Centennial Bank Review

Centennial Bank Personal Savings Account

0.05% APY

Centennial Bank is based in Arkansas but also has locations in Alabama, New York and Florida. It offers a complete array of savings accounts, checking accounts, money market accounts (MMAs), IRAs and certificates of deposits (CDs). Within these products, it includes free debit cards, mobile/online banking and an extremely forgiving ATM fee reimbursement program.

But there isn't a bank in existence that doesn't come without its faults. For Centennial, this is most evident in its interest rates. Although this may be a deterring factor for many potential customers, there are many characteristics to like about the bank.

Products Offered

Centennial Bank Interest Rate Comparison

Centennial Bank Overview

Centennial Bank is essentially a conglomerate of ex-banking institutions that a team of investors called Home Bancshares bought up throughout Florida, Arkansas, New York and Alabama. The bank employs more than 1,500 individuals across 150 branches.

Centennial Bank Personal Savings Account

Centennial Bank offers three savings accounts: the Personal Savings account, First account and Christmas Club Savings account. Most savings customers will open a Personal Savings account, as it represents a typical savings product, although it has just a 0.05% APY. You only need $100 to open the account, though, and if you can manage to hold your daily balance over that amount every month, you will avoid the $3 fee.

The First account caters to customers younger than 18 years old. Its design helps kids get a head-start on saving for the future with a 0.05% APY. Your child will need just $10 to open the account, and Centennial has waived all monthly fees to avoid shrinking his or her savings prematurely. The bank will even reward the new account owner with a gift as soon as the process is complete.

A relic of the past, some banks have resurrected Christmas Savings accounts, and Centennial is one of them. The holidays can put a major dent in your finances, so an account like this helps you absorb these costs by saving ahead of time. The more you deposit, the better your interest rate gets, though it only takes $100 to $250 to open. A encounter a $5 fee if you withdraw money before the annual November payout, so try to avoid taking money out of the account if at all possible.

Centennial Bank Star Rate Checking Account

Centennial Bank’s checking accounts are really where it shines the most, as it includes six options within its account portfolio. They’re each angled toward a different type of customer, with the Freedom Checking account being the most ordinary choice. This account comes with all the normal features, like a free debit card when you open your account, online/mobile banking and free bill pay. A $100 deposit is needed to open one, and you face a $5 monthly fee if you do not subscribe to eStatements.

As the best interest-bearing checking account at Centennial, the Star Rate Checking account includes a rate range that begins at a 0.02% APY and goes as high as 0.15%. However, to earn that rate, your account must have at least $100,000 deposited. It could cost as much as $10 a month to keep this account, but a $500 minimum balance each statement cycle will get you out of that.

If you hardly ever visit the branch of your bank, the Simply 100 Checking account could be ideal for you. This account doesn’t come with checks, online bill pay or the ability to process checks, meaning that only direct deposits and money transfers are allowed. Whereas other checking account holders must show a receipt for out-of-network ATM fees to get them reimbursed, Simply 100 account holders get refunds for these fees automatically. There is an unavoidable $4.95 monthly charge, though.

The Centennial Club Checking account is distinct, as account holders receive free notary, credit monitoring and anti-fraud/identity theft services, along with a $10,000, 24-hour accidental death and dismemberment insurance. It also offers cash back rewards, discounts on gift cards, mobile phone insurance and travel discounts. To get this, you will need to pay $6.95 in service fees every month.

For anyone who’s had disciplinary and/or fee problems with a bank in the past, the Opportunity 100 Checking account affords you the chance to start with a clean slate. All new account holders get a debit card, access to bill pay and online banking and eStatements. Because of the nature of this account, you must have at least $100 at the time of opening, and there will be a $9.95 or $12.95 monthly service fee, depending on whether you receive direct deposits or not (you get the lower fee if you do). After a year of successfully managing this, Centennial will allow you to convert it into a more favorable account.

The Diamond Checking account is solely for those 50 years and older, though it only receives a 0.02% APY. $100 is needed to open this account, but there are no service fees whatsoever.

Centennial Bank Relationship Money Market Account

Centennial has just one money market account (MMA): the Relationship Money Market account. The interest rates associated with it are tiered based on the balance of your account, with a starting APY of 0.10%. Although you initially need just $100 to open this account, you’ll quickly start losing money if you cannot maintain a $10,000 combined minimum deposit monthly balance across all your accounts at Centennial. If you fall below this threshold, you face a $10 monthly service fee.

Centennial Bank CDs

You can get a certificate of deposit (CD) at Centennial Bank as little as a $500 deposit, though the bank does apply a maximum of $50,000. Terms range anywhere from 30 days to five years, with interest rates improving the longer you decide to hold onto the account. While the CD options at Centennial are substantial, the same cannot be said for its rates.

Centennial Bank IRAs

Similar to the above CDs, individual retirement account (IRA) interest rates at Centennial are tiered depending on the amount you have invested towards your retirement. Depending on what you prefer, the bank carries traditional, Roth and educational IRAs. Although tax-deferred traditional accounts and pre-tax Roth accounts are normal to see at any bank, educational IRAs are not.

These accounts are called Coverdell Education Savings Accounts (ESAs), as they’re actually for school expenses as opposed to retirement income. It essentially offers the chance to grow money for future education on a tax-deferred basis, though all taxes can be completely avoided if you follow a government-mandated specific set of rules.

Where Can I Find Centennial Bank?

Alabama, Arkansas, Florida and New York are home to Centennial Bank branches. But while the bank has locations scattered throughout Arkansas, Florida and Alabama, New York City is the only place where you’ll find a Centennial Branch in the Empire State. 

Centennial does not partnered with any outside ATM networks to supplement those that it currently offers at the majority of its branches. However, it does allow you to bring ATM receipts to a branch for automatic fee reimbursement, so long as it’s within 60 days of the transaction.

What Can You Do Online With Centennial Bank?

All accounts at Centennial come with online banking services through its website. Through this platform, customers can view their current account balances, transaction histories and other important documentation, such as eStatements. If you have multiple accounts with Centennial, you can transfer funds between them. Ordering checks can be done online as well, along with bill pay.

The features offered with Centennial’s mobile banking app are largely similar to what’s available through its website, though there are a few perks that are specifically designed for customers on-the-go. For example, the app includes a branch/ATM locator tool, mobile check deposit and text banking. This app is available through the Apple, Samsung and Amazon app stores, and it holds an average rating of around 3-stars across them.

How Do I Access My Money?

Visiting a Centennial Bank branch is always the easiest way to get your hands on the funds in your accounts. With the inclusion of online and mobile banking with every account, though, you should be able to keep an eye on your balances from afar, as well as any recent transactions with a debit card, direct deposits or other financial transfers.

Depositing and withdrawing funds from your account can also be done without heading over to a branch. Simply download the mobile app, take a picture of the check you want to deposit and it will be credit straight to your account. If you’re in need of some cash, the app can also direct you to nearby ATMs.

How Can I Save More Money With a Centennial Bank Account?

Many regional banks have issues matching the accessibility of the ATM networks of America’s largest banks, like Chase and Bank of America. To combat this issue and make it a cheaper alternative to some of its direct competitors, Centennial Bank has instituted a complete ATM refund policy. Simply bring a receipt from any out-of-network ATM to a Centennial branch within 60 days of the charge, and the fees will be returned to you. Simply 100 Checking account holders won’t need to do this, though as it comes standard with that account.

For many customers, the interest rates at Centennial Bank alone will not be enough to significantly grow your deposited assets. The monthly fees associated with most accounts are either cheap, nonexistent or easy to waive, though.

What’s the Process For Opening an Account With Centennial Bank?

In order to cater to all different types of customer, Centennial Bank allows prospective customers to open an account over-the-phone, online or in-person. In either of the three scenarios, you must have your Social Security number, official ID and any funds necessary to meet the minimum opening deposit requirement ready to go. Centennial will walk you through this entirely online process one step at a time, with links to the applications available on the account description pages.

You’ll also notice a link to an enrollment form for each account. This makes it so you can begin applying prior to speaking with an employee. You can either bring this paperwork into a branch, or schedule a call with Centennial when it’s most comfortable for you.

What’s the Catch?

One of the best benefits of opening a long-term CD and subsequently losing the ability to control that money for a period of time is that you’ll receive a great interest rate to grow your money as fast as possible. Centennial Bank is seriously lacking this common benefit, though, making it a rather low-tier option for CD customers. As a matter of fact, a five-year CD is the longest option at the bank, and it comes paired with just a 0.55% APY, which is a quarter of the size of similar offers elsewhere.

Bottom Line

Aside from its interest rates, Centennial Bank actually possesses a solid selection of savings and checking accounts. This makes it simple for customers to personalize their relationship with the bank and choose only what’s best for their needs.

For many people, though, brushing off low interest rates isn’t easy to do. So if you’re looking to open a CD, savings account or money market account, it might be best for you to avoid Centennial. On the other hand, checking account customers will find strong offerings along with forgiving ATM fee reimbursements.