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The Richwood Banking Company Review

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The Richwood Banking Company Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1867, The Richwood Banking Company has assets totaling $502 million as well as deposits totaling $453 million, classifying the institution as a medium-size bank. The Richwood Banking Company, whose headquarters are in Richwood, Ohio, has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. 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. Coming in at a superb 4.5 out of 5 stars, The Richwood Banking Company proves it is a superb bank that warrants a strong look. The Richwood Banking Company offers multiple banking products, including savings accounts, checking accounts, money market accounts, IRAs, mortgage products and credit cards. The Richwood Banking Company has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, The Richwood Banking Company offers an option without 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 bet for accruing the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

With a savings rate of 0.10%, The Richwood Banking Company ranks poorly compared to the average U.S. bank. Its one-year CD has a rate of 1.51%, while its highest-yielding money market account has an APY of 0.20%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How The Richwood Banking Company's Savings Rates Compare

The Richwood Banking Company Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, The Richwood Banking Company charges customers extremely low fees in comparison to the national average. With no monthly fee, The Richwood Banking Company is ideal for people who want a simple banking experience. The Richwood Banking Company does not reimburse out-of-network ATM charges, meaning you will need to find a The Richwood Banking Company ATM or eat 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

4.4
SmartAsset Average: 3.7

The Richwood Banking Company is a brick-and-mortar bank, with six total bank locations in Ohio. With mobile and web apps, The Richwood Banking Company makes account access straightforward, even on the go. Additionally, The Richwood Banking Company offers a live chat feature, key for getting quick access to customer service. The Richwood Banking Company's online and mobile banking platforms receive relatively high ratings from customers. The The Richwood Banking Company mobile app has an overall rating of 4.3 out of 5 (out of 38 reviews on Apple and Android) compared to the national average of 3.8. The Richwood Banking Company's mobile app allows you to control your bank accounts by reviewing monthly statements, transferring money and reaching support representatives. The Richwood Banking Company gets a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

5.0
SmartAsset Average: 4.8

The Richwood Banking Company is a medium-size bank owning $502 million in assets as well as deposits totaling $453 million. Its Texas Ratio is 1.60%, denoting a minute possibility of failure. Additionally, The Richwood Banking Company 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 Richwood Banking Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 1.51% APY
  • 24 Month: 2.02% APY
  • 36 Month: 2.28% APY
  • 48 Month: 2.53% APY
$500 for all terms

The Richwood Banking Company offers several deposit products like savings accounts, checking accounts and money market accounts that provide you with many options to manage your money. The Richwood Banking Company 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 Richwood Banking Company's CD rates are fair in comparison to other U.S. banks.

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Find a The Richwood Banking Company Near Me

The Richwood Banking Company has six physical branches across the U.S.

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