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NBT Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
NBT Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

NBT Bank first started operating in 1856 and has its headquarters in Norwich, New York. NBT Bank has assets of $9 billion and deposits totaling $7 billion, which makes it a large bank. NBT 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 in-person service, in addition to its online and mobile offerings. We gave NBT Bank a 3.7 stars out of 5, indicating that it is a decent choice, but with better options out there. NBT Bank has a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a monthly fee of $6.00, which ranks on the higher end of monthly fees. Using an institution with no-fee checking as well as a high interest rate savings account is the best option for gaining the highest income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

NBT Bank has a savings rate of 0.05%, which is fair in comparison to the average U.S. bank. Its one-year CD has a rate of 0.40% and the five-year CD earns at a rate of 1.25%, while its highest-yielding money market account has a rate of 0.05%. Given its below average savings rate, you should consider looking at the competition to open savings accounts.

How NBT Bank's Savings Rates Compare

NBT Bank Savings 0.03 National Average 0.09 Compare Offers
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Fees

3.8
SmartAsset Average: 4.4

NBT Bank charges customers above-average fees in comparison to the national average. Its checking account has a monthly fee of $6.00, making it fair for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is fair because it has an out-of-network ATM fee of $1.50, which is reasonable compared to other U.S. banks. Additionally, NBT Bank has an overdraft fee of $35.00, which is on par with the average U.S. overdraft fee. NBT Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you will be required to locate a NBT Bank ATM or eat the withdrawal fee.

Monthly Fee $6.00 National Average: $3.21
Non-network ATM Fee $1.50 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.2
SmartAsset Average: 3.7

NBT Bank is a brick-and-mortar bank, with 165 total bank locations in , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and . With mobile and web apps, NBT Bank makes mobile banking straightforward, even on the go. NBT Bank's online and mobile banking services get high marks from users. The NBT Bank mobile app has an overall rating of 4.5 out of 5 (with 23,828 reviews on iOS and Android) compared to the national average of 3.8. NBT Bank's mobile app allows you to control your finances by monitoring monthly statements, sending and receiving funds as well as reaching customer service. NBT Bank receives a superb consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

NBT Bank ranks as a large bank owning $9 billion in assets as well as deposits totaling $7 billion. Its Texas Ratio is 2.88%, signifying that NBT Bank is in terrific financial condition and unlikely to fail. Additionally, NBT 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.

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Compare NBT Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $25
Checking Account 0.01% APY $2500
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.80% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.25% APY
$1000 for all terms
Money Market Accounts 0.05% APY 0.05% APY $10000 $15000

NBT 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. NBT Bank does not have the best savings rate, which means you should think about 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. NBT Bank's CD rates are fair in comparison to other U.S. banks.

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Find a NBT Bank Near Me

NBT Bank has 165 physical branches in the U.S.

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