Carter Bank & Trust Review

Overview

Carter Bank & Trust started in 2006 with headquarters located in Martinsville, Virginia. Carter Bank & Trust has $4.38 billion in assets along with deposits totaling $3.58 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.

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

With a savings rate of 0.10%, Carter Bank & Trust ranks poorly compared to other U.S. banks. Its one-year CD has a rate of 0.35% and the five-year CD earns at a rate of 0.55%, while its highest-yielding money market account earns at a rate of 0.30%. 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 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.

Carter Bank & Trust is a brick-and-mortar bank, with 69 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.

Carter Bank & Trust ranks as a large bank and manages assets totaling $4.38 billion as well as deposits totaling $3.58 billion. Its Texas Ratio is 72.53%, 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

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.

Products Offered

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.

Find a Carter Bank & Trust Near Me

Carter Bank & Trust has 69 physical branches in the U.S.