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Cedar Rapids Bank and Trust Company 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
Cedar Rapids Bank and Trust Company Savings
0.04% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Cedar Rapids Bank and Trust Company was founded in 2001 and is headquartered in Cedar Rapids, Iowa. Cedar Rapids Bank and Trust Company manages assets of $1 billion and deposits totaling $1 billion, which makes it a medium-size bank. Cedar Rapids Bank and Trust Company 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 in-person service, in addition to its online and mobile offerings. We ranked the bank at a 3.8 out of 5 stars, which means Cedar Rapids Bank and Trust Company is an acceptable bank choice, but may leave you wanting more. Cedar Rapids Bank and Trust Company provides customers with a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Cedar Rapids Bank and Trust Company has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Cedar Rapids Bank and Trust Company offers an option without a maintenance or monthly fee. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best bet for gaining the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

Cedar Rapids Bank and Trust Company features a savings rate of 0.04%, which is fair compared to the national average. Cedar Rapids Bank and Trust Company's one-year and five-year term lengths CDs earn at a rate of 1.15% and 1.50%, respectively, while its highest-yielding money market account earns at a rate of 0.01%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

How Cedar Rapids Bank and Trust Company's Savings Rates Compare

Cedar Rapids Bank and Trust Company Savings 0.04 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Cedar Rapids Bank and Trust Company charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Cedar Rapids Bank and Trust Company's checking account is ideal for people who need a hassle-free banking experience. Cedar Rapids Bank and Trust Company doesn't reimburse out-of-network ATM charges, meaning you will be required to locate a Cedar Rapids Bank and Trust Company ATM or pay the cost of withdrawal.

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

2.3
SmartAsset Average: 3.7

Cedar Rapids Bank and Trust Company is a brick-and-mortar bank, with eight total branches in Iowa. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:30 a.m. to 5:00 p.m. CT; Saturday, and 9:00 a.m. to 12:00 p.m. CT. Cedar Rapids Bank and Trust Company's online and mobile banking platforms get mediocre feedback from customers. With 1 ratings across Apple and Android platforms, the Cedar Rapids Bank and Trust Company mobile app is scored at 1.0 out of 5 (compared to the national average of 3.8). Cedar Rapids Bank and Trust Company's mobile app lets you control your accounts by reviewing monthly statements, sending and receiving money as well as accessing customer service. Cedar Rapids Bank and Trust Company receives an outstanding consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 1.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Cedar Rapids Bank and Trust Company is currently a medium-size bank with assets totaling $1 billion as well as deposits totaling $1 billion. It has an excellent Texas Ratio of 2.85%, suggesting that the bank is in excellent financial shape and far from failure. Additionally, Cedar Rapids Bank and Trust Company 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.

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Compare Cedar Rapids Bank and Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.04% APY $1
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 1.15% APY
  • 24 Month: 1.25% APY
  • 36 Month: 1.30% APY
  • 48 Month: 1.35% APY
  • 60 Month: 1.50% APY
$500 for all terms
Money Market Accounts 0.01% APY 0.01% APY $10000 $15000

Cedar Rapids Bank and Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Cedar Rapids Bank and Trust Company does not have the best savings rate, which means you should consider 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. Cedar Rapids Bank and Trust Company's CD rates are fair in comparison to the national average.

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Find a Cedar Rapids Bank and Trust Company Near Me

Cedar Rapids Bank and Trust Company has eight physical branches across the U.S.

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