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Village Bank Review

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Village Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Village Bank first started operating in 1999 and has its headquarters in Midlothian, Virginia. It manages $475 million in assets and $413 million in deposits, which makes it a medium-size bank. Village Bank lacks premium access to customer service, 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 4.2 stars out of 5, Village Bank should be solidly in contention for your choice of bank. Village Bank offers a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Village Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Village Bank's standard checking account does not have a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best option for accruing the most income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

With a savings rate of 0.15%, Village Bank ranks poorly compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 1.26% and 2.32%, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Given its poor savings rate, you should consider looking at the competition to open savings accounts.

How Village Bank's Savings Rates Compare

Village Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Village Bank has generally extremely low fees as compared against the national average. With no monthly fee, Village Bank's checking account is ideal for those who want a hassle-free checking account. Village Bank doesn't reimburse out-of-network ATM charges, meaning you will need to find a Village Bank ATM or accept the cost of withdrawal.

Monthly Fee $0 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

3.5
SmartAsset Average: 3.7

Village Bank is a brick-and-mortar bank, with 10 total bank locations in Virginia. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Wednesday, 8:30 a.m. to 5:00 p.m. ET; Thursday and Friday, 8:30 a.m. to 6:00 p.m. ET; Saturday, and 9:00 a.m. to 12:00 p.m. ET. Village Bank's online and mobile banking services get mediocre scores from customers. Out of 33 ratings across both iOS and Android platforms, the Village Bank mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). You can use Village Bank's mobile app to manage your accounts by looking at account balances, transferring funds and accessing customer service. Village Bank gets a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Village Bank is currently a medium-size bank owning $475 million in assets as well as $413 million in deposits. It has a strong Texas Ratio of 8.56%, signifying a small opportunity of failure. Additionally, Village Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

8.56%
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 Village Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $50
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 1.26% APY
  • 24 Month: 0.60% APY
  • 36 Month: 2.58% APY
  • 48 Month: 1.26% APY
  • 60 Month: 2.32% APY
$500 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

Village Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Village 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. Village Bank's CD rates are fair compared to the average U.S. bank.

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Find a Village Bank Near Me

Village Bank has 10 physical locations across the U.S.

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