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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

Overview

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

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

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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Fees

5.0
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

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 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

3.6
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

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.

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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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