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Burke & Herbert Bank & Trust Company Review

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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
Burke & Herbert Bank & Trust Company Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1852, Burke & Herbert Bank & Trust Company has assets totaling $3 billion along with deposits totaling $2 billion, which makes it a large bank. Burke & Herbert Bank & Trust Company, whose headquarters are in Alexandria, Virginia, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Burke & Herbert Bank & Trust Company is a respectable bank that deserves your consideration, with a rating of 4.1 stars out of 5 from our experts. Burke & Herbert Bank & Trust Company offers a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Burke & Herbert Bank & Trust Company has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking account does not have a monthly charge. Using an institution with free checking and a high savings APY is your best bet for returning the highest income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

Burke & Herbert Bank & Trust Company has a savings rate of 0.05%, which is poor compared to other U.S. banks. Burke & Herbert Bank & Trust Company's one-year CD has a rate of 0.50% and the five-year CD earns at a rate of 1.10%, while its highest-yielding money market account has an APY of 0.15%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

How Burke & Herbert Bank & Trust Company's Savings Rates Compare

Burke & Herbert Bank & Trust Company Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.7
SmartAsset Average: 4.4

Burke & Herbert Bank & Trust Company charges its customers extremely low fees in comparison to the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who will need cash in a pinch, it is ideal because it has no out-of-network ATM fees. Also, Burke & Herbert Bank & Trust Company has an overdraft fee of $35.00, which is on par with the national average. Burke & Herbert Bank & Trust Company refunds their out-of-network ATM fees, making withdrawing money a free and simple process.

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

3.6
SmartAsset Average: 3.7

Burke & Herbert Bank & Trust Company is a brick-and-mortar bank, with 25 total bank locations in Virginia. It also offers access to mobile and web apps for easy access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 7:00 p.m. ET; Saturday, and 8:00 a.m. to 5:00 p.m. ET. Burke & Herbert Bank & Trust Company receives poor reviews from customers for its mobile platform. The Burke & Herbert Bank & Trust Company mobile app is rated at 3.4 out of 5 (out of 140 ratings on Apple and Android) compared to the national average of 3.8. Burke & Herbert Bank & Trust Company's mobile app allows you to manage your finances by looking at current statements, transferring money and accessing customer service. Burke & Herbert Bank & Trust Company gets an excellent consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Burke & Herbert Bank & Trust Company is currently a large bank with assets totaling $3 billion as well as $2 billion in deposits. It has an excellent Texas Ratio of 3.40%, suggesting that the bank is in terrific financial shape and far from failure. Additionally, Burke & Herbert Bank & Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.4%
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 Burke & Herbert Bank & Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $50
Checking Account 0.05% APY $1500
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.80% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.10% APY
$10000 for all terms
Money Market Accounts 0.1% APY 0.15% APY $10000 $15000

Burke & Herbert Bank & Trust Company offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Burke & Herbert Bank & Trust Company does not have the best savings rate, which means you should think about taking a look elsewhere 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. Burke & Herbert Bank & Trust Company's CD rates are fair in comparison to other U.S. banks.

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Find a Burke & Herbert Bank & Trust Company Near Me

Burke & Herbert Bank & Trust Company has 25 locations across the U.S.

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