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

Overview

The Richwood Banking Company started in 1867 with headquarters located in Richwood, Ohio. The Richwood Banking Company owns assets of $502 million along with deposits totaling $453 million, making it a medium-size bank. The Richwood Banking Company has above-average customer service access with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a superb 4.5 stars out of 5, The Richwood Banking Company is an excellent bank that you should seriously consider. The Richwood Banking Company offers a variety of banking products, including savings accounts, checking accounts, money market accounts, IRAs, 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 Richwood Banking Company's ordinary checking account does not have a monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same bank is the best option for gaining the most income on your deposits alongside 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

The Richwood Banking Company has a savings rate of 0.10%, which is poor in comparison to other U.S. banks. Its one-year CD earns at a rate of 1.51% and the five-year CD has a rate of 2.53%, while its highest-yielding money market account has an APY of 0.20%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

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

The Richwood Banking Company charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, The Richwood Banking Company's checking account is perfect for those who need a hassle-free banking experience. The Richwood Banking Company unfortunately doesn't refund out-of-network ATM charges, which means you will need to search for a The Richwood Banking Company ATM or pay 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

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 customers can access live chat for customer service questions, key for getting quick access to customer service. The Richwood Banking Company's online and mobile banking services receive fairly decent scores 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 finances by looking at current statements, sending and receiving money and accessing customer service. The Richwood Banking Company receives a superb consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 currently a medium-size bank owning $502 million in assets and $453 million in deposits. The Richwood Banking Company's Texas Ratio is 1.60%, denoting that The Richwood Banking Company is in superb financial health and unlikely to fail. 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: 2.33% APY
  • 48 Month: 2.53% APY
  • 60 Month: 2.53% APY
$500 for all terms

The Richwood Banking Company has several deposit products including savings accounts, checking accounts and money market accounts to give you many options to manage your money. The Richwood Banking Company 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 Richwood Banking Company's CD rates are fair compared to the average U.S. bank.

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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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