Benchmark Community Bank Review

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.

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 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 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.

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.

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

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.

Products Offered

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.

Find a Benchmark Community Bank Near Me

Benchmark Community Bank has 14 physical locations in the U.S.