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Uwharrie Bank Review

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Uwharrie Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Uwharrie Bank first started operating in 1984 and is headquartered in Albemarle, North Carolina. Uwharrie Bank handles $574 million in assets along with deposits totaling $515 million, making it a medium-size bank. Uwharrie Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at an average 3.7 stars out of 5, Uwharrie Bank is a decent bank that leaves room for improvement. Uwharrie Bank provides customers with a choice of banking products, including savings accounts, checking accounts, money market accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account carries a monthly fee of $5.00, making it a rather expensive bank for checking. Locating an institution with free checking, in addition to a high savings APY is the best option for accruing the highest income on your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Uwharrie Bank ranks poorly in comparison to the national average. Its one-year CD has a rate of 0.14% and the five-year CD has a rate of 0.57%, while its highest-yielding money market account has a rate of 0.10%. Given its below average savings rate, you should consider looking at the competition to open savings accounts.

How Uwharrie Bank's Savings Rates Compare

Uwharrie Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

Uwharrie Bank has generally high fees compared to the national average. At $5.00 per month, Uwharrie Bank's checking account is less than great for people who need an easy checking account. Uwharrie Bank unfortunately does not refund out-of-network ATM fees, meaning you will have to search for an Uwharrie Bank ATM or eat the withdrawal fee.

Monthly Fee $5.00 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

4.3
SmartAsset Average: 3.7

Uwharrie Bank is a brick-and-mortar bank, with 10 total branches in North Carolina. It also offers access to mobile and web apps for a simple mobile-banking experience. Uwharrie Bank gets great feedback from customers for its mobile app. Out of 380 ratings across both iOS and Android platforms, the Uwharrie Bank mobile app rates a 4.7 out of 5 (compared to the national average of 3.8). Uwharrie Bank's mobile app lets you manage your bank accounts by monitoring monthly statements, transferring money and accessing customer service. Uwharrie Bank gets a superb consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Uwharrie Bank is a medium-size bank owning assets totaling $574 million and $515 million in deposits. Its Texas Ratio is 6.12%, denoting that Uwharrie Bank is in fine financial health and unlikely to fail. Additionally, Uwharrie Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.12%
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 Uwharrie Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.14% APY
  • 24 Month: 0.25% APY
  • 36 Month: 0.42% APY
  • 48 Month: 0.55% APY
  • 60 Month: 0.57% APY
$10000 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Uwharrie Bank offers several deposit products including savings accounts, checking accounts and money market accounts to give you many options to manage your money. Uwharrie 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. Uwharrie Bank's CD rates are fair compared to other U.S. banks.

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Find a Uwharrie Bank Near Me

Uwharrie Bank has 10 locations in the U.S.

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