn't refund out-of-network ATM charges, which means you'll need to locate a The Bank of Glen Burnie ATM or accept the cost of withdrawal.

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 bank locations. With mobile and web apps, The Bank of Glen Burnie makes account access straightforward, even on the go. The Bank of Glen Burnie's online and mobile banking platforms get great scores from users. The The Bank of Glen Burnie mobile app has an overall rating of 4.5 out of 5 (out of 15 reviews on Apple and Android) compared to the national average of 3.8. The Bank of Glen Burnie's mobile app lets you manage your accounts by looking at current statements, sending and receiving funds and accessing support representatives. The Bank of Glen Burnie gets a superb consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government 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 is a small bank owning $389 million in assets as well as deposits totaling $334 million. Its Texas Ratio is 9.46%, signifying a small 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 Accounts 0.05% APY 0.05% APY $10000 $15000

The Bank of Glen Burnie has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you 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 compared to other U.S. banks.

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Find a The Bank of Glen Burnie Near Me

The Bank of Glen Burnie has eight branches across the U.S.

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