Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Burke & Herbert Bank & Trust Company Review

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

Overview

Burke & Herbert Bank & Trust Company started in 1852 and is headquartered in Alexandria, Virginia. Burke & Herbert Bank & Trust Company has assets of $3 billion and $2 billion in deposits, making it a large bank. Burke & Herbert Bank & Trust Company 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 ranked the bank at a 4.1 stars out of 5, which means Burke & Herbert Bank & Trust Company is a good bank that warrants your consideration. Burke & Herbert Bank & Trust Company provides customers with the full package of product offerings, including 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, the bank's standard checking does not have a monthly maintenance charge. Locating an institution with no-fee checking, in addition to a high interest rate savings account is the best bet for gaining the most income from your deposits while having 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

With a savings rate of 0.05%, Burke & Herbert Bank & Trust Company ranks poorly compared to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.50% and 1.10%, respectively, while its highest-yielding money market account has an APY of 0.15%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

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

Burke & Herbert Bank & Trust Company Savings 0.05 National Average 0.26 Compare Offers
Back to Overview

Fees

4.7
SmartAsset Average: 4.4

Burke & Herbert Bank & Trust Company charges its customers extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. For those who often withdraw money from the ATM, it is ideal because it charges no out-of-network ATM fees. Also, it has an overdraft fee of $35.00, which is on par with the national average overdraft fee. Burke & Herbert Bank & Trust Company refunds their out-of-network ATM fees, which means easy access to cash at any time.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
Back to Overview

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. With mobile and web apps, Burke & Herbert Bank & Trust Company makes mobile banking easy, even on the go. It does not have all-day customer service with 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's online and mobile banking platforms receive poor marks from users. The Burke & Herbert Bank & Trust Company mobile app has been given a 3.4 out of 5 (with 140 ratings on Apple and Android) compared to the national average of 3.8. You can utilize Burke & Herbert Bank & Trust Company's mobile app to control your funds by reviewing account balances, sending and receiving money and accessing customer service. Burke & Herbert Bank & Trust Company gets an excellent consumer satisfaction rating due to 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
Back to Overview

Financial Health

4.9
SmartAsset Average: 4.8

Burke & Herbert Bank & Trust Company is currently a large bank owning $3 billion in assets as well as $2 billion in deposits. Its Texas Ratio is 3.40%, suggesting that the bank is in superb financial condition and unlikely to fail. 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.

Back to Overview

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
$500 for all terms
Money Market Account 0.1% APY $2500

Burke & Herbert Bank & Trust Company offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Burke & Herbert Bank & Trust Company does not have the best savings rate, which means you should consider 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 compared to the national average.

Back to Overview

Find a Burke & Herbert Bank & Trust Company Near Me

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

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure