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Veritex Community Bank Review

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Veritex Community Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Veritex Community Bank started in 2004 and its headquarters are located in Dallas, Texas. Veritex Community Bank handles assets of $3 billion as well as $2 billion in deposits, which makes it a large bank. Veritex Community Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.3 out of 5 stars, Veritex Community Bank should be solidly in contention for your choice of bank. Veritex Community Bank has a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product maintains a monthly fee of $10.00, although banks sometimes have requirements that allow you to waive the fee. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is the best option for returning the most income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

4.0
SmartAsset Average: 3.5

Veritex Community Bank features a savings rate of 0.10%, which is poor compared to the national average. Veritex Community Bank's CDs feature a rate of 2.49% and 3.20% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.35%. Given its below average savings rate, you should consider other options to earn more on your deposits.

How Veritex Community Bank's Savings Rates Compare

Veritex Community Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.9
SmartAsset Average: 4.4

On average, Veritex Community Bank charges customers above-average fees compared to other U.S. banks. At $10.00/month, Veritex Community Bank is not great for those who want a basic banking experience. For those who will need cash in a pinch, it is perfect because it has no out-of-network ATM fees. Also, at $35.00, its overdraft fee is lower than the national average overdraft fee. Veritex Community Bank doesn't refund out-of-network ATM fees, meaning you'll need to locate a Veritex Community Bank ATM or accept the ATM charge.

Monthly Fee $10.00 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

Veritex Community Bank is a brick-and-mortar bank, with 24 total bank locations in Texas. It also offers access to mobile and web apps for easy access and banking on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 8:00 p.m. CT; Saturdays, and 9:00 a.m. to 3:00 p.m. CT. Veritex Community Bank receives high praise from users for its mobile app. The Veritex Community Bank mobile app has been given a 4.7 out of 5 (with 6 reviews on Apple and Android) compared to the national average of 3.8. You can access Veritex Community Bank's app to manage your accounts by checking monthly statements, sending and receiving funds as well as accessing customer service. Veritex Community Bank receives an excellent consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

4.9
SmartAsset Average: 4.8

Veritex Community Bank ranks as a large bank and has $3 billion in assets and $2 billion in deposits. Veritex Community Bank has an excellent Texas Ratio of 3.76%, signifying that Veritex Community Bank is in excellent financial shape and unlikely to fail. Additionally, Veritex Community Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.76%
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 Veritex Community Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.15% APY $1500
Certificates of Deposit
  • 12 Month: 2.49% APY
  • 24 Month: 2.85% APY
  • 36 Month: 3.10% APY
  • 48 Month: 3.10% APY
  • 60 Month: 3.20% APY
$1000 for all terms
Money Market Account 0.35% APY $10000

Veritex Community Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Veritex Community 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. Veritex Community Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Veritex Community Bank Near Me

Veritex Community Bank has 24 locations across the U.S.

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