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United Bank of Iowa Review

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United Bank of Iowa Savings
0.55% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

United Bank of Iowa was founded in 1932 with headquarters located in Ida Grove, Iowa. United Bank of Iowa handles assets of $1 billion along with $1 billion in deposits, which makes it a large bank. United Bank of Iowa 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 in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.2 out of 5 stars, United Bank of Iowa is a great choice and should warrant serious consideration. United Bank of Iowa offers multiple banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. United Bank of Iowa has a fair savings rate compared to the average savings account. The bank's standard checking account maintains a monthly fee of $7.00, although banks sometimes have requirements that allow you to waive the fee. Locating a bank with free checking, in addition to a high savings APY is the best bet for gaining the highest 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

4.5
SmartAsset Average: 3.5

With a savings rate of 0.55%, United Bank of Iowa ranks poorly in comparison to the average U.S. bank. United Bank of Iowa's CD rates are 1.56% and 2.80% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.80%. Given United Bank of Iowa's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How United Bank of Iowa's Savings Rates Compare

United Bank of Iowa Savings 0.55 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

United Bank of Iowa generally has high fees compared to other U.S. banks. United Bank of Iowa's checking account has a monthly fee of $7.00, rating it fair for anyone looking for a simple account. Additionally, United Bank of Iowa has an overdraft fee of $30.00, which is noticeably lower than that of other U.S. banks. United Bank of Iowa doesn't refund out-of-network ATM fees, which means you will have to locate a United Bank of Iowa ATM or eat the ATM charge.

Monthly Fee $7.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

United Bank of Iowa is a brick-and-mortar bank, with 28 total branches in Iowa. With mobile and web apps, United Bank of Iowa makes account access convenient, even on the go. United Bank of Iowa's online and mobile banking services get reasonably positive ratings from users. The United Bank of Iowa mobile app rates a 4.1 out of 5 (with 14 ratings on iOS and Android) compared to the national average of 3.8. You can utilize United Bank of Iowa's app to control your funds by monitoring current statements, sending and receiving funds and reaching support representatives. United Bank of Iowa receives an excellent consumer satisfaction rating based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.1/5
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

United Bank of Iowa ranks as a large bank owning $1 billion in assets as well as deposits totaling $1 billion. Its Texas Ratio is 3.04%, signifying a minute probability of failure. Additionally, United Bank of Iowa is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.04%
High Risk 75% 50% 20% 10% Low Risk

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 United Bank of Iowa to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.55% APY $200
Checking Account 0.45% APY $2500
Certificates of Deposit
  • 12 Month: 1.56% APY
  • 36 Month: 2.15% APY
  • 48 Month: 2.65% APY
  • 60 Month: 2.80% APY
$10000 for all terms
Money Market Accounts 0.8% APY 0.8% APY $10000 $15000

United Bank of Iowa has several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. United Bank of Iowa 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. United Bank of Iowa's CD rates are fair in comparison to other U.S. banks.

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Find a United Bank of Iowa Near Me

United Bank of Iowa has 28 locations in the U.S.

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