Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Towne Bank Review

Your Details Done
by Updated
Towne Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Established in 1999, Towne Bank has $9 billion in assets as well as $6 billion in deposits, making it a large bank. Towne Bank, whose headquarters are in Portsmouth, Virginia, 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 access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 3.6 stars out of 5, Towne Bank should be near the middle of the pack in your search for a bank. Towne Bank has a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account features a $9.00 monthly fee, making it a rather costly bank for checking. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is your best bet for returning the most income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Towne Bank has a savings rate of 0.05%, which is fair as compared against the national average. Its one-year CD has a rate of 0.20% and the five-year CD has a rate of 1.20%, while its highest-yielding money market account earns at a rate of 0.07%. Given Towne Bank's poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Towne Bank's Savings Rates Compare

Towne Bank Savings 0.05 National Average 0.26 Compare Offers
Back to Overview


SmartAsset Average: 4.4

Towne Bank charges customers high fees compared to other U.S. banks. Its checking account has a monthly fee of $9.00, making it fair for anyone looking for a hassle-free account. For those who use cash often, it is not great because it charges an out-of-network ATM fee of $2.50, which is less than great in comparison to the average U.S. bank. Additionally, at $40.00, its overdraft fee is slightly higher than the average U.S. overdraft fee. Towne Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will have to locate a Towne Bank ATM or eat the cost of withdrawal.

Monthly Fee $9.00 National Average: $3.21
Non-network ATM Fee $2.50 National Average: $1.20
Overdraft Fee $40.00 National Average: $35.00
Back to Overview

Service Quality

SmartAsset Average: 3.7

Towne Bank is a brick-and-mortar bank, with 41 total bank locations in North Carolina and Virginia. With mobile and web apps, Towne Bank makes mobile banking convenient, even on the go. Towne Bank's online and mobile banking services get moderate marks from customers. The Towne Bank mobile app rates a 3.8 out of 5 (out of 28 customer reviews on iOS and Android) compared to the national average of 3.8. You can access Towne Bank's mobile app to manage your accounts by checking monthly statements, sending and receiving funds and reaching customer service. Towne Bank gets an exceptional consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

SmartAsset Average: 4.8

Towne Bank ranks as a large bank with assets totaling $9 billion as well as deposits totaling $6 billion. Towne Bank's Texas Ratio is 2.43%, denoting a minute probability of failure. Additionally, Towne 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.

Back to Overview

Compare Towne Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.55% APY
  • 48 Month: 0.75% APY
  • 60 Month: 1.20% APY
$1000 for all terms
Money Market Account 0.07% APY $2500

Towne Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Towne Bank does not have the best savings rate, which means you should think about 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. Towne Bank's CD rates are fair in comparison to other U.S. banks.

Back to Overview

Find a Towne Bank Near Me

Towne Bank has 41 physical branches across the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure