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Carolina Trust Bank Review

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Carolina Trust Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Started in 2000, Carolina Trust Bank has $406 million in assets along with deposits totaling $341 million, ranking the institution as a small bank. Carolina Trust Bank, whose headquarters are in Lincolnton, North Carolina, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a commendable 4.2 stars out of 5, Carolina Trust Bank is a great choice and should warrant serious consideration. Carolina Trust Bank has a complete selection of banking products, 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 interested in stress-free personal checking, Carolina Trust Bank's standard checking account does not have a monthly fee. Banks that offer no-fee checking as well as a high savings APY are your best option for gaining the highest income from your deposits while having easy 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

Carolina Trust Bank features a savings rate of 0.10%, which is fair compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.40% and 1.11%, respectively, while its highest-yielding money market account earns at a rate of 0.25%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Carolina Trust Bank's Savings Rates Compare

Carolina Trust Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Carolina Trust Bank charges customers extremely low fees compared to the average U.S. bank. Carolina Trust Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Carolina Trust Bank does not reimburse out-of-network ATM charges, meaning you'll be required to find a Carolina Trust Bank ATM or pay the cost of withdrawal.

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

SmartAsset Average: 3.7

Carolina Trust Bank is a brick-and-mortar bank, with nine total branches in North Carolina. With mobile and web apps, Carolina Trust Bank makes account access straightforward, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 7:00 a.m. to 5:00 p.m. ET. Carolina Trust Bank's online and mobile banking platforms receive fairly high ratings from users. The Carolina Trust Bank mobile app rates a 4.1 out of 5 (out of 18 customer reviews on iOS and Android) compared to the national average of 3.8. You can use Carolina Trust Bank's mobile app to manage your bank accounts by reviewing account balances, transferring funds and reaching customer service. Carolina Trust Bank receives an outstanding consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Carolina Trust Bank is currently a small bank with assets totaling $406 million and $341 million in deposits. It has a strong Texas Ratio of 8.46%, denoting a small chance of failure. Additionally, Carolina Trust 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 Carolina Trust Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $50
Checking Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.95% APY
  • 48 Month: 0.95% APY
  • 60 Month: 1.11% APY
$10000 for all terms
Money Market Account 0.15% APY $1000

Carolina Trust Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Carolina Trust Bank does not have the best savings rate, which means you should think about looking 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. Carolina Trust Bank's CD rates are fair compared to the average U.S. bank.

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Find a Carolina Trust Bank Near Me

Carolina Trust Bank has nine physical branches in the U.S.

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