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

Bank of the James 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 the James Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1999, Bank of the James has assets totaling $627 million and $569 million in deposits, which makes it a medium-size bank. Bank of the James, whose headquarters are in Lynchburg, Virginia, 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 offerings. With an average 3.7 out of 5 stars, Bank of the James is an acceptable bank choice, but may leave you wanting more. Bank of the James provides customers with a variety of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking account has a monthly fee of $3.00, which is acceptable in comparison to the national average. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best bet for gaining the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.7/5
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

Bank of the James has a savings rate of 0.10%, which is poor as compared against the national average. Bank of the James's CD rates are 0.50% and 1.26% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.10%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How Bank of the James's Savings Rates Compare

Bank of the James Savings 0.10 National Average 0.26 Compare Offers
Back to Overview

Fees

3.7
SmartAsset Average: 4.4

On average, Bank of the James charges its customers above-average fees in comparison to other U.S. banks. At $3.00 per month, Bank of the James's checking account is not the best option for people who need an easy banking experience. For those who will need cash in a pinch, it is not ideal because it charges an out-of-network ATM fee of $3.00, which is not great in comparison to other U.S. banks. Additionally, Bank of the James has an overdraft fee of $35.00, which is on par with the national average. Bank of the James doesn't reimburse out-of-network ATM charges, which means you will have to find a Bank of the James ATM or eat the ATM charge.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee $3.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
Back to Overview

Service Quality

3.7
SmartAsset Average: 3.7

Bank of the James is a brick-and-mortar bank, with 16 total branches in Virginia. With mobile and web apps, Bank of the James makes account access easy, even on the go. Bank of the James receives average feedback from customers for its mobile banking services. The Bank of the James mobile app rates a 3.6 out of 5 (with 43 reviews on Apple and Android) compared to the national average of 3.8. Bank of the James's mobile app lets you control your bank accounts by reviewing current statements, transferring money as well as accessing support representatives. Bank of the James receives a superb consumer satisfaction rating due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.5
SmartAsset Average: 4.8

Bank of the James ranks as a medium-size bank with assets totaling $627 million as well as deposits totaling $569 million. Its Texas Ratio is 11.52%, suggesting that the bank is in good financial health and far from failure. Additionally, Bank of the James is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

11.52%
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 the James to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.1% APY $750
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.31% APY
  • 48 Month: 1.06% APY
  • 60 Month: 1.26% APY
$500 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Bank of the James has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Bank of the James does not have the best savings rate, which means you should consider 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 the James's CD rates are fair in comparison to other U.S. banks.

Back to Overview

Find a Bank of the James Near Me

Bank of the James has 16 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