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Centennial Bank Review

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Centennial Bank Savings
0.35% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Centennial Bank was founded in 1934 and its headquarters are located in Lubbock, Texas. It handles $744 million in assets as well as deposits totaling $638 million, ranking it as a medium-size bank. Centennial Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.4 out of 5 stars, Centennial Bank should be solidly in contention for your choice of bank. Centennial Bank has a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Centennial Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's standard checking does not have a monthly charge. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best bet for gaining the most income on your deposits alongside easy access to your money.

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

With a savings rate of 0.35%, Centennial Bank ranks poorly in comparison to other U.S. banks. Centennial Bank's one-year CD earns at a rate of 1.05% and the five-year CD earns at a rate of 1.56%, while its highest-yielding money market account has a rate of 0.30%. Given its poor savings rate, you should consider other options to earn more on your deposits.

How Centennial Bank's Savings Rates Compare

Centennial Bank Savings 0.35 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Centennial Bank has generally extremely low fees in comparison to the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Centennial Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you will be required to find a Centennial Bank ATM or pay the ATM charge.

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

Centennial Bank is a brick-and-mortar bank, with 14 total branches in Texas. With mobile and web apps, Centennial Bank makes account access straightforward, even on the go. Centennial Bank receives relatively high praise from customers for its mobile platform. The Centennial Bank mobile app is rated at 4.4 out of 5 (with 88 customer reviews on Apple and Android) compared to the national average of 3.8. You can access Centennial Bank's app to manage your bank accounts by checking current statements, transferring funds and reaching customer service. Centennial Bank gets a superb consumer satisfaction rating based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Centennial Bank is currently a medium-size bank with assets totaling $744 million and deposits totaling $638 million. Centennial Bank's Texas Ratio is 4.29%, signifying that the bank is in excellent financial condition and far from failure. Additionally, Centennial Bank 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 Centennial Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.35% APY $100
Checking Account 0.2% APY $1000
Certificates of Deposit
  • 12 Month: 1.05% APY
  • 24 Month: 1.26% APY
  • 36 Month: 1.36% APY
  • 60 Month: 1.56% APY
$1000 for all terms
Money Market Account 0.25% APY $2500

Centennial Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Centennial Bank does not have the best savings rate, which means you should consider 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. Centennial Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Centennial Bank Near Me

Centennial Bank has 14 physical branches across the U.S.

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