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The Bank of Hemet Review

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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, which makes it a medium-size bank. The Bank of Hemet, whose headquarters are in Riverside, California, 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 apps. We ranked the bank at a 4.1 stars out of 5, indicating that The Bank of Hemet is a good bank that warrants your consideration. The Bank of Hemet provides customers with a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. The Bank of Hemet has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, The Bank of Hemet's standard checking does not have a monthly maintenance fee. Using a bank with free checking and a high interest rate savings account is the best option for returning the most income from your deposits while having easy 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 in comparison to 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 The Bank of Hemet's poor savings rate, you should consider choosing another bank to earn more on your deposits.

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 charges customers extremely low fees in comparison to other U.S. banks. With no monthly fee, The Bank of Hemet's checking account is perfect for people who want an easy checking account. For those who frequent the ATM, The Bank of Hemet is ideal because it has no out-of-network ATM fees. The Bank of Hemet doesn't reimburse out-of-network ATM fees, which means you'll be required to locate a The Bank of Hemet ATM or eat 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 bank locations in California. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not provide access to 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 average feedback from users for its mobile banking services. Out of 54 customer reviews across iOS and Android platforms, the The Bank of Hemet mobile app has an overall rating of 3.6 out of 5 (compared to the national average of 3.8). You can access The Bank of Hemet's app to manage your funds by checking current statements, transferring money as well as reaching support representatives. The Bank of Hemet receives an excellent consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 with $699 million in assets as well as deposits totaling $628 million. Its Texas Ratio is 0.00%, denoting that the bank is in terrific 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 Account 0.1% APY $10000

The Bank of Hemet 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 Hemet 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 Hemet's CD rates are fair compared to other U.S. banks.

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Find a The Bank of Hemet Near Me

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

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