Central Bank (IA) Review

Central Bank (IA) Savings

0.10% APY

Central Bank was founded in 1879 and is headquartered in Storm Lake, Iowa. Central Bank manages assets totaling $819 million and deposits totaling $737 million, ranking it as a medium-size bank. Central Bank lacks premium access to support representatives, with no options of live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.1 stars out of 5, Central Bank should be solidly in contention for your choice of bank. 

Central Bank provides customers with a diverse array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Central Bank has a fair savings rate; other popular banks have higher rates. Opening accounts in one place can be ideal when you want to get the most return on your income while retaining access to your money without getting penalized for taking out your money.

Service Quality

Central Bank is a brick-and-mortar bank, with 14 total bank locations in Iowa. It also offers access to mobile and web apps for easy access and banking on the go.  

Central Bank receives average reviews from users for its mobile app: the Central Bank mobile app scored a 3.8 out of 5 (with 32 reviews on Apple and Android) compared to the national average of 3.8. You can utilize Central Bank's mobile app to control your funds by looking at current statements, sending and receiving money as well as accessing customer service. Central Bank gets a superb consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Central Bank offers several deposit products which include savings accounts, checking accounts, money market accounts and CDs, providing 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 offer 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 competitive compared to the national average. 

Rates

With a savings rate of 0.10%, Central Bank ranks below the mean in comparison to other U.S. banks. Central Bank's one-year CD earns at a rate of 1.56%, while its highest-yielding money market account has a rate of 0.15%. Given its noncompetitive savings rate, you should contemplate taking a look at other banks for savings accounts.

Fees

There is insufficient data on Central Bank's fees to provide a full SmartAsset rating.

Financial Health

Central Bank is currently a medium-size bank owning assets totaling $819 million and $737 million in deposits. Central Bank's Texas Ratio is 3.18%, suggesting that Central Bank is in excellent financial shape and extremely 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.

Find a Central Bank Near Me

Central Bank has 14 physical branches across the U.S.