Benchmark Community Bank was founded in 1971 and has its headquarters in Kenbridge, Virginia. Benchmark Community Bank has $595 million in assets and $526 million in deposits, which makes it a medium-size bank. Benchmark Community Bank lacks premium access to support representatives, with no options for live chat or all-day service. 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. On the whole, Benchmark Community Bank is a great choice and should warrant serious consideration, with a rating of 4.3 stars out of 5 from our experts. Benchmark Community Bank provides customers with a choice of banking products, which include savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking does not carry a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best option for accruing the most income from your deposits while maintaining convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.25%, Benchmark Community Bank ranks poorly compared to other U.S. banks. Its one-year CD earns at a rate of 0.60% and the five-year CD earns at a rate of 1.50%, while its highest-yielding money market account earns at an APY of 0.30%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.
How Benchmark Community Bank's Savings Rates Compare
Benchmark Community Bank typically has extremely low fees as compared against the national average. With no monthly fee, Benchmark Community Bank's checking account is perfect for people who want an easy checking account. Benchmark Community Bank doesn't reimburse out-of-network ATM fees, which means you will have to locate a Benchmark Community Bank ATM or eat the ATM charge.
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 a straightforward mobile-banking experience. Benchmark Community Bank's online and mobile banking platforms receive positive feedback from customers. With 710 customer reviews on iOS and Android platforms, the Benchmark Community Bank mobile app is scored at 4.7 out of 5 (compared to the national average of 3.8). You can access Benchmark Community Bank's app to manage your accounts by checking current statements, transferring money as well as accessing support representatives. Benchmark Community Bank receives an exceptional consumer satisfaction score 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.
Benchmark Community Bank ranks as a medium-size bank and manages assets totaling $595 million and deposits totaling $526 million. Benchmark Community Bank has a strong Texas Ratio of 9.16%, indicating a small opportunity 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
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
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.25% APY||$100|
|Checking Account||0.1% APY||$500|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Account||0.25% APY||$1|
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 as compared against the national average.Back to Overview
Find a Benchmark Community Bank Near Me
Benchmark Community Bank has 14 physical branches across the U.S.Back to Overview