Unity Bank Review

Overview

Unity Bank started in 1991 and its headquarters are located in Clinton, New Jersey. It manages assets of $2.55 billion as well as $1.89 billion in deposits, making it a large bank. Unity Bank 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 in-person service, in addition to its online and mobile offerings. With a commendable 4.2 stars out of 5, Unity Bank is a great choice and should warrant serious consideration. Unity Bank provides customers with a diverse array of banking products, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Unity Bank's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best bet for getting the most income from your deposits while having easy access to your funds.

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

Unity Bank features a savings rate of 0.05%, which is poor compared to the average U.S. bank. Unity Bank's one-year CD has a rate of 0.15% and the five-year CD has a rate of 0.35%, while its highest-yielding money market account has an APY of 0.10%. Given Unity Bank's noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Unity Bank's Savings Rates Compare

On average, Unity Bank charges its customers extremely low fees as compared against the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. For those who often withdraw money from the ATM, it is ideal because it has no out-of-network ATM fees. Unity Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you will need to find a Unity Bank ATM or pay the ATM charge.

Unity Bank is a brick-and-mortar bank, with 20 total bank locations in New Jersey and Pennsylvania. With mobile and web apps, Unity Bank makes mobile banking straightforward, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:30 a.m. to 6:00 p.m. ET; Saturday, and 9:00 a.m. to 12:00 p.m. ET. Unity Bank's online and mobile banking platforms receive fair marks from customers. Out of 18 ratings across iOS and Android platforms, the Unity Bank mobile app has an overall rating of 3.5 out of 5 (compared to the national average of 3.8). Unity Bank's mobile app lets you control your finances by checking current statements, transferring funds and accessing customer service. Unity Bank receives an excellent consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Unity Bank is currently a large bank with assets totaling $1 billion and $1 billion in deposits. It has an excellent Texas Ratio of 2.54%, denoting that the bank is in superb financial well-being and far from failure. Additionally, Unity 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

Unity Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Unity Bank 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. Unity Bank's CD rates are fair compared to the national average.

Find a Unity Bank Near Me

Unity Bank has 20 branches across the U.S.