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Central Bank Review

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Central Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Central Bank was founded in 1956 and its headquarters are located in Houston, Texas. It handles assets of $664 million along with deposits totaling $583 million, classifying it as a medium-size bank. Central Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.3 stars out of 5, Central Bank is a solid pick to be your bank. Central Bank has a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Central Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Central Bank's ordinary checking account does not have a monthly fee. Locating an institution with no-fee checking and a high interest rate savings account is your best option for getting the highest income from your deposits while having easy 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

Central Bank features a savings rate of 0.20%, which is poor as compared against the national average. Central Bank's one-year CD has a rate of 1.00% and the five-year CD earns at a rate of 1.76%, while its highest-yielding money market account has an APY of 0.25%. Given Central Bank's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Central Bank's Savings Rates Compare

Central Bank Savings 0.20 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Central Bank generally has extremely low fees compared to the national average. Central Bank's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Central Bank unfortunately doesn't refund out-of-network ATM charges, meaning you'll have to search for a Central Bank ATM or pay the fee.

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

Central Bank is a brick-and-mortar bank, with four total bank locations in Texas. With mobile and web apps, Central Bank makes account access straightforward, even on the go. Central Bank's online and mobile banking platforms receive mediocre scores from customers. With 5 customer reviews across Apple and Android platforms, the Central Bank mobile app rates a 3.0 out of 5 (compared to the national average of 3.8). You can use Central Bank's app to control your bank accounts by monitoring account balances, sending and receiving money as well as reaching customer service. Central Bank receives an exceptional consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Central Bank is a medium-size bank and handles assets totaling $664 million and $583 million in deposits. Its Texas Ratio is 0.14%, indicating that the bank is in excellent financial well-being and far from failure. Additionally, Central Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Central Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.2% APY $1
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.26% APY
  • 36 Month: 1.61% APY
  • 48 Month: 1.66% APY
  • 60 Month: 1.76% APY
$1000 for all terms
Money Market Account 0.2% APY $10000

Central 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. Central 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. Central Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Central Bank Near Me

Central Bank has four physical branches in the U.S.

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