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United Bank of Michigan Review

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United Bank of Michigan Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

United Bank of Michigan first started operating in 1903 with headquarters in Grand Rapids, Michigan. It manages $616 million in assets and deposits totaling $475 million, ranking it as a medium-size bank. United Bank of Michigan lacks premium access to support representatives, 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 offerings. SmartAsset has rated United Bank of Michigan 4.2 out of 5 stars, which means it is a solid contender in your bank search. United Bank of Michigan has a diversity of product offerings, including savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, United Bank of Michigan offers an option without a maintenance or monthly fee. Institutions that offer no-fee checking as well as a high savings APY are your best option for gaining the most income on your deposits while having easy access to your money.

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

United Bank of Michigan has a savings rate of 0.10%, which is fair compared to the average U.S. bank. United Bank of Michigan's CD rates are 0.90% and 1.75% for the one-year and five-year term lengths, respectively. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

How United Bank of Michigan's Savings Rates Compare

United Bank of Michigan Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

United Bank of Michigan charges its customers extremely low fees as compared against the national average. With no monthly fee, United Bank of Michigan's checking account is ideal for those who want an easy banking experience. United Bank of Michigan does not refund out-of-network ATM fees, meaning you'll have to locate a United Bank of Michigan ATM or accept the cost of withdrawal.

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

4.0
SmartAsset Average: 3.7

United Bank of Michigan is a brick-and-mortar bank, with 14 total bank locations in Michigan. With mobile and web apps, United Bank of Michigan makes mobile banking straightforward, even on the go. United Bank of Michigan's online and mobile banking services get reasonably high praise from users. With 64 customer reviews across both Apple and Android platforms, the United Bank of Michigan mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). You can access United Bank of Michigan's mobile app to manage your funds by monitoring account balances, sending and receiving funds as well as reaching customer service. United Bank of Michigan receives an exceptional consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

United Bank of Michigan is currently a medium-size bank owning assets totaling $616 million and $475 million in deposits. United Bank of Michigan's Texas Ratio is 4.30%, denoting a minute chance of failure. Additionally, United Bank of Michigan is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.3%
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 Michigan to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.90% APY
  • 24 Month: 1.35% APY
  • 36 Month: 1.45% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.75% APY
$500 for all terms

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

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Find a United Bank of Michigan Near Me

United Bank of Michigan has 14 locations across the U.S.

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