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You’re no stranger to community banks. You probably drive past one or two of them on your daily commute. Have you ever considered banking locally? In today’s economic climate, it may be a wise idea. 

There are several reasons to opt for a community bank, like Western Bank, over a large national financial institution or mega-community bank. In some cases, you’ll enjoy better interest rates on both savings and lending accounts coupled with lower fees for traditional deposit accounts, like personal checking accounts. That’s in addition to an added level of safety. Read on to learn why your money is likely better served with a local community bank. 

A Conservative Approach to Money Management

Large banks often take risks with the money they manage, but community banks are traditionally more conservative. In fact, community financial institutions constantly work to balance risk, regardless of the interest rate or market environment—unlike most large financial institutions that can be vulnerable due to ill-guided practices.

A Meaningful Member of the Community

Community banks aren’t just financial institutions. They often serve as pillars in their community. These financial institutions make it a priority for consumers to access financial products they may need. 

But how does that benefit the safety of your deposits?

After a recent bank closure, Janet Yellen explained that the United States Treasury would not offer additional support for uninsured portions of deposit accounts unless failing to do so would have a negative impact on the financial ecosystem. 

Your Money’s Security Is In Your Hands

The fact of the matter is that your money’s security is in your hands. In order to protect your money, it’s vital that you understand the protections available. For example:

  • Community banks offer more conservative money management, reducing the chances of insolvency. 
  • Community banks act as pillars of the community sharing similar values and offering stronger local relationships. 
  • The FDIC insures deposit accounts for up to $250,000 each. 

Considering these three facts, the best way to protect your money is to keep it in a local community bank. Moreover, if you have over $250,000 to deposit, it’s important that you spread those deposits across multiple accounts if possible. 

Final Thoughts

Next time you drive by a local community bank like Western Bank, consider visiting to see what they offer. Chances are you might find low-cost deposit accounts coupled with higher earnings on savings and lower interest on loans. Top it off with heightened safety, and you may wonder why it took you so long to switch. At Western Bank, we know the importance of keeping your money safe. Go to to learn more about how we can keep your finances secure.

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