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

Benchmark Community Bank 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
Benchmark Community Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1971, Benchmark Community Bank has $595 million in assets along with deposits totaling $526 million, which makes the institution a medium-size bank. Benchmark Community Bank, whose headquarters are in Kenbridge, 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 in-person service, in addition to its online and mobile offerings. Overall, Benchmark Community Bank is a great choice and should warrant serious consideration, with a score of 4.3 out of 5 stars from the SmartAsset team. Benchmark Community Bank provides customers with an array product offerings, including savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Benchmark Community Bank's ordinary checking account does not have a monthly fee. Institutions that offer free checking and a high interest rate savings account are your best option for accruing the most income from your deposits while having convenient 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

3.4
SmartAsset Average: 3.5

With a savings rate of 0.25%, Benchmark Community Bank ranks poorly compared to the national average. Benchmark Community Bank's one-year CD has a rate of 0.60% and the five-year CD has a rate of 1.50%, while its highest-yielding money market account has an APY of 0.30%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

How Benchmark Community Bank's Savings Rates Compare

Benchmark Community Bank Savings 0.25 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

Benchmark Community Bank charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, Benchmark Community Bank's checking account is perfect for those who want a hassle-free checking account. Benchmark Community Bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you'll need to locate a Benchmark Community Bank ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
Back to Overview

Service Quality

4.3
SmartAsset Average: 3.7

Benchmark Community Bank is a brick-and-mortar bank, with 14 total bank locations in North Carolina and Virginia. It also offers access to mobile and web apps for easy access and banking on the go. Benchmark Community Bank's online and mobile banking platforms get great feedback from customers. The Benchmark Community Bank mobile app rates a 4.7 out of 5 (out of 710 customer reviews on Apple and Android) compared to the national average of 3.8. You can use Benchmark Community Bank's app to manage your funds by looking at current statements, sending and receiving money and accessing customer service. Benchmark Community Bank gets a superb consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.6
SmartAsset Average: 4.8

Benchmark Community Bank ranks as a medium-size bank owning $595 million in assets and deposits totaling $526 million. Its Texas Ratio is 9.16%, signifying a tiny possibility of failure. Additionally, Benchmark Community Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

9.16%
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 Benchmark Community Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $100
Checking Account 0.1% APY $500
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.85% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.50% APY
$500 for all terms
Money Market Accounts 0.25% APY 0.3% APY $10000 $15000

Benchmark Community Bank has several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Benchmark Community Bank does not have the best savings rate, which means you should consider other options 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. Benchmark Community Bank's CD rates are fair compared to the national average.

Back to Overview

Find a Benchmark Community Bank Near Me

Benchmark Community Bank has 14 physical locations in 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