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

Overview

Established in 1974, The Bank of Hemet has $699 million in assets as well as deposits totaling $628 million, classifying it as a medium-size bank. The Bank of Hemet, whose headquarters are in Riverside, California, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, The Bank of Hemet is a good bank that deserves your consideration, with a score of 4.1 out of 5 stars from the SmartAsset team. The Bank of Hemet provides customers with a full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. The Bank of Hemet has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, The Bank of Hemet's standard checking account does not have a monthly fee. Finding an institution with no-fee checking as well as a high savings APY is the best bet for getting the most income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

The Bank of Hemet features a savings rate of 0.05%, which is poor as compared against the national average. Its CDs feature a rate of 0.20% and 0.75% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.10%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How The Bank of Hemet's Savings Rates Compare

The Bank of Hemet Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Bank of Hemet generally has extremely low fees compared to other U.S. banks. The Bank of Hemet's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who regularly visit the ATM, The Bank of Hemet is ideal because it has no out-of-network ATM fees. The Bank of Hemet unfortunately does not refund out-of-network ATM charges, meaning you will need to locate a The Bank of Hemet ATM or accept the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.7
SmartAsset Average: 3.7

The Bank of Hemet is a brick-and-mortar bank, with six total branches in California. With mobile and web apps, The Bank of Hemet makes account access convenient, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Thursday, 8:30 a.m. to 5:00 p.m. PT; Friday, and 8:30 a.m. to 6:00 p.m. PT. The Bank of Hemet gets moderate reviews from customers for its mobile banking services. With 54 customer reviews across Apple and Android platforms, the The Bank of Hemet mobile app is scored at 3.6 out of 5 (compared to the national average of 3.8). You can access The Bank of Hemet's mobile app to manage your funds by looking at monthly statements, transferring money and reaching customer service. The Bank of Hemet gets an outstanding consumer satisfaction score due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

The Bank of Hemet is currently a medium-size bank and handles assets totaling $699 million and deposits totaling $628 million. The Bank of Hemet's Texas Ratio is 0.00%, indicating that the bank is in excellent financial shape and unlikely to fail. Additionally, The Bank of Hemet 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.

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Compare The Bank of Hemet to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $2500
Checking Account 0.01% APY $2500
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.75% APY
  • 48 Month: 0.75% APY
  • 60 Month: 0.75% APY
$10000 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

The Bank of Hemet offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Bank of Hemet 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 Bank of Hemet's CD rates are fair compared to the average U.S. bank.

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Find a The Bank of Hemet Near Me

The Bank of Hemet has six branches across the U.S.

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