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Town 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
Town Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1998, Town Bank has assets totaling $2 billion and $2 billion in deposits, which makes the institution a large bank. Town Bank, whose headquarters are in Hartland, Wisconsin, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, Town Bank is a solid pick to be your bank, with a score of 4.2 stars out of 5 from our experts. Town Bank provides customers with a mixture of product offerings, which include savings accounts, checking accounts, money market accounts, mortgage products and credit cards. Town Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Town Bank's most basic checking account does not have a monthly maintenance fee. Institutions that offer no-fee checking and a high interest rate savings account are the best bet for accruing the most income from your deposits alongside easy access to your funds.

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

3.1
SmartAsset Average: 3.5

Town Bank features a savings rate of 0.20%, which is fair compared to the average U.S. bank. Town Bank's CDs feature a rate of 0.22% and 1.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.30%. Given Town Bank's noncompetitive savings rate, you should consider looking elsewhere to open savings accounts.

How Town Bank's Savings Rates Compare

Town Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Town Bank charges customers extremely low fees compared to the average U.S. bank. With no monthly fee, Town Bank is ideal for those who want a simple checking account. For those who often withdraw cash from the ATM, it is perfect because it charges no out-of-network ATM fees. Town Bank reimburses any incurred out-of-network ATM charges, which means easy access to cash at any time.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Town Bank is a brick-and-mortar bank, with 22 total branches in Wisconsin. With mobile and web apps, Town Bank makes account access convenient, even on the go. Town Bank receives poor feedback from users for its mobile app. The Town Bank mobile app has been given a 3.3 out of 5 (with 32 ratings on iOS and Android) compared to the national average of 3.8. Town Bank's mobile app lets you manage your bank accounts by monitoring monthly statements, transferring money as well as accessing customer service. Town Bank gets a superb consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.3/5
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

Town Bank is currently a large bank owning $2 billion in assets as well as deposits totaling $2 billion. It has an excellent Texas Ratio of 1.89%, denoting that the bank is in terrific financial health and far from failure. Additionally, Town 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 Town Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.22% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.60% APY
  • 48 Month: 0.75% APY
  • 60 Month: 1.00% APY
$1000 for all terms
Money Market Accounts 0.3% APY 0.3% APY $10000 $15000

Town Bank offers several deposit products like savings accounts, checking accounts and money market accounts that provide you with many options to manage your money. Town Bank 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. Town Bank's CD rates are fair in comparison to the national average.

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Find a Town Bank Near Me

Town Bank has 22 physical branches across the U.S.

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