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The Croghan Colonial Bank Review

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The Croghan Colonial Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Croghan Colonial Bank first started operating in 1888 with headquarters located in Fremont, Ohio. It handles assets of $840 million and deposits totaling $678 million, ranking it as a medium-size bank. The Croghan Colonial Bank 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. At a SmartAsset rating of 3.9 out of 5 stars, The Croghan Colonial Bank should be near the middle of the pack in your search for a bank. The Croghan Colonial Bank has the complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Croghan Colonial Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product has a $4.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Finding an institution with no-fee checking, in addition to a high savings APY is the best option for returning the highest income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

The Croghan Colonial Bank features a savings rate of 0.15%, which is poor compared to other U.S. banks. Its one-year CD has a rate of 1.08% and the five-year CD has a rate of 2.73%, while its highest-yielding money market account earns at a rate of 0.80%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How The Croghan Colonial Bank's Savings Rates Compare

The Croghan Colonial Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

The Croghan Colonial Bank has typically high fees in comparison to other U.S. banks. The Croghan Colonial Bank's checking account has a monthly fee of $4.00, which makes it fair for anyone looking for a simple account. The Croghan Colonial Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you'll be required to find a The Croghan Colonial Bank ATM or accept the withdrawal fee.

Monthly Fee $4.00 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

3.9
SmartAsset Average: 3.7

The Croghan Colonial Bank is a brick-and-mortar bank, with 17 total bank locations in Ohio. It also offers access to mobile and web apps for an easy mobile-banking experience. The Croghan Colonial Bank's online and mobile banking platforms receive fair scores from customers. Out of 19 ratings across both iOS and Android platforms, the The Croghan Colonial Bank mobile app rates a 3.9 out of 5 (compared to the national average of 3.8). The Croghan Colonial Bank's mobile app lets you control your accounts by looking at current statements, transferring money and reaching customer service. The Croghan Colonial Bank gets an outstanding consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.9/5
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 Croghan Colonial Bank is currently a medium-size bank owning assets totaling $840 million as well as deposits totaling $678 million. The Croghan Colonial Bank's Texas Ratio is 0.91%, denoting a minute possibility of failure. Additionally, The Croghan Colonial Bank 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 Croghan Colonial Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 1.08% APY
  • 24 Month: 2.03% APY
  • 36 Month: 2.42% APY
  • 48 Month: 2.54% APY
  • 60 Month: 2.73% APY
$500 for all terms
Money Market Account 0.8% APY $10001

The Croghan Colonial Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Croghan Colonial Bank does not have the best savings rate, which means you should think about 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 Croghan Colonial Bank's CD rates are fair in comparison to other U.S. banks.

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Find a The Croghan Colonial Bank Near Me

The Croghan Colonial Bank has 17 physical branches in the U.S.

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