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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

Overview

Blue Ridge Bank started in 2000 and has its headquarters in Martinsville, Virginia. Blue Ridge Bank manages $423 million in assets as well as $339 million in deposits, which makes it a medium-size bank. Blue Ridge Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We gave Blue Ridge Bank a 3.9 out of 5 stars, which means it is a good bank that deserves your consideration. Blue Ridge Bank offers a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, 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, Blue Ridge Bank's ordinary checking account does not have a monthly fee. Using an institution with no-fee checking as well as a high savings APY is your best bet for returning the highest income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

Blue Ridge Bank features a savings rate of 0.55%, which is fair in comparison to the average U.S. bank. Blue Ridge Bank's one-year CD has a rate of 0.10% and the five-year CD has a rate of 0.60%, while its highest-yielding money market account has a rate of 0.05%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Blue Ridge Bank's Savings Rates Compare

Blue Ridge Bank Savings 0.55 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

On average, Blue Ridge Bank charges its customers high fees as compared against the national average. With no monthly fee, Blue Ridge Bank is ideal for those who want a simple banking experience. Also, at $36.97, its overdraft fee is slightly greater than the national average. Blue Ridge Bank unfortunately does not refund out-of-network ATM charges, meaning you'll be required to find a Blue Ridge Bank ATM or pay the fee.

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

4.1
SmartAsset Average: 3.7

Blue Ridge Bank is a brick-and-mortar bank, with eight total branches in Virginia. With mobile and web apps, Blue Ridge Bank makes account access straightforward, even on the go. Blue Ridge Bank's online and mobile banking platforms get moderately decent ratings from customers. The Blue Ridge Bank mobile app has been given a 4.3 out of 5 (with 13 ratings on Apple and Android) compared to the national average of 3.8. Blue Ridge Bank's mobile app allows you to manage your accounts by monitoring current statements, sending and receiving money as well as accessing support representatives. Blue Ridge Bank receives an excellent consumer satisfaction rating due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

4.2
SmartAsset Average: 4.8

Blue Ridge Bank is a medium-size bank owning assets totaling $423 million and $339 million in deposits. Its Texas Ratio is 16.05%, signifying that the bank is in fine financial health and far from failure. 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

16.05%
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 Accounts 0.05% APY 0.05% APY $10000 $15000

Blue Ridge Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Blue Ridge 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. Blue Ridge Bank's CD rates are fair compared to other U.S. banks.

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Find a Blue Ridge Bank Near Me

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

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