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

Carter Bank & Trust Review

Your Details Done
by Updated
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
Carter Bank & Trust Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Carter Bank & Trust started in 2006 with headquarters located in Martinsville, Virginia. Carter Bank & Trust has $4 billion in assets along with deposits totaling $4 billion, which makes it a large bank. Carter Bank & Trust 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 apps. Overall, Carter Bank & Trust is a respectable bank that gets the job done, with a rating of 3.9 stars out of 5 from the SmartAsset team. Carter Bank & Trust has a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Carter Bank & Trust's ordinary checking account does not have a monthly fee. Locating an institution with no-fee checking as well as a high savings APY is your best bet for getting the highest income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

4.3
SmartAsset Average: 3.5

With a savings rate of 0.50%, Carter Bank & Trust ranks poorly compared to other U.S. banks. Its one-year CD has a rate of 1.76% and the five-year CD earns at a rate of 2.53%, while its highest-yielding money market account earns at a rate of 0.55%. Given Carter Bank & Trust's poor savings rate, you should consider taking a look at other banks for savings accounts.

How Carter Bank & Trust's Savings Rates Compare

Carter Bank & Trust Savings 0.50 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

Carter Bank & Trust typically has extremely low fees as compared against the national average. With no monthly fee, Carter Bank & Trust's checking account is perfect for those who need a hassle-free banking experience. Carter Bank & Trust unfortunately does not reimburse out-of-network ATM charges, meaning you'll need to search for a Carter Bank & Trust ATM or accept the withdrawal fee.

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
Back to Overview

Service Quality

2.5
SmartAsset Average: 3.7

Carter Bank & Trust is a brick-and-mortar bank, with 107 total bank locations in North Carolina and Virginia. Unfortunately, it does not offer a mobile or web app, which means customers are restricted to in-person customer service and access It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 8:00 p.m. ET; Saturday, and 9:00 a.m. to 5:00 p.m. ET. Carter Bank & Trust gets an outstanding consumer satisfaction rating due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

3.6
SmartAsset Average: 4.8

Carter Bank & Trust ranks as a large bank and manages assets totaling $4 billion as well as deposits totaling $4 billion. Its Texas Ratio is 28.51%, indicating that the bank is in decent financial condition. Additionally, Carter Bank & Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

28.51%
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 Carter Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $2500
Checking Account 0.35% APY $500
Certificates of Deposit
  • 12 Month: 1.76% APY
  • 24 Month: 2.02% APY
  • 36 Month: 2.12% APY
  • 48 Month: 2.27% APY
  • 60 Month: 2.53% APY
$100 for all terms
Money Market Accounts 0.45% APY 0.55% APY $10000 $15000

Carter Bank & Trust has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Carter Bank & Trust does not have the best savings rate, which means you should think about other options 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. Carter Bank & Trust's CD rates are fair as compared against the national average.

Back to Overview

Find a Carter Bank & Trust Near Me

Carter Bank & Trust has 107 physical branches 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