The Fidelity Bank (NC) Review | Review, Fees, Offerings | SmartAsset.com (2024)

Overview

Established in 1909, The Fidelity Bank has assets totaling $2 billion and $2 billion in deposits, classifying the institution as a large bank. The Fidelity Bank, whose headquarters are in Fuquay Varina, North Carolina, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated the bank 3.7 out of 5 stars, which means The Fidelity Bank is an acceptable bank choice, but may leave you wanting more. The Fidelity Bank offers the full slate of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Fidelity Bank has a fair savings rate compared to the average savings account. The bank's standard checking product maintains a $4.00 monthly fee, making it a rather costly bank for checking. Locating a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is the best option for accruing the most income from your deposits while having easy access to your funds.

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

With a savings rate of 0.02%, The Fidelity Bank ranks poorly compared to other U.S. banks. Its one-year CD earns at a rate of 0.25% and the five-year CD earns at a rate of 0.75%, while its highest-yielding money market account has an APY of 0.10%. Given The Fidelity Bank's poor savings rate, you should think about other options to earn more on your deposits.

The Fidelity Bank charges its customers above-average fees in comparison to other U.S. banks. At $4.00 per month, The Fidelity Bank is not great for people who want a basic banking experience. For those who frequent the ATM, it is less than great because it charges an out-of-network ATM fee of $3.00, which is less than ideal in comparison to the average U.S. bank. Additionally, it has an overdraft fee of $35.00, which is on par with the average overdraft fee charged by U.S. banks. The Fidelity Bank unfortunately does not refund out-of-network ATM charges, meaning you will need to locate a The Fidelity Bank ATM or accept the fee.

The Fidelity Bank is a brick-and-mortar bank, with 58 total bank locations in North Carolina and Virginia. With mobile and web apps, The Fidelity Bank makes mobile banking straightforward, even on the go. The Fidelity Bank's online and mobile banking platforms get poor feedback from customers. With 130 customer reviews across Apple and Android platforms, the The Fidelity Bank mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). The Fidelity Bank's mobile app lets you control your bank accounts by monitoring account balances, transferring funds and accessing support representatives. The Fidelity Bank receives an outstanding consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

The Fidelity Bank is a large bank owning assets totaling $2 billion as well as $2 billion in deposits. The Fidelity Bank's Texas Ratio is 1.60%, signifying that the bank is in superb financial health and unlikely to fail. Additionally, The Fidelity 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.

Compare The Fidelity Bank to Other Competitive Offers

Products Offered

The Fidelity Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Fidelity 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. The Fidelity Bank's CD rates are fair compared to other U.S. banks.

Find a The Fidelity Bank Near Me

The Fidelity Bank has 58 branches across the U.S.