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Universal Bank Review

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Universal Bank Savings
0.04% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Established in 1954, Universal Bank has assets totaling $375 million along with deposits totaling $317 million, which makes it a small bank. Universal Bank, whose headquarters are in West Covina, California, 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. At a SmartAsset rating of 3.9 out of 5 stars, Universal Bank should be near the middle of the pack in your search for a bank. Universal Bank has the complete selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs and IRAs. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Universal Bank offers an option without a maintenance or monthly fee. Banks that offer free 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

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.04%, Universal Bank ranks poorly in comparison to the national average. Universal Bank's one-year CD earns at a rate of 0.30%, while its highest-yielding money market account has an APY of 0.10%. Given its poor savings rate, you should consider looking elsewhere to open savings accounts.

How Universal Bank's Savings Rates Compare

Universal Bank Savings 0.04 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Universal Bank has typically extremely low fees compared to other U.S. banks. Universal Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who use cash often, Universal Bank is ideal because it has no out-of-network ATM fees. Universal Bank doesn't reimburse out-of-network ATM charges, which means you'll have to find a Universal Bank ATM or pay the fee.

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

SmartAsset Average: 3.7

Universal Bank is a brick-and-mortar bank, with five total branches in California. With mobile and web apps, Universal Bank makes mobile banking convenient, even on the go. Universal Bank's mobile app allows you to manage your bank accounts by monitoring account balances, sending and receiving funds and accessing support representatives. Universal Bank gets a superb consumer satisfaction rating based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

SmartAsset Average: 4.8

Universal Bank ranks as a small bank owning assets totaling $375 million and $317 million in deposits. Its Texas Ratio is 0.13%, signifying that Universal Bank is in superb financial well-being and improbable to fail. Additionally, Universal 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 Universal Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.04% APY $2500
Checking Account 0.04% APY $2500
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.60% APY
$10000 for all terms
Money Market Account 0.1% APY $10000

Universal Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Universal Bank does not have the best savings rate, which means you should consider 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. Universal Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Universal Bank Near Me

Universal Bank has five physical locations across the U.S.

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