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The Honesdale National Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
The Honesdale National Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1836, The Honesdale National Bank has assets totaling $643 million as well as deposits totaling $541 million, ranking the institution as a medium-size bank. The Honesdale National Bank, whose headquarters are in Honesdale, Pennsylvania, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, The Honesdale National Bank is a great bank that you should seriously consider, with a rating of 4.2 stars out of 5 from the SmartAsset team. The Honesdale National Bank provides customers with the full selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, 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 Honesdale National Bank's most basic checking account does not have a monthly maintenance fee. Institutions that offer free checking, in addition to a high interest rate savings account are the best bet for accruing the highest income on 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

The Honesdale National Bank has a savings rate of 0.10%, which is fair in comparison to the average U.S. bank. Its CD rates are 0.50% and 1.55% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given its noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

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 charges its customers extremely low fees in comparison to the national average. With no monthly fee, The Honesdale National Bank is ideal for people who want a basic banking experience. The Honesdale National Bank unfortunately doesn't refund out-of-network ATM charges, which means you'll have to search for a The Honesdale National Bank ATM or accept 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

3.9
SmartAsset Average: 3.7

The Honesdale National Bank is a brick-and-mortar bank, with 12 total bank locations in Pennsylvania. It also offers access to mobile and web apps for a simple mobile-banking experience. The Honesdale National Bank's online and mobile banking services get fair scores from users. The The Honesdale National Bank mobile app has been given a 3.9 out of 5 (with 38 reviews on iOS and Android) compared to the national average of 3.8. The Honesdale National Bank's mobile app allows you to manage your funds by checking current statements, sending and receiving funds and accessing customer service. The Honesdale National Bank receives an excellent consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 currently a medium-size bank and handles assets totaling $643 million as well as $541 million in deposits. Its Texas Ratio is 2.61%, suggesting a low likelihood 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 Accounts 0.15% APY 0.15% APY $10000 $15000

The Honesdale National Bank has several deposit products like 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 consider 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 Honesdale National Bank's CD rates are fair compared to the national average.

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Find a The Honesdale National Bank Near Me

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

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