Universal Bank first started operating in 1954 with headquarters located in West Covina, California. Universal Bank has $375 million in assets and deposits totaling $317 million, which makes it a small bank. Universal 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 in-person service, in addition to its online and mobile offerings. With a score 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 provides customers with the full package of banking products, which include savings accounts, checking accounts, money market accounts, CDs and IRAs. Universal Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Universal Bank's standard checking account does not have a monthly fee. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same bank is your best bet for gaining the most income from your deposits while having convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Universal Bank has a savings rate of 0.04%, which is poor in comparison to the national average. Its one-year CD has a rate of 0.30%, while its highest-yielding money market account earns at an APY of 0.10%. Given its noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.
How Universal Bank's Savings Rates Compare
Universal Bank generally has extremely low fees in comparison to the average U.S. bank. With no monthly fee, Universal Bank is ideal for people who want a basic banking experience. For those who often visit the ATM, it is perfect because it charges no out-of-network ATM fees. Universal Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you will need to find a Universal Bank ATM or eat the withdrawal fee.
Universal Bank is a brick-and-mortar bank, with five total bank locations in California. With mobile and web apps, Universal Bank makes mobile banking convenient, even on the go. Universal Bank's mobile app lets you control your bank accounts by looking at account balances, transferring money and accessing customer service. Universal Bank gets an excellent consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
Universal Bank is currently a small bank and owns $375 million in assets as well as deposits totaling $317 million. It has an excellent Texas Ratio of 0.13%, indicating that Universal Bank is in excellent financial condition 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.Back to Overview
Compare Universal Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.04% APY||$2500|
|Checking Account||0.04% APY||$2500|
|Certificates of Deposit|| ||$10000 for all terms|
|Money Market Accounts||0.1% APY 0.1% APY||$10000 $15000|
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 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. Universal Bank's CD rates are fair compared to the average U.S. bank.Back to Overview
Find a Universal Bank Near Me
Universal Bank has five locations across the U.S.Back to Overview