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Centennial Bank Review

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Centennial Bank Savings
0.40% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Centennial Bank started in 1916 and has its headquarters in Trezevant, Tennessee. It handles $369 million in assets along with deposits totaling $314 million, ranking it as a small bank. Centennial Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 4.4 stars out of 5, Centennial Bank should be solidly in contention for your choice of bank. Centennial Bank offers a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Centennial Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Centennial Bank's most basic checking does not have a monthly charge. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is the best bet for gaining the most income on your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

With a savings rate of 0.40%, Centennial Bank ranks poorly in comparison to the national average. Centennial Bank's one-year and five-year term lengths CDs earn at a rate of 1.10% and 3.14%, respectively, while its highest-yielding money market account earns at a rate of 0.70%. Given Centennial Bank's below average savings rate, you should think about taking a look at other banks for savings accounts.

How Centennial Bank's Savings Rates Compare

Centennial Bank Savings 0.40 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Centennial Bank charges its customers extremely low fees compared to other U.S. banks. With no monthly fee, Centennial Bank is perfect for those who want a basic banking experience. For those who use cash often, Centennial Bank is ideal because it has no out-of-network ATM fees. Also, Centennial Bank has an overdraft fee of $30.00, which is considerably lower than the average overdraft fee charged by U.S. banks. Centennial Bank unfortunately doesn't refund out-of-network ATM fees, meaning you will need to locate a Centennial Bank ATM or accept the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Centennial Bank is a brick-and-mortar bank, with 15 total branches in Arkansas and Tennessee. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Centennial Bank's online and mobile banking platforms receive fair scores from customers. Out of 38 ratings across both iOS and Android platforms, the Centennial Bank mobile app rates a 3.9 out of 5 (compared to the national average of 3.8). You can access Centennial Bank's mobile app to manage your bank accounts by looking at current statements, transferring money as well as reaching customer service. Centennial Bank receives a superb consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Centennial Bank ranks as a small bank owning assets totaling $369 million as well as $314 million in deposits. It has a strong Texas Ratio of 7.37%, indicating that the bank is in good 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

7.37%
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 0.4% APY $1
Checking Account 0.52% APY $2500
Certificates of Deposit
  • 12 Month: 1.10% APY
  • 24 Month: 2.02% APY
  • 36 Month: 2.93% APY
  • 48 Month: 3.03% APY
  • 60 Month: 3.14% APY
$500 for all terms
Money Market Accounts 0.7% APY 0.7% APY $10000 $15000

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 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. Centennial Bank's CD rates are fair compared to the average U.S. bank.

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Find a Centennial Bank Near Me

Centennial Bank has 15 branches across the U.S.

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