Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Bank of Charles Town Review

Your Details Done
by Updated
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 was founded in 1870 and is headquartered in Charles Town, West Virginia. It handles $425 million in assets and $373 million in deposits, making it a medium-size bank. Bank of Charles Town 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. With a commendable 4.2 stars out of 5, Bank of Charles Town is a solid contender in your bank search. Bank of Charles Town offers numerous product offerings, which include savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Bank of Charles Town has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking does not have a monthly maintenance charge. Finding an institution with no-fee checking as well as a high interest rate savings account is the best bet for getting the most income on your deposits alongside convenient access to your funds.

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

With a savings rate of 0.05%, Bank of Charles Town ranks poorly as compared against the national average. Its one-year CD has a rate of 0.50% and the five-year CD earns at a rate of 1.51%, while its highest-yielding money market account earns at a rate of 0.20%. Given Bank of Charles Town's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Bank of Charles Town's Savings Rates Compare

Bank of Charles Town Savings 0.05 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

Bank of Charles Town charges customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Bank of Charles Town is perfect for those who want a simple checking account. Bank of Charles Town does not reimburse out-of-network ATM fees, meaning you'll have to search for a Bank of Charles Town ATM or eat the fee.

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
Back to Overview

Service Quality

3.8
SmartAsset Average: 3.7

Bank of Charles Town is a brick-and-mortar bank, with seven total branches in Virginia and West 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 representatives. You can get help during its customer service 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 receives average feedback from users for its mobile app. The Bank of Charles Town mobile app has an overall rating of 3.7 out of 5 (out of 25 ratings on Apple and Android) 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, transferring money as well as reaching customer service. Bank of Charles Town receives a superb consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government 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
Back to Overview

Financial Health

4.8
SmartAsset Average: 4.8

Bank of Charles Town ranks as a medium-size bank with assets totaling $425 million as well as deposits totaling $373 million. It has an excellent Texas Ratio of 4.58%, denoting that Bank of Charles Town is in excellent financial shape and improbable to fail. 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.

Back to Overview

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 Account 0.2% APY $25000

Bank of Charles Town offers several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Bank of Charles Town 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 Charles Town's CD rates are fair in comparison to the average U.S. bank.

Back to Overview

Find a Bank of Charles Town Near Me

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

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure