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Bank of Travelers Rest Review

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

Overview

Founded in 1946, Bank of Travelers Rest has $709 million in assets as well as $633 million in deposits, making the institution a medium-size bank. Bank of Travelers Rest, whose headquarters are in Travelers Rest, South Carolina, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Bank of Travelers Rest is a solid pick to be your bank, with a rating of 4.3 stars out of 5 from our experts. Bank of Travelers Rest has a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's standard checking account does not have a monthly maintenance fee. Locating a checking account with no monthly fee and a savings account with a high APY at the same institution is the best option for getting the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

With a savings rate of 0.10%, Bank of Travelers Rest ranks poorly as compared against the national average. Its one-year CD has a rate of 0.85% and the five-year CD has a rate of 1.51%, while its highest-yielding money market account has a rate of 0.65%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

How Bank of Travelers Rest's Savings Rates Compare

Bank of Travelers Rest Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Bank of Travelers Rest has generally extremely low fees compared to the national average. Bank of Travelers Rest's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Additionally, Bank of Travelers Rest has an overdraft fee of $28.50, which is noticeably lower than the average U.S. overdraft fee. Bank of Travelers Rest does not reimburse out-of-network ATM fees, which means you will be required to locate a Bank of Travelers Rest ATM or accept the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $28.50 National Average: $35.00
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Service Quality

3.8
SmartAsset Average: 3.7

Bank of Travelers Rest is a brick-and-mortar bank, with 10 total branches in South Carolina. With mobile and web apps, Bank of Travelers Rest makes mobile banking convenient, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 9:00 a.m. to 1:00 p.m. ET. Bank of Travelers Rest gets moderate reviews from users for its mobile banking services. Out of 87 ratings on iOS and Android platforms, the Bank of Travelers Rest mobile app is scored at 3.7 out of 5 (compared to the national average of 3.8). Bank of Travelers Rest's mobile app lets you control your funds by monitoring account balances, transferring funds and accessing support representatives. Bank of Travelers Rest gets an excellent consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Bank of Travelers Rest is a medium-size bank owning assets totaling $709 million as well as deposits totaling $633 million. Bank of Travelers Rest has an excellent Texas Ratio of 2.82%, denoting that Bank of Travelers Rest is in superb financial well-being and improbable to fail. Additionally, Bank of Travelers Rest is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Travelers Rest to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $25
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 0.85% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.31% APY
  • 48 Month: 1.41% APY
  • 60 Month: 1.51% APY
$1000 for all terms
Money Market Account 0.5% APY $10000

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

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Find a Bank of Travelers Rest Near Me

Bank of Travelers Rest has 10 physical locations across the U.S.

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