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The bottom line: Anchor Bank is a solid option if you live in South Florida and want to use a Hispanic American-owned bank with a variety of products. If you live elsewhere or want more competitive savings rates, consider one of the best online banks instead.
Anchor Bank Review: Overall Rating
FeatureInsider Rating (out of 5)Savings3Checking4CDs4Money market account3Trustworthiness3Total3.5
Anchor Bank Pros and Cons
ProsCons
Hispanic American-owned bank
Competitive CD rates
Online and mobile banking tools
Large free ATM network
Operates only in South FloridaLow savings and money market account ratesNo weekend banking hours
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 Personal Savings Account – Product Name Only has a Anchor Bank Personal Savings Account – Minimum Deposit minimum opening deposit and a Anchor Bank Personal Savings Account – Fees Display if your average daily balance falls below $500.
Anchor Bank doesn’t disclose rates on its website, but according to a representative, the savings rate is Anchor Bank Personal Savings Account – APY APY. This is lower than the national average — and much lower than what you’d earn with the best high-yield savings accounts.
Anchor Bank Free Sailing Account
The Anchor Bank Free Sailing Account – Product Name Only is a hassle-free checking account with Anchor Bank Free Sailing Account – Fees Display and a Anchor Bank Free Sailing Account – Minimum Deposit minimum opening deposit. The account comes with a debit card and access to free ATMs at Anchor Bank banking centers and Citibank, Bank of America, and Publix Presto! ATMs.
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 Anchor Bank CDs – Minimum Deposit minimum deposit.
According to a representative, CD rates are Anchor Bank CDs – APY APY at the time of publication. But Anchor Bank doesn’t disclose rates on its website, so you might need to call a branch for updated APYs.
Anchor Bank Premium Money Market Account
The Anchor Bank Premium Money Market Account – Product Name Only pays interest and offers check-writing privileges, though you’re limited to six monthly transactions. There’s a Anchor Bank Premium Money Market Account – Minimum Deposit minimum opening deposit, with a Anchor Bank Premium Money Market Account – Fees Display if your average daily balance falls below that amount.
You’ll earn Anchor Bank Premium Money Market Account – APY APY, depending on your balance. This is significantly less than what the best money market accounts pay.
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 Ocean Bank Personal Money Market Account – Brand Name’s has both checks and a debit card, making it easier to access your cash.
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.
BanesGrow Savings Account – Brand Name’s savings account and money market rates are higher than Anchor Bank’s, so you could grow your money faster. While both banks are solid options, Banesco USA may be a better fit if you live in Puerto Rico or prioritize earning higher rates.
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.
