Central Bank & Trust Co. Review

Overview

Started in 1938, Central Bank & Trust Co. has $3.57 billion in assets along with deposits totaling $2.70 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.

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

Central Bank & Trust Co. features a savings rate of 0.55%, which is fair compared to other U.S. banks. Its one-year CD has a rate of 1.70% and the five-year CD has a rate of 1.45%, while its highest-yielding money market account earns at a rate of 4.00%. 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. 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.

Central Bank & Trust Co. is a brick-and-mortar bank, with 28 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.

Central Bank & Trust Co. is a large bank owning $3.57 billion in assets and deposits totaling $2.70 billion. It has a strong Texas Ratio of 1.69%, 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

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.

Products Offered

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.

Find a Central Bank & Trust Co. Near Me

Central Bank & Trust Co. has 28 locations across the U.S.