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Carrollton Bank 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
Carrollton Bank Savings
0.10% APY

Overview

Our Rating: 4.0/5 How we calculated this rating

Started in 1877, Carrollton Bank has $2 billion in assets and $1 billion in deposits, making it a large bank. Carrollton Bank, whose headquarters are in Carrollton, Illinois, lacks premium access to support representatives, with no options of live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Carrollton Bank is a respectable bank that should be given a look at a score of 4.0 out of 5 stars from our team. 

Carrollton Bank offers a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Carrollton Bank's standard checking account does not have a monthly fee. Why keep checking and savings accounts with one bank? Convenient transferring between the two accounts means you can still get better interest rates in your savings account but still use your funds from your checking.

Service Quality

Carrollton Bank is a brick-and-mortar bank, with 10 total branches in Illinois and Missouri. Unfortunately, it does not offer a mobile or web app, which means customers are restricted to in-person customer service and access  

Carrollton Bank receives an exceptional consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.25% APY
  • 36 Month: 1.40% APY
  • 48 Month: 1.55% APY
  • 60 Month: 1.75% APY
$10,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.75% APY $10,000 Compare Offers
Checking Accounts 0.05% APY $2,000 Compare Offers

Carrollton Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. It does not have the best savings rate, which means you should consider looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Carrollton Bank's CD rates are competitive in comparison to the average U.S. bank. 

Rates

With a savings rate of 0.10%, Carrollton Bank ranks below the mean as compared against the national average.  CD rates are 1.00% and 1.75% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.75%. Given its noncompetitive savings rate, you should contemplate choosing another bank to earn more on your deposits.

Compare Carrollton Bank to Other Competitive Offers

Fees

Carrollton Bank has typically extremely low fees in comparison to the national average. With no monthly fee, Carrollton Bank is ideal for people who want a basic banking experience. 

Financial Health

Carrollton Bank ranks as a large bank with assets totaling $2 billion and $1 billion in deposits. Carrollton Bank's Texas Ratio is 0.09%, denoting that the bank is in terrific financial health and exceedingly unlikely to fail. Additionally, Carrollton Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Carrollton Bank Near Me

Carrollton Bank has 10 physical locations across the U.S.

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