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The Callaway Bank Review

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The Callaway Bank Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Callaway Bank started in 1857 and its headquarters are located in Fulton, Missouri. The Callaway Bank handles assets of $368 million along with $288 million in deposits, ranking it as a small bank. The Callaway Bank lacks premium access to customer service, 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. Overall, The Callaway Bank is a good bank that gets the job done, with a rating of 4.0 out of 5 stars from the SmartAsset team. The Callaway Bank has a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, The Callaway Bank's most basic checking account does not carry a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is the best option for accruing the most income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

The Callaway Bank features a savings rate of 0.07%, which is fair in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 1.95% and 2.11%, respectively, while its highest-yielding money market account earns at a rate of 0.07%. Given its below average savings rate, you should think about choosing another bank to earn more on your deposits.

How The Callaway Bank's Savings Rates Compare

The Callaway Bank Savings 0.07 National Average 0.26 Compare Offers
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Fees

4.8
SmartAsset Average: 4.4

The Callaway Bank charges its customers extremely low fees in comparison to other U.S. banks. With no monthly fee, The Callaway Bank's checking account is perfect for people who need a hassle-free banking experience. Additionally, at $32.50, The Callaway Bank's overdraft fee is noticeably lower than the national average overdraft fee. The Callaway Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you'll have to locate a The Callaway Bank 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 $32.50 National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

The Callaway Bank is a brick-and-mortar bank, with eight total branches in Missouri. It also offers access to mobile and web apps for easy access and banking on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:30 a.m. to 6:00 p.m. CT; Saturday, and 9:00 a.m. to 12:00 p.m. CT. The Callaway Bank's online and mobile banking services receive fair feedback from users. With 33 ratings across both iOS and Android platforms, the The Callaway Bank mobile app has an overall rating of 3.8 out of 5 (compared to the national average of 3.8). You can utilize The Callaway Bank's app to control your funds by checking account balances, transferring money and accessing customer service. The Callaway Bank gets a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.4
SmartAsset Average: 4.8

The Callaway Bank is a small bank with assets totaling $368 million as well as deposits totaling $288 million. It has a strong Texas Ratio of 13.67%, indicating that the bank is in fine financial condition and improbable to fail. Additionally, The Callaway Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

13.67%
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 Callaway Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.07% APY $1
Checking Account 0.07% APY $2500
Certificates of Deposit
  • 12 Month: 1.95% APY
  • 24 Month: 2.06% APY
  • 36 Month: 2.06% APY
  • 48 Month: 2.11% APY
  • 60 Month: 2.11% APY
$10000 for all terms
Money Market Account 0.07% APY $1000

The Callaway Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Callaway Bank 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 Callaway Bank's CD rates are fair compared to the average U.S. bank.

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Find a The Callaway Bank Near Me

The Callaway Bank has eight branches in the U.S.

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