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Centennial Bank Review

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Centennial Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Founded in 1934, Centennial Bank has assets totaling $744 million along with deposits totaling $638 million, which makes it a medium-size bank. Centennial Bank, whose headquarters are in Lubbock, Texas, 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 the bank a 4.4 stars out of 5, indicating that Centennial Bank is a great choice and should warrant serious consideration. Centennial Bank offers a diverse array 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; other popular banks have higher rates. If you're interested in stress-free personal checking, Centennial Bank's standard checking does not carry a monthly fee. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best bet for gaining the most income on your deposits while maintaining 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

Centennial Bank features a savings rate of 0.25%, which is poor in comparison to the average U.S. bank. Its one-year CD has a rate of 0.95% and the five-year CD earns at a rate of 1.46%, while its highest-yielding money market account earns at a rate of 0.30%. Given its below average savings rate, you should think about other options to earn more on your deposits.

How Centennial Bank's Savings Rates Compare

Centennial Bank Savings 0.25 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Centennial Bank generally has extremely low fees as compared against the national average. With no monthly fee, Centennial Bank is perfect for people who want a simple checking account. Centennial Bank does not reimburse out-of-network ATM charges, which means you will be required to find a Centennial Bank ATM or eat 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 bank locations in Texas. With mobile and web apps, Centennial Bank makes mobile banking straightforward, even on the go. Centennial Bank's online and mobile banking services receive moderately positive scores from customers. The Centennial Bank mobile app scored a 4.4 out of 5 (with 88 customer reviews on Apple and Android) compared to the national average of 3.8. Centennial Bank's mobile app allows you to control your accounts by monitoring monthly statements, sending and receiving money and accessing support representatives. Centennial Bank gets a superb consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial 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 a medium-size bank with $744 million in assets as well as deposits totaling $638 million. Centennial Bank's Texas Ratio is 4.29%, denoting that Centennial Bank is in terrific financial well-being 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 0.25% APY $100
Checking Account 0.2% APY $1000
Certificates of Deposit
  • 12 Month: 0.95% APY
  • 24 Month: 1.15% APY
  • 36 Month: 1.26% APY
  • 60 Month: 1.46% APY
$1000 for all terms
Money Market Account 0.25% APY $2500

Centennial Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Centennial Bank 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. 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 locations across the U.S.

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