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Central Bank (UT) Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Central Bank (UT) Savings
0.10% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

Central Bank was founded in 1891 with its headquarters in Provo, Utah. It owns $1 billion in assets along with deposits totaling $785 million, ranking it as a medium-size bank. Central Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We gave the bank a 4.3 stars out of 5, which means Central Bank is a great bank that you should seriously consider. 

Central Bank offers a diverse array of banking products, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's most basic checking account does not carry a monthly fee. Using the same bank for checking and savings is perfect when you want to get the largest interest rates on your income while retaining access to your funds without getting penalized for taking out your money.

Service Quality

Central Bank is a brick-and-mortar bank, with 10 total bank locations in Utah. With mobile and web apps, Central Bank makes mobile banking convenient, even on the go.  

Central Bank's online and mobile banking platforms receive reasonably satisfactory feedback from customers: the Central Bank mobile app rates a 4.3 out of 5 (out of 1,200 customer reviews on Apple and Android) compared to the national average of 3.8. Central Bank's mobile app allows you to manage your funds by monitoring current statements, transferring funds as well as accessing customer service. Central Bank gets a superb consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 1.76% APY
  • 24 Month: 1.87% APY
  • 36 Month: 2.02% APY
  • 48 Month: 2.27% APY
  • 60 Month: 2.78% APY
$500 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.95% APY $1,000 Compare Offers
Checking Accounts 0.05% APY $500 Compare Offers

Central Bank has several deposit products including savings accounts, checking accounts and CDs, providing you with many options to manage your money. It does not have the best savings rate, which means you should think about looking elsewhere 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 as compared against the national average.

Rates

With a savings rate of 0.10%, Central Bank ranks below the mean in comparison to the average U.S. bank. Central Bank's CDs feature a rate of 1.76% and 2.78% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.95%. Given its noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

Compare Central Bank (UT) to Other Competitive Offers

Fees

On average, Central Bank charges its customers extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. 

Financial Health

Central Bank is a medium-size bank with $1 billion in assets and $785 million in deposits. Its Texas Ratio is 6.42%, denoting a small likelihood of 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 10 locations across the U.S.

 

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