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Blue Ridge Bank Review

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Blue Ridge Bank Savings
0.55% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Blue Ridge Bank first started operating in 2000 and is headquartered in Martinsville, Virginia. Blue Ridge Bank handles $423 million in assets and deposits totaling $339 million, which makes it a medium-size bank. Blue Ridge Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With an average 3.9 stars out of 5, Blue Ridge Bank proves it is a respectable bank that deserves your consideration. Blue Ridge Bank offers a diverse array of banking products, 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. If you're looking for a checking account for everyday use, Blue Ridge Bank offers an option without a maintenance or monthly fee. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same bank is your best bet for gaining the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.55%, Blue Ridge Bank ranks poorly in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.10% and 0.60%, respectively, while its highest-yielding money market account earns at a rate of 0.05%. Given its below average savings rate, you should consider other options to earn more on your deposits.

How Blue Ridge Bank's Savings Rates Compare

Blue Ridge Bank Savings 0.55 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Blue Ridge Bank has generally high fees as compared against the national average. With no monthly fee, Blue Ridge Bank is ideal for people who want a basic banking experience. Also, Blue Ridge Bank has an overdraft fee of $36.97, which is noticeably higher than the national average. Blue Ridge Bank doesn't reimburse out-of-network ATM charges, which means you'll have to find a Blue Ridge Bank ATM or pay the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $36.97 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Blue Ridge Bank is a brick-and-mortar bank, with eight total branches in Virginia. It also offers access to mobile and web apps for an easy mobile-banking experience. Blue Ridge Bank's online and mobile banking services get fairly high scores from users. The Blue Ridge Bank mobile app has been given a 4.3 out of 5 (with 13 ratings on iOS and Android) compared to the national average of 3.8. Blue Ridge Bank's mobile app lets you manage your finances by monitoring account balances, sending and receiving funds and accessing customer service. Blue Ridge Bank receives a superb consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Blue Ridge Bank is currently a medium-size bank with $423 million in assets as well as deposits totaling $339 million. Its Texas Ratio is 16.05%, suggesting that the bank is in fine financial health and unlikely to fail. Additionally, Blue Ridge Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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.

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Compare Blue Ridge Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.55% APY $1
Checking Account 0.02% APY $1
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.25% APY
  • 36 Month: 0.40% APY
  • 48 Month: 0.50% APY
  • 60 Month: 0.60% APY
$5000 for all terms
Money Market Account 0.05% APY $1000

Blue Ridge Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Blue Ridge Bank does not have the best savings rate, which means you should think about 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. Blue Ridge Bank's CD rates are fair as compared against the national average.

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Find a Blue Ridge Bank Near Me

Blue Ridge Bank has eight locations in the U.S.

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