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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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 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.
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.
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
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
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$50|
|Checking Account||0.05% APY||$1500|
|Certificates of Deposit|| ||$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