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The Bank of Marion Review

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The Bank of Marion Savings
0.01% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1874, The Bank of Marion has assets totaling $384 million and deposits totaling $338 million, ranking the institution as a small bank. The Bank of Marion, whose headquarters are in Marion, Virginia, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at an average 3.7 stars out of 5, The Bank of Marion proves it is a decent choice, but with better options out there. The Bank of Marion offers a variety of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Bank of Marion 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 standard checking does not carry a monthly maintenance charge. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best bet for accruing the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.7/5
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

With a savings rate of 0.01%, The Bank of Marion ranks poorly in comparison to the national average. The Bank of Marion's one-year CD has a rate of 0.10% and the five-year CD has a rate of 0.25%, while its highest-yielding money market account earns at a rate of 0.05%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.

How The Bank of Marion's Savings Rates Compare

The Bank of Marion Savings 0.01 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Bank of Marion typically has extremely low fees in comparison to the national average. With no monthly fee, The Bank of Marion's checking account is ideal for people who need a hassle-free banking experience. The Bank of Marion doesn't refund out-of-network ATM charges, which means you'll be required to search for a The Bank of Marion ATM or pay 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

2.3
SmartAsset Average: 3.7

The Bank of Marion is a brick-and-mortar bank, with 15 total bank locations in Tennessee and Virginia. With mobile and web apps, The Bank of Marion makes mobile banking easy, even on the go. The Bank of Marion receives poor marks from customers for its mobile app. With 1 customer reviews on both Apple and Android platforms, the The Bank of Marion mobile app rates a 1.0 out of 5 (compared to the national average of 3.8). The Bank of Marion's mobile app allows you to manage your finances by monitoring monthly statements, transferring money and accessing customer service. The Bank of Marion receives an excellent consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 1.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

The Bank of Marion is a small bank owning assets totaling $384 million as well as deposits totaling $338 million. It has a strong Texas Ratio of 5.13%, suggesting that The Bank of Marion is in good financial shape and improbable to fail. Additionally, The Bank of Marion is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.13%
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 Marion to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.01% APY $2500
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.20% APY
  • 36 Month: 0.20% APY
  • 48 Month: 0.20% APY
  • 60 Month: 0.25% APY
$500 for all terms
Money Market Account 0.05% APY $25000

The Bank of Marion 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 Marion does not have the best savings rate, which means you should think about looking 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 Marion's CD rates are fair as compared against the national average.

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Find a The Bank of Marion Near Me

The Bank of Marion has 15 physical locations across the U.S.

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