Anchor Bank Review

Overview

Established in 1907, Anchor Bank has $472 million in assets along with $344 million in deposits, classifying it as a medium-size bank. Anchor Bank, whose headquarters are in Aberdeen, Washington, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at a commendable 4.3 stars out of 5, Anchor Bank is a great bank that you should seriously consider. Anchor Bank provides customers with a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Anchor Bank's most basic checking does not carry a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best bet for accruing the most income from your deposits while maintaining convenient access to your money.

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

With a savings rate of 0.15%, Anchor Bank ranks poorly in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.25% and 2.02%, respectively, while its highest-yielding money market account has an APY of 0.10%. Given its poor savings rate, you should consider looking elsewhere to open savings accounts.

How Anchor Bank's Savings Rates Compare

Anchor Bank has generally extremely low fees as compared against the national average. With no monthly fee, Anchor Bank's checking account is ideal for people who want a hassle-free checking account. Anchor Bank doesn't reimburse out-of-network ATM fees, which means you will have to find an Anchor Bank ATM or pay the ATM charge.

Anchor Bank is a brick-and-mortar bank, with nine total bank locations in Washington. With mobile and web apps, Anchor Bank makes mobile banking convenient, even 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 and 8:00 a.m. to 5:00 p.m. PT. Anchor Bank's online and mobile banking services get high marks from customers. Out of 53 customer reviews on both Apple and Android platforms, the Anchor Bank mobile app has an overall rating of 4.6 out of 5 (compared to the national average of 3.8). Anchor Bank's mobile app allows you to manage your bank accounts by reviewing account balances, transferring funds as well as accessing support representatives. Anchor Bank receives an excellent consumer satisfaction rating based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Anchor Bank is a medium-size bank and has assets totaling $472 million as well as $344 million in deposits. Its Texas Ratio is 7.43%, indicating that Anchor Bank is in fine financial health and far from failure. Additionally, Anchor Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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.

Products Offered

Anchor Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Anchor 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. Anchor Bank's CD rates are fair as compared against the national average.

Find a Anchor Bank Near Me

Anchor Bank has nine physical locations in the U.S.