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Carolina Trust Bank Review

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Carolina Trust Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Carolina Trust Bank was founded in 2000 with its headquarters in Lincolnton, North Carolina. It has assets of $406 million along with deposits totaling $341 million, ranking it as a small bank. Carolina Trust Bank lacks premium access to customer service, with no options for live chat or all-day service. 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 has rated the bank 4.2 stars out of 5, suggesting Carolina Trust Bank is a great choice and should warrant serious consideration. Carolina Trust Bank has a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Carolina Trust Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Carolina Trust Bank's ordinary checking account does not have a monthly fee. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best option for returning the most income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.10%, Carolina Trust Bank ranks poorly as compared against the national average. Carolina Trust Bank's one-year CD has a rate of 0.40% and the five-year CD earns at a rate of 1.11%, while its highest-yielding money market account earns at an APY of 0.25%. Given Carolina Trust Bank's poor savings rate, you should consider looking elsewhere to open savings accounts.

How Carolina Trust Bank's Savings Rates Compare

Carolina Trust Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, Carolina Trust Bank charges its customers extremely low fees compared to other U.S. banks. With no monthly fee, Carolina Trust Bank is perfect for people who want a basic banking experience. Carolina Trust Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you will need to find a Carolina Trust Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Carolina Trust Bank is a brick-and-mortar bank, with nine total branches in North Carolina. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 7:00 a.m. to 5:00 p.m. ET. Carolina Trust Bank's online and mobile banking platforms receive reasonably satisfactory feedback from users. Out of 18 ratings on both iOS and Android platforms, the Carolina Trust Bank mobile app has an overall rating of 4.1 out of 5 (compared to the national average of 3.8). Carolina Trust Bank's mobile app lets you manage your finances by looking at current statements, transferring money and reaching customer service. Carolina Trust Bank receives a superb consumer satisfaction rating due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Carolina Trust Bank is currently a small bank owning assets totaling $406 million as well as deposits totaling $341 million. Its Texas Ratio is 8.46%, suggesting that Carolina Trust Bank is in good financial condition and unlikely to fail. Additionally, Carolina Trust Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

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.

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Compare Carolina Trust Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $50
Checking Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.95% APY
  • 48 Month: 0.95% APY
  • 60 Month: 1.11% APY
$10000 for all terms
Money Market Account 0.15% APY $1000

Carolina Trust Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Carolina Trust Bank does not have the best savings rate, which means you should consider taking a look 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. Carolina Trust Bank's CD rates are fair compared to other U.S. banks.

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Find a Carolina Trust Bank Near Me

Carolina Trust Bank has nine locations across the U.S.

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