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Whitaker Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Whitaker Bank Savings
0.01% APY

Overview

Our Rating: 4.0/5 How we calculated this rating

Founded in 1990, Whitaker Bank has $1 billion in assets and $1 billion in deposits, classifying the institution as a medium-size bank. Whitaker Bank, whose headquarters are in Lexington, Kentucky, does not have the same customer service perks that others do. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.0 stars out of 5, Whitaker Bank is a good bank that should be given a look. 

Whitaker Bank has a complete selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Whitaker Bank has a fair savings rate, which means you can find higher rates with other banks. If you're looking for a checking account for everyday use, Whitaker Bank's most basic checking account does not carry a monthly charge. Keeping accounts in one place can be ideal for getting the highest interest rates on your money while maintaining access to your money without getting penalized for withdrawing.

Service Quality

Whitaker Bank is a brick-and-mortar bank, with 35 total branches in Kentucky. With mobile and web apps, Whitaker Bank makes mobile banking easy, even on the go.  

Whitaker Bank gets relatively good feedback from customers for its mobile platform: with 75 ratings across both Apple and Android platforms, the Whitaker Bank mobile app has an overall rating of 3.1 out of 5 (compared to the national average of 3.8). You can use Whitaker Bank's mobile app to control your bank accounts by monitoring monthly statements, sending and receiving money as well as reaching customer service. Whitaker Bank receives a superb consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.01% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.15% APY
  • 36 Month: 0.20% APY
  • 48 Month: 0.30% APY
  • 60 Month: 0.50% APY
$10,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.02% APY
  • 25K tier: 0.05% APY
  • $10,000
  • $25,000
Compare Offers
Checking Accounts 0.01% APY $1 Compare Offers

Whitaker Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should think about other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Whitaker Bank's CD rates are competitive compared to other U.S. banks.

Rates

Whitaker Bank has a savings rate of 0.01%, which is fair in comparison to other U.S. banks. Whitaker Bank's one-year CD earns at a rate of 0.10% and the five-year CD earns at a rate of 0.50%, while its highest-yielding money market account has a rate of 0.05%. It has a fair savings rate, which means other popular banks have higher rates. Consider taking a look at other banks for savings accounts.

Compare Whitaker Bank to Other Competitive Offers

Fees

Whitaker Bank typically has extremely low fees in comparison to the average U.S. bank. With no monthly fee, Whitaker Bank is perfect for people who want a basic banking experience. For those who will need cash in a pinch, it is ideal because it offers no ATM fees. Additionally, it has an overdraft fee of $29, which is considerably lower than the average U.S. overdraft fee. 

Financial Health

Whitaker Bank is a medium-size bank owning assets totaling $1 billion and $1 billion in deposits. Whitaker Bank has a very good Texas Ratio of 14.36%, denoting that Whitaker Bank is in fine financial well-being and far from failure. Additionally, Whitaker Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Whitaker Bank Near Me

Whitaker Bank has 35 locations across the U.S.

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