Anchor Bank Review 2023
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Anchor Bank Review: Overall Rating
| Feature | Insider Rating (out of 5) |
| Savings | 3 |
| Checking | 4 |
| CDs | 4 |
| Money market account | 3 |
| Trustworthiness | 3 |
| Total | 3.5 |
Anchor Bank Pros and Cons
| Pros | Cons |
|
|
About Anchor Bank
Anchor Bank is a community bank headquartered in Palm Beach Gardens, Florida. The bank serves customers in South Florida's tri-county area with five full-service branches in Palm Beach Gardens, Lake Worth, Boca Raton, Hallandale Beach, and Coral Gables. It offers various personal and commercial banking services, including deposit accounts, IRAs, debit cards, loans, and wealth management.
In-person banking and customer service are available at the bank's branches on weekdays from 9 a.m. to 4 p.m. ET, with drive-thru hours from 8:30 a.m. to 5 p.m. ET.
The bank also offers online and mobile banking, where you can check balances, make transfers, pay bills, deposit checks, manage your debit card, send and receive money with Zelle, and locate surcharge-free ATMs. The app has 4.9 out of 5 stars in the Apple App Store, with no reviews yet on Google Play.
Anchor Bank is a Member FDIC bank, so deposits are federally insured up to $250,000 per depositor, per account ownership type.
The Role of Hispanic American-Led Institutions
Anchor Bank is a designated Minority Depository Institution (MDI). Hispanic American-owned banks like Anchor Bank provide many of the same accounts and services that larger institutions offer. However, MDIs foster economic activity and bring financial services to typically underserved and unbanked areas, addressing issues like language barriers.
MDIs originate a comparatively large percentage of residential mortgages to non-white borrowers and borrowers in socially vulnerable counties, according to Home Mortgage Disclosure Act data. This is a vital role because the communities MDIs serve have historically faced discriminatory lending practices like redlining that limit wealth-building opportunities.
Is Anchor Bank Trustworthy?
Anchor Bank doesn't have any recent public controversies. While it doesn't have a Better Business Bureau (BBB) rating yet, remember that BBB ratings don't guarantee a business's reliability or performance.
According to the Identity Theft Resource Center, Anchor Bank has had zero data breaches within the last five years. The Consumer Financial Protection Bureau (CFPB) has received only one complaint about Anchor Bank in the past year, a negligible number compared to many banks.
Anchor Bank Account Reviews
Anchor Bank Personal Savings Account
The
Anchor Bank doesn't disclose rates on its website, but according to a representative, the savings rate is
Anchor Bank Free Sailing Account
The
The bank offers three other checking accounts. Each has perks such as free checks or earned interest, but all three charge monthly service fees (unless you qualify to waive them).
Anchor Bank CDs
Anchor Bank offers CDs with terms from three months to five years — and a
According to a representative, CD rates are
Anchor Bank Premium Money Market Account
The
You'll earn
How Anchor Bank Compares
Anchor Bank vs. Ocean Bank
Ocean Bank is also a Hispanic American-owned bank serving communities in South Florida. It offers similar products as Anchor, including checking, savings, CD, and money market accounts, with comparable interest rates and fees. With so many similarities, choosing one over the other can be tricky. Still, there are a few differences to consider.
Anchor Bank has just five branches versus Ocean Bank's 23 branches, so the latter might have a location closer to your home. You'll have to visit a branch to open an Anchor Bank account, while you can open one at Oceans Bank in-person or online — which could be more convenient if you prefer an online banking experience.
Also, Anchor Bank's money market account comes with checks, while
Anchor Bank vs. Banesco USA
Like Anchor Bank, Banesco USA is a Hispanic American-owned bank offering checking, savings, CD, and money market accounts. With six locations in South Florida and one in Puerto Rico, Banesco USA has a slightly larger footprint than Anchor Bank.
Why You Should Trust Us: How We Reviewed Anchor Bank
We rated Anchor Bank's checking, savings, and money market account using Insider's bank account methodology. We rated its CDs using our certificate of deposit methodology.
Each account receives a rating between 0 and 5. We generally look at customer support, mobile apps, ethics, and more, depending on the type of account we're reviewing. For example, we consider monthly fees when reviewing checking accounts, and early withdrawal penalties and interest rates for CDs.