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Central Bank & Trust Co. Review

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Central Bank & Trust Co. Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Central Bank & Trust Co. first started operating in 1938 with headquarters in Lexington, Kentucky. Central Bank & Trust Co. has assets of $2 billion as well as deposits totaling $2 billion, classifying it as a large bank. Central Bank & Trust Co. lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Central Bank & Trust Co. is an average bank that leaves room for improvement, with a score of 3.8 out of 5 stars from the SmartAsset team. Central Bank & Trust Co. has a complete 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; you can find higher rates with other banks. The bank's standard checking account features a monthly fee of $6.00, making it a rather costly bank for checking. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best option for gaining the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

Central Bank & Trust Co. has a savings rate of 0.25%, which is fair in comparison to the national average. Central Bank & Trust Co.'s one-year and five-year term lengths CDs earn at a rate of 1.05% and 3.00%, respectively, while its highest-yielding money market account has an APY of 0.35%. Given its noncompetitive savings rate, you should consider looking elsewhere to open savings accounts.

How Central Bank & Trust Co.'s Savings Rates Compare

Central Bank & Trust Co. Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.3
SmartAsset Average: 4.4

Central Bank & Trust Co. has typically high fees compared to the average U.S. bank. At $6.00 per month, Central Bank & Trust Co. is not the best product for those who want a simple banking experience. Additionally, Central Bank & Trust Co. has an overdraft fee of $32.00, which is lower than the average overdraft fee charged by U.S. banks. Central Bank & Trust Co. unfortunately does not reimburse out-of-network ATM charges, meaning you'll need to locate a Central Bank & Trust Co. ATM or pay the cost of withdrawal.

Monthly Fee $6.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $32.00 National Average: $35.00
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Service Quality

3.4
SmartAsset Average: 3.7

Central Bank & Trust Co. is a brick-and-mortar bank, with 26 total branches in Kentucky. With mobile and web apps, Central Bank & Trust Co. makes mobile banking convenient, even on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 6 p.m. ET; Saturday, and 9:00 a.m. to 1:00 p.m. ET. Central Bank & Trust Co. gets unsatisfactory marks from users for its mobile app. The Central Bank & Trust Co. mobile app has been given a 3.0 out of 5 (with 180 reviews on iOS and Android) compared to the national average of 3.8. You can access Central Bank & Trust Co.'s app to manage your finances by checking monthly statements, sending and receiving money as well as reaching customer service. Central Bank & Trust Co. gets a superb consumer satisfaction rating due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

4.8
SmartAsset Average: 4.8

Central Bank & Trust Co. ranks as a large bank and manages $2 billion in assets as well as deposits totaling $2 billion. It has a strong Texas Ratio of 5.46%, suggesting a tiny opportunity of failure. Additionally, Central Bank & Trust Co. is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.46%
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 Central Bank & Trust Co. to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Checking Account 0.25% APY $1
Certificates of Deposit
  • 12 Month: 1.05% APY
  • 24 Month: 1.40% APY
  • 36 Month: 1.65% APY
  • 48 Month: 2.75% APY
  • 60 Month: 3.00% APY
$500 for all terms
Money Market Account 0.35% APY $10000

Central Bank & Trust Co. offers 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 & Trust Co. 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 & Trust Co.'s CD rates are fair in comparison to the average U.S. bank.

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Find a Central Bank & Trust Co. Near Me

Central Bank & Trust Co. has 26 branches in the U.S.

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