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Carter Bank & Trust Review

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Carter Bank & Trust Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Started in 2006, Carter Bank & Trust has assets totaling $4 billion as well as deposits totaling $4 billion, making the institution a large bank. Carter Bank & Trust, whose headquarters are in Martinsville, Virginia, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We gave Carter Bank & Trust a 3.9 stars out of 5, suggesting it is a respectable bank that you should consider. Carter Bank & Trust has a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Carter Bank & Trust offers an option without a monthly fee. Finding a bank with no-fee checking and a high savings APY is your best bet for getting the most income on your deposits while maintaining 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

Carter Bank & Trust features a savings rate of 0.30%, which is fair as compared against the national average. Carter Bank & Trust's one-year CD has a rate of 1.76% and the five-year CD has a rate of 2.53%, while its highest-yielding money market account has a rate of 0.55%. Given its below average savings rate, you should consider choosing another bank to earn more on your deposits.

How Carter Bank & Trust's Savings Rates Compare

Carter Bank & Trust Savings 0.30 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Carter Bank & Trust charges customers extremely low fees compared to the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a simple account. Carter Bank & Trust unfortunately does not reimburse out-of-network ATM charges, meaning you'll be required to locate 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
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Service Quality

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 provide access to 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 receives an exceptional consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

SmartAsset Average: 4.8

Carter Bank & Trust is currently a large bank with $4 billion in assets and $4 billion in deposits. Carter Bank & Trust's Texas Ratio is 28.51%, denoting that Carter Bank & Trust is in fine 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

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 Carter Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% 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 Account 0.45% APY $2500

Carter Bank & Trust offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Carter Bank & Trust 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. Carter Bank & Trust's CD rates are fair in comparison to the average U.S. bank.

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Find a Carter Bank & Trust Near Me

Carter Bank & Trust has 107 branches across the U.S.

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