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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

Started in 2004, Veritex Community Bank has assets totaling $3 billion and $2 billion in deposits, ranking the institution as a large bank. Veritex Community Bank, whose headquarters are in Dallas, Texas, lacks premium access to customer service, 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. With a score of 4.3 out of 5 stars, Veritex Community Bank should be solidly in contention for your choice of bank. Veritex Community Bank offers a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Veritex Community Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking product carries a $10.00 monthly fee, which places it at the higher end of monthly fees. Locating an institution with no-fee checking and a high interest rate savings account is the best bet for returning the most income from your deposits alongside easy access to your money.

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 has a savings rate of 0.10%, which is poor in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 2.49% and 3.20%, respectively, while its highest-yielding money market account has a rate of 0.35%. Given its noncompetitive savings rate, you should think about choosing another bank 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

Veritex Community Bank generally has above-average fees compared to the national average. At $10.00/month, Veritex Community Bank is not ideal for people who want a basic banking experience. For those who frequently visit the ATM, it is ideal because it has no out-of-network ATM fees. Additionally, Veritex Community Bank has an overdraft fee of $35.00, which is on par with the average U.S. overdraft fee. Veritex Community Bank doesn't reimburse out-of-network ATM fees, meaning you'll need to locate a Veritex Community Bank ATM or pay the fee.

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 branches in Texas. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not have all-day customer service with representatives. You can get help during its 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 positive feedback from customers for its mobile banking services. Out of 6 ratings on both iOS and Android platforms, the Veritex Community Bank mobile app has an overall rating of 4.7 out of 5 (compared to the national average of 3.8). Veritex Community Bank's mobile app lets you manage your finances by looking at account balances, sending and receiving money and accessing customer service. Veritex Community Bank receives an exceptional consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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 is a large bank and owns assets totaling $3 billion as well as deposits totaling $2 billion. Veritex Community Bank's Texas Ratio is 3.76%, signifying a negligible probability of failure. 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 including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Veritex Community Bank does not have the best savings rate, which means you should think about looking 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. Veritex Community Bank's CD rates are fair compared to the average U.S. bank.

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Find a Veritex Community Bank Near Me

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

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