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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

Overview

Central Bank started in 1956 with its headquarters in Houston, Texas. Central Bank has assets of $664 million as well as deposits totaling $583 million, making it a medium-size bank. Central Bank 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. Overall, Central Bank is a great choice and should warrant serious consideration, with a rating of 4.3 stars out of 5 from the SmartAsset experts. Central Bank provides customers with a varied choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's standard checking account does not carry a monthly charge. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best option for returning the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

With a savings rate of 0.20%, Central Bank ranks poorly in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 1.00% and 1.76%, respectively, while its highest-yielding money market account earns at a rate of 0.25%. Given Central Bank's noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How Central Bank's Savings Rates Compare

Central Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Central Bank generally has extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, making it excellent for anyone looking for a simple account. Central Bank does not refund out-of-network ATM charges, which means you'll need to find a Central Bank ATM or accept 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

3.4
SmartAsset Average: 3.7

Central Bank is a brick-and-mortar bank, with four total branches in Texas. It also offers access to mobile and web apps for a simple mobile-banking experience. Central Bank's online and mobile banking services receive mediocre feedback from customers. The Central Bank mobile app has been given a 3.0 out of 5 (with 5 ratings on iOS and Android) compared to the national average of 3.8. Central Bank's mobile app allows you to control your funds by looking at account balances, sending and receiving money as well as reaching support representatives. Central Bank receives an excellent consumer satisfaction rating based on comparatively 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

5.0
SmartAsset Average: 4.8

Central Bank is a medium-size bank with $664 million in assets and $583 million in deposits. Central Bank has an excellent Texas Ratio of 0.14%, indicating that Central Bank is in terrific financial shape and improbable to fail. 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 including 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 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. 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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