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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

Started in 1938, Central Bank & Trust Co. has $2 billion in assets along with deposits totaling $2 billion, making it a large bank. Central Bank & Trust Co., whose headquarters are in Lexington, Kentucky, 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 offerings. With an average 3.8 stars out of 5, Central Bank & Trust Co. proves it is a bank with better alternatives. Central Bank & Trust Co. has the complete selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Central Bank & Trust Co. has a fair savings rate; other popular banks have higher rates. The bank's standard checking product carries a $6.00 monthly fee, which places it at the higher end of monthly fees. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is your best option for getting the most income from your deposits alongside convenient 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. features a savings rate of 0.25%, which is fair compared to other U.S. banks. Its one-year CD has a rate of 1.05% and the five-year CD has a rate of 3.00%, while its highest-yielding money market account earns at a rate of 0.35%. Given its below average savings rate, you should consider other options to earn more on your deposits.

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 generally high fees compared to other U.S. banks. Its checking account has a monthly fee of $6.00, making it fair for anyone looking for a simple account. Also, Central Bank & Trust Co. has an overdraft fee of $32.00, which is less than the national average. Central Bank & Trust Co. unfortunately doesn't refund out-of-network ATM charges, which means you'll be required to locate a Central Bank & Trust Co. ATM or accept the withdrawal fee.

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 easy, even on the go. It does not provide access to 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 reviews from customers for its mobile platform. Out of 180 customer reviews on iOS and Android platforms, the Central Bank & Trust Co. mobile app is scored at 3.0 out of 5 (compared to the national average of 3.8). Central Bank & Trust Co.'s mobile app allows you to manage your accounts by checking current statements, transferring money and accessing customer service. Central Bank & Trust Co. receives an excellent consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed 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

4.8
SmartAsset Average: 4.8

Central Bank & Trust Co. is a large bank owning $2 billion in assets and deposits totaling $2 billion. It has a strong Texas Ratio of 5.46%, denoting that the bank is in good financial shape and far from 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. has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Central Bank & Trust Co. does not have the best savings rate, which means you should consider taking a look 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 compared to the national average.

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Find a Central Bank & Trust Co. Near Me

Central Bank & Trust Co. has 26 locations across the U.S.

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