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Bank of Oak Ridge Review

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

Overview

Founded in 2000, Bank of Oak Ridge has $428 million in assets as well as $363 million in deposits, classifying the institution as a medium-size bank. Bank of Oak Ridge, whose headquarters are in Oak Ridge, North Carolina, 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 in-person service, in addition to its online and mobile apps. On the whole, Bank of Oak Ridge is a respectable bank that deserves your consideration, with a score of 4.0 stars out of 5 from our experts. Bank of Oak Ridge provides customers with numerous product offerings, including savings accounts, checking accounts, money market accounts, mortgage products and credit cards. Bank of Oak Ridge has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Bank of Oak Ridge offers an option without a maintenance or monthly fee. Locating an institution with free checking as well as a high savings APY is your best option for accruing the most income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Bank of Oak Ridge ranks poorly in comparison to the national average. Bank of Oak Ridge's one-year and five-year term lengths CDs earn at a rate of 0.15% and 0.55%, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given Bank of Oak Ridge's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Bank of Oak Ridge's Savings Rates Compare

Bank of Oak Ridge Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.6
SmartAsset Average: 4.4

On average, Bank of Oak Ridge charges customers extremely low fees as compared against the national average. Bank of Oak Ridge's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Also, at $35.00, it has a lower overdraft fee compared to the national average. Bank of Oak Ridge doesn't refund out-of-network ATM charges, which means you will be required to search for a Bank of Oak Ridge 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 $35.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

Bank of Oak Ridge is a brick-and-mortar bank, with four total branches in North Carolina. With mobile and web apps, Bank of Oak Ridge makes mobile banking convenient, even on the go. Bank of Oak Ridge's online and mobile banking services receive reasonably high ratings from customers. Out of 42 customer reviews across Apple and Android platforms, the Bank of Oak Ridge mobile app is scored at 4.1 out of 5 (compared to the national average of 3.8). You can access Bank of Oak Ridge's app to control your funds by monitoring account balances, sending and receiving money as well as reaching customer service. Bank of Oak Ridge gets a superb consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Bank of Oak Ridge is currently a medium-size bank owning $428 million in assets as well as deposits totaling $363 million. Bank of Oak Ridge has a strong Texas Ratio of 6.20%, indicating that the bank is in good financial health and far from failure. Additionally, Bank of Oak Ridge is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.2%
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 Oak Ridge to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $50
Checking Account 0.75% APY $1
Certificates of Deposit
  • 12 Month: 0.15% APY
  • 24 Month: 0.15% APY
  • 36 Month: 0.40% APY
  • 48 Month: 0.55% APY
  • 60 Month: 0.55% APY
$3500 for all terms
Money Market Account 0.05% APY $1

Bank of Oak Ridge has several deposit products including savings accounts, checking accounts and money market accounts that provide you with many options to manage your money. Bank of Oak Ridge 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 Oak Ridge's CD rates are fair as compared against the national average.

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Find a Bank of Oak Ridge Near Me

Bank of Oak Ridge has four physical locations in the U.S.

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