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Towne Bank Review

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

Overview

Started in 1999, Towne Bank has assets totaling $9 billion as well as deposits totaling $6 billion, ranking the institution as a large bank. Towne Bank, whose headquarters are in Portsmouth, Virginia, lacks premium access to customer service, 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 apps. SmartAsset has rated Towne Bank 3.6 out of 5 stars, which means it is a decent bank that leaves room for improvement. Towne Bank offers a full suite of banking products, 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 has a monthly fee of $9.00, making it a rather costly bank for checking. Using an institution with no-fee checking as well as a high savings APY is the best bet for getting the highest income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Towne Bank ranks poorly in comparison to the national average. Towne Bank's one-year CD has a rate of 0.20% and the five-year CD earns at a rate of 1.20%, while its highest-yielding money market account earns at a rate of 0.07%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Towne Bank's Savings Rates Compare

Towne Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

2.8
SmartAsset Average: 4.4

Towne Bank charges customers high fees in comparison to the average U.S. bank. Its checking account has a monthly fee of $9.00, making it fair for anyone looking for a simple account. For those who frequent the ATM, Towne Bank is not the best option because it charges an out-of-network ATM fee of $2.50, which is not great in comparison to the national average. Additionally, at $40.00, its overdraft fee is slightly higher than that of other U.S. banks. Towne Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you'll need to locate a Towne Bank ATM or eat the fee.

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
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Service Quality

3.9
SmartAsset Average: 3.7

Towne Bank is a brick-and-mortar bank, with 41 total bank locations in North Carolina and Virginia. It also offers access to mobile and web apps for an easy mobile-banking experience. Towne Bank's online and mobile banking services receive moderate feedback from users. The Towne Bank mobile app has an overall rating of 3.8 out of 5 (with 28 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Towne Bank's mobile app to manage your accounts by looking at account balances, sending and receiving funds and reaching support representatives. Towne Bank receives an outstanding consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.8/5
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

Towne Bank ranks as a large bank and handles $9 billion in assets and $6 billion in deposits. 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.

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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 Accounts 0.07% APY 0.07% APY $10000 $15000

Towne Bank has several deposit products including 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 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. Towne Bank's CD rates are fair compared to the national average.

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Find a Towne Bank Near Me

Towne Bank has 41 locations in the U.S.

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