As one of the best banking firms in Maryland, Hebron Savings Bank comes a long way where they face ups and downs. But consumers of their financial products and other banking facilities still appreciate their dedication.
We were also astonished how they manage perfectly after having a rough and tough time in the banking business. We found and highlighted a few reasons that work like magic to gain the trust of their client.
Most of the community banks have different financial products. This one also has everything that other banks offer to their clients. But this time, they have the best rate in the business. Here are more details are given below about it.
What Is Hebron Savings Bank?
To serve the community of Maryland, Hebron Savings Bank has offered its general banking service since 1910. It has a specific motto and that is creating a friendly and hometown atmosphere for their customers.
This concept drives them to offer the best banking services as a small bank. As a 100-year-old bank, this bank reported over $560 million in assets last year. They have the resources to give more effort to full-service banking.
On top of that, the authorities are opening more branches to ensure better customer service in every way.
Overall Financial Status:
Financial status lets you know how this bank has good financial health, including assets and liabilities, and here it is.
|Particulars||Q1 2021||Q1 2020|
|Assets||$768.5 MM||$614.1 MM|
|Loans||$535.5 MM||$501.0 MM|
|Deposits||$674.7 MM||$521.3 MM|
|Equity Capital||$65.5 MM||$61.4 MM|
|Unbacked Noncurrent Loans||$5.4 MM||$9.2 MM|
|Real Estate Owned||$850.00 K||$941.00 K|
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What Types of Product Does It Offer To Us?
It’s time to discover which types of products this bank offers to us. Here is the list for you.
- Online Banking
- Personal Checking
- Personal CDs and IRAs
- Online Banking for Business
- Business CDs
- Business Loans
- Remote Deposits Capture
- Agricultural Loans
- Boat Loans
- Commercial Loans and mortgages
- Construction loans
- Home equity lines of credit
- Installment loans
- Lines of credit
- Residential mortgages
- Vehicle loans
This bank also has a wide range of different types of services. As a customer, you can get them and these are.
- 24-hour telephone banking
- American Express traveler’s checks
- Automatic loan payments
- EZ switch kit
- Mail deposits
- Merchant bank card services
- Money orders
- Night depository
- Notary service
- Safe deposit boxes
- Teller and certified checks
- U.S savings bond redemptions
- Visa, MasterCard, and Discover cash advances
- Wire transfers
Popular Accounts at This Bank:
We found only two types of accounts are popular with consumers of this bank. That’s why the comparison becomes an important issue to rate all these products. I hope it will help you choose the product you desire from this bank.
|APY||Account Type||How They Compare|
|0.05%||Reward Checking||1.25% – Axis Bank Rewards Checking – 3 Qualifications|
|0.40%||5 Year CD||0.69% – National Average|
|0.25%||1 Year CD||0.55% – Ponce Bank 13 Month High – Yield CD|
What Is The Rate of The Products?
Product rates decide whether the specific service will be good or bad. We collected the rate for you and made a list below.
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.1% APY||$25|
|Checking Account||0.1% APY||$1000|
|Certificates of Deposit||12 Month: 1.00% APY24 Month: 1.00% APY36 Month: 1.25% APY48 Month: 2.48% APY60 Month: 2.60% APY||$500 for all terms|
|Money Market Accounts||0.1% APY 0.1% APY||$10000 $15000|
As you see, this bank offers different types of rates for different types of products. Some of them are good and lower than the national average and some are not. But the decision is up to you, which product you should choose and why.
CDs and IRAs Review:
Hebron Savings Bank comes with a variety of CDs and IRAs but few terms are included. If it suits your needs then take a look at this table for the terms.
|Account Type/ Term||Minimum Deposit|
|6 Months/182 Days||$500|
|18 Months (IRA)||$250|
Overall Service Quality:
To increase overall service quality, this bank opens 13 branches in 13 different locations. Not only that, they have mobile and web apps where people can see what’s going on with their accounts.
That means it’s super easy to manage the account with the client. Because of their user-friendly service and interface, this mobile application got a 4.8 rating out of 5.
See, it’s got the most number for the performance. Besides, we tried to rate their other service and here it is.
- Consumer Satisfaction Rating (5.0/5)
- Overall Mobile Rating (4.8/5)
- Online Banking Portal (No)
- Live Chat (No)
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Offering the best product at the best rate is not the way to draw the consumer’s attention. A bank should be liberal with charges and fees for its financial product as well. This bank also has the tendency to become flexible about it.
They don’t impose any monthly fee even for the non-network ATM fee. But they only charge for the overdraft fee, which is fair enough compared to the national average. Take a quick look at their charges for the most common services
|Particulars||Monthly Fee||National Average|
|Non-network ATM Fee||N/A||$1.20|
Finally, for stress-free personal banking, we found Hebron Savings Bank is the best option. It’s the option where people can get a better banking experience for savings accounts, checking accounts, CDs, IRAs, Mortgage products, and Credit cards as well.
With fair saving rates, this bank offers a high return on your money. So, this bank ensures that your money is in good hands. If you want, it’s easy to manage whenever you want, wherever you want.
For the convenient access and services, this bank becomes our personal choice that also ensures better banking in Maryland.