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Bank of Charles Town Review

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Bank of Charles Town Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Bank of Charles Town first started operating in 1870 and has its headquarters in Charles Town, West Virginia. It has $425 million in assets and $373 million in deposits, which makes it a medium-size bank. Bank of Charles Town lacks premium access to support representatives, with no live chat or all-day service options available. 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. SmartAsset has rated the bank 4.2 out of 5 stars, suggesting Bank of Charles Town is a great choice and should warrant serious consideration. Bank of Charles Town provides customers with a selection of banking products, which include savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Bank of Charles Town's standard checking account does not have a monthly fee. Institutions that offer free checking, in addition to a high savings APY are your best option for gaining the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

Bank of Charles Town has a savings rate of 0.05%, which is poor compared to other U.S. banks. Its one-year CD has a rate of 0.50% and the five-year CD has a rate of 1.51%, while its highest-yielding money market account has an APY of 0.20%. Given Bank of Charles Town's below average savings rate, you should consider taking a look at other banks for savings accounts.

How Bank of Charles Town's Savings Rates Compare

Bank of Charles Town Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Bank of Charles Town has generally extremely low fees compared to other U.S. banks. Bank of Charles Town's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Bank of Charles Town unfortunately does not reimburse out-of-network ATM charges, which means you will be required to find a Bank of Charles Town ATM or accept 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

3.8
SmartAsset Average: 3.7

Bank of Charles Town is a brick-and-mortar bank, with seven total bank locations in Virginia and West Virginia. With mobile and web apps, Bank of Charles Town makes account access straightforward, even on the go. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:30 a.m. to 5:00 p.m ET; Saturday, and 8:30 a.m. to 12:00 p.m. ET. Bank of Charles Town gets average marks from users for its mobile app. With 25 customer reviews across both iOS and Android platforms, the Bank of Charles Town mobile app has an overall rating of 3.7 out of 5 (compared to the national average of 3.8). You can utilize Bank of Charles Town's mobile app to manage your bank accounts by checking account balances, sending and receiving funds as well as reaching support representatives. Bank of Charles Town gets a superb consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Bank of Charles Town is a medium-size bank and has $425 million in assets and deposits totaling $373 million. Bank of Charles Town has an excellent Texas Ratio of 4.58%, signifying a low probability of failure. Additionally, Bank of Charles Town is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.58%
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 Charles Town to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.51% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Bank of Charles Town offers several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Bank of Charles Town 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. Bank of Charles Town's CD rates are fair in comparison to the national average.

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Find a Bank of Charles Town Near Me

Bank of Charles Town has seven physical locations across the U.S.

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