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

Bank of Oak Ridge Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Bank of Oak Ridge Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 2000, Bank of Oak Ridge has $428 million in assets along with $363 million in deposits, which makes the institution a medium-size bank. Bank of Oak Ridge, whose headquarters are in Oak Ridge, North Carolina, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 4 stars out of 5, Bank of Oak Ridge should be near the middle of the pack in your search for a bank. Bank of Oak Ridge offers a variety of banking products, including savings accounts, checking accounts, money market accounts, mortgage products and credit cards. Bank of Oak Ridge has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Bank of Oak Ridge offers an option without a maintenance or monthly fee. Institutions that offer free checking, in addition to a high interest rate savings account are your best option for getting the most income on your deposits while maintaining 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

Bank of Oak Ridge has a savings rate of 0.05%, which is fair in comparison to other U.S. banks. Bank of Oak Ridge's CDs feature a rate of 0.15% and 0.55% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.10%. Given Bank of Oak Ridge's poor savings rate, you should consider taking a look at other banks for savings accounts.

How Bank of Oak Ridge's Savings Rates Compare

Bank of Oak Ridge Savings 0.05 National Average 0.26 Compare Offers
Back to Overview

Fees

4.6
SmartAsset Average: 4.4

Bank of Oak Ridge generally has extremely low fees compared to other U.S. banks. With no monthly fee, Bank of Oak Ridge's checking account is ideal for those who want an easy checking account. Also, Bank of Oak Ridge has an overdraft fee of $35.00, which is on par with that of other U.S. banks. Bank of Oak Ridge does not refund out-of-network ATM fees, meaning you will be required to search for a Bank of Oak Ridge ATM or accept the ATM charge.

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
Back to Overview

Service Quality

4.0
SmartAsset Average: 3.7

Bank of Oak Ridge is a brick-and-mortar bank, with four total bank locations in North Carolina. It also offers access to mobile and web apps for an easy mobile-banking experience. Bank of Oak Ridge's online and mobile banking platforms get fairly high praise from users. With 42 customer reviews across iOS and Android platforms, the Bank of Oak Ridge mobile app rates a 4.1 out of 5 (compared to the national average of 3.8). You can access Bank of Oak Ridge's mobile app to control your funds by checking monthly statements, sending and receiving money as well as accessing support representatives. Bank of Oak Ridge 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 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.7
SmartAsset Average: 4.8

Bank of Oak Ridge ranks as a medium-size bank and handles assets totaling $428 million as well as $363 million in deposits. Its Texas Ratio is 6.20%, suggesting a small likelihood of 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.

Back to Overview

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 Accounts 0.05% APY 0.1% APY $10000 $15000

Bank of Oak Ridge offers several deposit products like savings accounts, checking accounts and money market accounts to give you many options to manage your money. Bank of Oak Ridge 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 Oak Ridge's CD rates are fair in comparison to the average U.S. bank.

Back to Overview

Find a Bank of Oak Ridge Near Me

Bank of Oak Ridge has four physical locations across 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