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Bank of Tennessee 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 Tennessee Savings
0.10% APY

Overview

Our Rating: 4.2/5 How we calculated this rating

Established in 1974, Bank of Tennessee has assets totaling $1 billion and $957 million in deposits, classifying the institution as a medium-size bank. Bank of Tennessee, whose headquarters are in Kingsport, Tennessee, lacks premium access to customer service, 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. Overall, Bank of Tennessee is a great bank that you should seriously consider at a score of 4.2 out of 5 stars from the SmartAsset team. 

Bank of Tennessee provides customers with a full array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Bank of Tennessee has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Bank of Tennessee's most basic checking does not carry a monthly fee. Keeping accounts in one place can be perfect when you want to get the highest return on your income while keeping access to your funds without having to wait for money to transfer between accounts.

Service Quality

Bank of Tennessee is a brick-and-mortar bank, with 24 total branches in North Carolina and Tennessee. It also offers access to mobile and web apps for an easy mobile-banking experience.  

Bank of Tennessee gets moderate marks from users for its mobile banking services: the Bank of Tennessee mobile app has been given a 3.7 out of 5 (with 180 ratings on Apple and Android) compared to the national average of 3.8. Bank of Tennessee's mobile app allows you to manage your bank accounts by checking current statements, sending and receiving funds and accessing support representatives. Bank of Tennessee gets a superb consumer satisfaction rating based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.51% APY
  • 36 Month: 2.20% APY
  • 48 Month: 2.32% APY
  • 60 Month: 2.39% APY
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.20% APY
  • 25K tier: 0.30% APY
  • $2,500
  • $25,000
Compare Offers
Checking Accounts 0.01% APY $1,000 Compare Offers

Bank of Tennessee has several deposit products including savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. It 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 Tennessee's CD rates are competitive in comparison to other U.S. banks.

Rates

With a savings rate of 0.10%, Bank of Tennessee ranks below the mean compared to the national average. Its one-year and five-year term lengths CD's earn at a rate of 1.00% and 2.39%, respectively, while its highest-yielding money market account earns at an APY of 0.30%. Given its below average savings rate, you should contemplate choosing another bank to earn more on your deposits.

Compare Bank of Tennessee to Other Competitive Offers

Fees

Bank of Tennessee typically has extremely low fees as compared against the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. 

Financial Health

Bank of Tennessee is a medium-size bank owning assets totaling $1 billion and deposits totaling $957 million. It has a very good Texas Ratio of 6.58%, denoting a tiny likelihood of failure. Additionally, Bank of Tennessee is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Bank of Tennessee Near Me

Bank of Tennessee has 24 physical locations in the U.S.

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