Triumph Bank Review

Overview

Triumph Bank first started operating in 2006 and its headquarters are located in Memphis, Tennessee. It manages assets of $722 million as well as $649 million in deposits, making it a medium-size bank. Triumph Bank lacks premium access to customer service, 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 offerings. Coming in at a superb 4.5 stars out of 5, Triumph Bank proves it is an exceptional bank that would be a perfect pick. Triumph Bank offers a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, 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 bank's standard checking account does not have a monthly maintenance charge. Obtaining a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is the best bet for gaining the most income on your deposits alongside convenient access to your money.

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

Triumph Bank has a savings rate of 0.25%, which is fair in comparison to the national average. Its one-year and five-year term lengths CDs earn at a rate of 2.25% and 0.60%, respectively, while its highest-yielding money market account has an APY of 0.26%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

How Triumph Bank's Savings Rates Compare

Triumph Bank charges its customers extremely low fees compared to other U.S. banks. With no monthly fee, Triumph Bank's checking account is ideal for people who need a hassle-free banking experience. Triumph Bank does not reimburse out-of-network ATM charges, which means you will need to search for a Triumph Bank ATM or eat the ATM charge.

Triumph Bank is a brick-and-mortar bank, with four total branches in Tennessee. It also offers access to mobile and web apps for straightforward access and banking on the go. Triumph Bank receives fair feedback from customers for its mobile app. Out of 15 customer reviews across both Apple and Android platforms, the Triumph Bank mobile app rates a 3.5 out of 5 (compared to the national average of 3.8). You can access Triumph Bank's mobile app to manage your bank accounts by looking at monthly statements, transferring money and accessing support representatives. Triumph Bank gets a superb consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Triumph Bank is a medium-size bank and has $722 million in assets and $649 million in deposits. Its Texas Ratio is 4.01%, indicating a low possibility of failure. Additionally, Triumph 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.

Products Offered

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

Find a Triumph Bank Near Me

Triumph Bank has four locations in the U.S.