BAC Florida Bank Review

Overview

Established in 1973, BAC Florida Bank has assets totaling $2 billion as well as deposits totaling $2 billion, classifying it as a large bank. BAC Florida Bank, whose headquarters are in Coral Gables, Florida, 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. Coming in at an average 3.6 stars out of 5, BAC Florida Bank is an acceptable bank choice, but may leave you wanting more. BAC Florida Bank has an array product offerings, including savings accounts, checking accounts, money market accounts and mortgage products. It has a fair savings rate compared to the average savings account. Locating a checking account with no monthly fee and a savings account with a high APY at the same institution is your best bet for accruing the most income from your deposits alongside easy access to your money.

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

BAC Florida Bank has a savings rate of 0.05%, which is fair compared to the average U.S. bank. Its one-year CD has a rate of 1.10%, while its highest-yielding money market account has an APY of 0.15%. Given BAC Florida Bank's noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How BAC Florida Bank's Savings Rates Compare

There is insufficient data on BAC Florida Bank's fees to provide a full SmartAsset rating.

BAC Florida Bank is a brick-and-mortar bank, with one total bank locations in Florida. With mobile and web apps, BAC Florida Bank makes mobile banking straightforward, even on the go. You can access BAC Florida Bank's mobile app to control your bank accounts by looking at monthly statements, sending and receiving money and accessing customer service. BAC Florida Bank gets an exceptional consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

BAC Florida Bank is currently a large bank with assets totaling $2 billion and $2 billion in deposits. BAC Florida Bank's Texas Ratio is 5.72%, suggesting that BAC Florida Bank is in fine financial health and unlikely to fail. Additionally, BAC Florida 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

BAC Florida Bank has several deposit products like savings accounts, checking accounts and money market accounts to give you many options to manage your money. BAC Florida Bank does not have the best savings rate, which means you should consider 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. BAC Florida Bank's CD rates are fair in comparison to other U.S. banks.

Find a BAC Florida Bank Near Me

BAC Florida Bank has one locations in the U.S.