Founded in 1899, Bank of Botetourt has $389 million in assets and $342 million in deposits, classifying it as a small bank. Bank of Botetourt, whose headquarters are in Buchanan, Virginia, has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at an average 3.7 stars out of 5, Bank of Botetourt is an average bank that leaves room for improvement. Bank of Botetourt has a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking account maintains a $3.95 monthly fee, which places it at the higher end of monthly fees. Finding an institution with no-fee checking and a high interest rate savings account is your best bet for gaining the highest income on your deposits while maintaining easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.15%, Bank of Botetourt ranks poorly compared to the average U.S. bank. Bank of Botetourt's one-year CD has a rate of 0.25% and the five-year CD earns at a rate of 1.21%, while its highest-yielding money market account earns at an APY of 0.15%. Given Bank of Botetourt's below average savings rate, you should think about taking a look at other banks for savings accounts.
How Bank of Botetourt's Savings Rates Compare
On average, Bank of Botetourt charges its customers high fees in comparison to the national average. Its checking account has a monthly fee of $3.95, making it fair for anyone looking for a hassle-free account. Bank of Botetourt unfortunately does not reimburse out-of-network ATM fees, which means you will have to locate a Bank of Botetourt ATM or eat the cost of withdrawal.
Bank of Botetourt is a brick-and-mortar bank, with 12 total branches in Virginia. With mobile and web apps, Bank of Botetourt makes mobile banking convenient, even on the go. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Thursday, 8:30 a.m. to 5:30 p.m. ET; Friday, and 8:30 a.m. to 6:00 p.m. ET. Additionally, Bank of Botetourt offers a live chat feature, something to consider if you work during the customer service hours. Bank of Botetourt receives reasonably decent feedback from customers for its mobile app. Out of 36 customer reviews across Apple and Android platforms, the Bank of Botetourt mobile app rates a 4.2 out of 5 (compared to the national average of 3.8). Bank of Botetourt's mobile app allows you to control your bank accounts by checking account balances, transferring money and reaching support representatives. Bank of Botetourt gets a superb consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
Bank of Botetourt is a small bank with $389 million in assets and $342 million in deposits. Its Texas Ratio is 15.88%, suggesting that the bank is in good financial health and far from failure. Additionally, Bank of Botetourt 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.Back to Overview
Compare Bank of Botetourt to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.15% APY||$100|
|Checking Account||0.05% APY||$750|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Accounts||0.15% APY 0.15% APY||$10000 $15000|
Bank of Botetourt has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Bank of Botetourt 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. Bank of Botetourt's CD rates are fair in comparison to other U.S. banks.Back to Overview
Find a Bank of Botetourt Near Me
Bank of Botetourt has 12 locations in the U.S.Back to Overview