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Bank of Botetourt Review

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Bank of Botetourt Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Started in 1899, Bank of Botetourt has assets totaling $389 million along with deposits totaling $342 million, which makes the institution a small bank. Bank of Botetourt, whose headquarters are in Buchanan, Virginia, has above-average customer service access with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Bank of Botetourt is a decent choice, but with better options out there, with a rating of 3.7 out of 5 stars from the SmartAsset team. Bank of Botetourt provides customers with the complete slate of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Bank of Botetourt has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account features a monthly fee of $3.95, although banks sometimes have requirements that allow you to waive the fee. Using a bank with free checking and a high interest rate savings account is the best option for accruing the highest income on your deposits while having 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

Bank of Botetourt has a savings rate of 0.15%, which is poor in comparison to other U.S. banks. Bank of Botetourt's one-year and five-year term lengths CDs earn at a rate of 0.25% and 1.21%, respectively, while its highest-yielding money market account has an APY of 0.15%. Given Bank of Botetourt's below average savings rate, you should consider taking a look at other banks for savings accounts.

How Bank of Botetourt's Savings Rates Compare

Bank of Botetourt Savings 0.15 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Bank of Botetourt generally has high fees as compared against the national average. At $3.95/month, Bank of Botetourt is not ideal for people who want a basic checking account. Bank of Botetourt unfortunately does not refund out-of-network ATM charges, which means you'll need to find a Bank of Botetourt ATM or accept the ATM charge.

Monthly Fee $3.95 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

Bank of Botetourt is a brick-and-mortar bank, with 12 total bank locations in Virginia. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its 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. Bank of Botetourt also offers a live chat feature, a helpful way to reach a representative during the work day. Bank of Botetourt's online and mobile banking services receive reasonably high ratings from customers. With 36 customer reviews on both Apple and Android platforms, the Bank of Botetourt mobile app has an overall rating of 4.2 out of 5 (compared to the national average of 3.8). Bank of Botetourt's mobile app allows you to manage your bank accounts by reviewing current statements, transferring funds as well as reaching support representatives. Bank of Botetourt receives a superb consumer satisfaction rating based on relatively 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 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

SmartAsset Average: 4.8

Bank of Botetourt is a small bank with assets totaling $389 million and deposits totaling $342 million. It has a strong Texas Ratio of 15.88%, denoting a small opportunity of 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

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 Bank of Botetourt to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.05% APY $750
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 36 Month: 0.50% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.21% APY
$500 for all terms
Money Market Account 0.15% APY $25000

Bank of Botetourt has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Bank of Botetourt does not have the best savings rate, which means you should think about looking 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 the national average.

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Find a Bank of Botetourt Near Me

Bank of Botetourt has 12 locations in the U.S.

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