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The Honesdale National Bank Review

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The Honesdale National Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Honesdale National Bank was founded in 1836 with headquarters in Honesdale, Pennsylvania. The Honesdale National Bank handles $643 million in assets along with $541 million in deposits, which makes it a medium-size bank. The Honesdale National 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 access to service representatives at a physical location, in addition to its online and mobile apps. We gave The Honesdale National Bank a 4.2 stars out of 5, suggesting it is a solid contender in your bank search. The Honesdale National Bank provides customers with a complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. The Honesdale National Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's most basic checking does not have a monthly charge. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is your best bet for gaining the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

With a savings rate of 0.10%, The Honesdale National Bank ranks poorly compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.50% and 1.55%, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given its below average savings rate, you should consider choosing another bank to earn more on your deposits.

How The Honesdale National Bank's Savings Rates Compare

The Honesdale National Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Honesdale National Bank has generally extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. The Honesdale National Bank doesn't refund out-of-network ATM fees, which means you will need to locate a The Honesdale National Bank ATM or accept the withdrawal fee.

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

3.9
SmartAsset Average: 3.7

The Honesdale National Bank is a brick-and-mortar bank, with 12 total branches in Pennsylvania. It also offers access to mobile and web apps for simple access and banking on the go. The Honesdale National Bank's online and mobile banking platforms get moderate scores from customers. The The Honesdale National Bank mobile app has been given a 3.9 out of 5 (out of 38 ratings on iOS and Android) compared to the national average of 3.8. The Honesdale National Bank's mobile app allows you to manage your accounts by monitoring monthly statements, transferring money as well as accessing customer service. The Honesdale National Bank gets an excellent consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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

4.9
SmartAsset Average: 4.8

The Honesdale National Bank is a medium-size bank owning assets totaling $643 million and deposits totaling $541 million. The Honesdale National Bank's Texas Ratio is 2.61%, indicating a low chance of failure. Additionally, The Honesdale National 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 Honesdale National Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.05% APY
  • 48 Month: 1.35% APY
  • 60 Month: 1.55% APY
$1000 for all terms
Money Market Account 0.15% APY $2500

The Honesdale National 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 Honesdale National Bank 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 Honesdale National Bank's CD rates are fair compared to other U.S. banks.

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Find a The Honesdale National Bank Near Me

The Honesdale National Bank has 12 physical branches across the U.S.

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