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Bank of Putnam County (TN) Review

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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 Putnam County Savings
0.01% APY

Overview

Our Rating: 4.2/5 How we calculated this rating

Bank of Putnam County first started operating in 1901 and its headquarters are located in Cookeville, Tennessee. It owns $778 million in assets and deposits totaling $710 million, making it a medium-size bank. Bank of Putnam County lacks premium access to support representatives, 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 apps. With a commendable 4.2 stars out of 5, Bank of Putnam County proves it is a great bank that you should seriously consider. 

Bank of Putnam County offers a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Bank of Putnam County has a fair savings rate compared to the average savings account. Why keep checking and savings accounts with the same bank? Fast transferring between both accounts means you can still get better interest rates in your savings account but still use your money from your checking.

Service Quality

Bank of Putnam County is a brick-and-mortar bank, with 14 total bank locations in Tennessee. It also offers access to mobile and web apps for an easy mobile-banking experience.  

Bank of Putnam County's online and mobile banking platforms receive high marks from customers: the Bank of Putnam County mobile app is rated at 4.5 out of 5 (out of 69 reviews on iOS and Android) compared to the national average of 3.8. You can use Bank of Putnam County's mobile app to manage your bank accounts by reviewing monthly statements, sending and receiving funds and accessing customer service. Bank of Putnam County gets an outstanding consumer satisfaction score due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.01% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.20% APY
  • 36 Month: 0.35% APY
  • 48 Month: 0.50% APY
  • 60 Month: 0.75% APY
$10,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.05% APY $10,000 Compare Offers
Checking Accounts 0.01% APY $1,000 Compare Offers

Bank of Putnam County has several deposit products like savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. Bank of Putnam County does not have the best savings rate, which means you should consider taking a look elsewhere for banks that offer 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 Putnam County's CD rates are competitive compared to the average U.S. bank.

Rates

Bank of Putnam County has a savings rate of 0.01%, which is poor in comparison to the average U.S. bank. Its one-year and five-year term lengths CD's earn at a rate of 0.10% and 0.75%, respectively, while its highest-yielding money market account has a rate of 0.05%. Given its below average savings rate, you should contemplate opting for higher earning savings accounts with other banks.

Compare Bank of Putnam County to Other Competitive Offers

Fees

There is insufficient data on Bank of Putnam County's fees to provide a full SmartAsset rating.

Financial Health

Bank of Putnam County is currently a medium-size bank and owns $778 million in assets as well as deposits totaling $710 million. Bank of Putnam County's Texas Ratio is 0.87%, indicating that Bank of Putnam County is in superb financial shape and exceedingly unlikely to fail. Additionally, Bank of Putnam County is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Bank of Putnam County Near Me

Bank of Putnam County has 14 locations in the U.S.

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