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Centennial Bank Review

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Centennial Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Started in 1916, Centennial Bank has assets totaling $369 million along with deposits totaling $314 million, which makes the institution a small bank. Centennial Bank, whose headquarters are in Trezevant, Tennessee, 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. With a score of 4.4 stars out of 5, Centennial Bank should be solidly in contention for your choice of bank. Centennial Bank provides customers with a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Centennial Bank's ordinary checking account does not have a monthly fee. Institutions that offer free checking as well as a high interest rate savings account are your best bet for gaining the highest income from your deposits while maintaining convenient access to your funds.

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 has a savings rate of 0.30%, which is poor in comparison to the national average. Its CD rates are 1.00% and 2.52% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.60%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Centennial Bank's Savings Rates Compare

Centennial Bank Savings 0.30 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Centennial Bank typically has extremely low fees in comparison to the national average. With no monthly fee, Centennial Bank's checking account is perfect for people who want an easy banking experience. For those who often withdraw money from the ATM, it is perfect because it has no out-of-network ATM fees. Additionally, at $30.00, it has a significantly lower overdraft fee compared to the average overdraft fee charged by U.S. banks. Centennial Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you will be required to locate a Centennial Bank ATM or accept the ATM charge.

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

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 simple access and banking on the go. Centennial Bank's online and mobile banking services receive fair marks from users. With 38 ratings on Apple and Android platforms, the Centennial Bank mobile app rates a 3.9 out of 5 (compared to the national average of 3.8). Centennial Bank's mobile app allows you to control your funds by looking at account balances, sending and receiving funds as well as reaching customer service. Centennial Bank gets a superb consumer satisfaction score due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government 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

SmartAsset Average: 4.8

Centennial Bank is currently a small bank and manages assets totaling $369 million and $314 million in deposits. Centennial Bank's Texas Ratio is 7.37%, indicating a tiny chance of 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 0.3% APY $1
Checking Account 0.42% APY $2500
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.76% APY
  • 36 Month: 2.02% APY
  • 48 Month: 2.27% APY
  • 60 Month: 2.52% APY
$500 for all terms
Money Market Account 0.6% APY $2500

Centennial Bank offers several deposit products including 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 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 as compared against the national average.

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Find a Centennial Bank Near Me

Centennial Bank has 15 branches across the U.S.

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