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The Fidelity Bank Review

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The Fidelity Bank Savings
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Fidelity Bank first started operating in 1909 with its headquarters in Fuquay Varina, North Carolina. It owns $2 billion in assets and deposits totaling $2 billion, classifying it as a large bank. The Fidelity 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 in-person service, in addition to its online and mobile apps. SmartAsset experts rated the bank 3.7 stars out of 5, suggesting The Fidelity Bank is an acceptable bank choice, but may leave you wanting more. The Fidelity Bank offers a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product maintains a $4.00 monthly fee, which places it at the higher end of monthly fees. Institutions that offer free checking and a high interest rate savings account are your best bet for gaining the highest income from your deposits while having convenient access to your funds.

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

The Fidelity Bank features a savings rate of 0.02%, which is poor in comparison to the national average. The Fidelity Bank's CD rates are 0.10% and 0.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given The Fidelity Bank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How The Fidelity Bank's Savings Rates Compare

The Fidelity Bank Savings 0.02 National Average 0.26 Compare Offers
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Fees

3.6
SmartAsset Average: 4.4

The Fidelity Bank generally has above-average fees compared to the average U.S. bank. At $4.00 per month, The Fidelity Bank is not ideal for people who want a basic checking account. For those who will need cash in a pinch, it is not ideal because it charges an out-of-network ATM fee of $3.00, which is not the best product in comparison to the average U.S. bank. Additionally, The Fidelity Bank has an overdraft fee of $35.00, which is on par with the national average. The Fidelity Bank doesn't refund out-of-network ATM charges, which means you will be required to search for a The Fidelity Bank ATM or accept the fee.

Monthly Fee $4.00 National Average: $3.21
Non-network ATM Fee $3.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

The Fidelity Bank is a brick-and-mortar bank, with 58 total bank locations in North Carolina and Virginia. It also offers access to mobile and web apps for a simple mobile-banking experience. The Fidelity Bank receives inferior feedback from customers for its mobile banking services. The The Fidelity Bank mobile app scored a 3.2 out of 5 (with 130 reviews on Apple and Android) compared to the national average of 3.8. The Fidelity Bank's mobile app lets you manage your bank accounts by checking account balances, transferring funds and reaching support representatives. The Fidelity Bank gets an outstanding consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.2/5
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 Fidelity Bank is a large bank with $2 billion in assets and deposits totaling $2 billion. Its Texas Ratio is 1.60%, indicating that the bank is in outstanding financial shape and improbable to fail. Additionally, The Fidelity 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 Fidelity Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.02% APY $1
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.25% APY
  • 36 Month: 0.30% APY
  • 48 Month: 0.40% APY
  • 60 Month: 0.50% APY
$10000 for all terms
Money Market Account 0.05% APY $10000

The Fidelity Bank 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 Fidelity Bank does not have the best savings rate, which means you should think about 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 Fidelity Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a The Fidelity Bank Near Me

The Fidelity Bank has 58 physical branches in the U.S.

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