Central National Bank (TX) Review

Central National Bank Savings

0.15% APY

Established in 1977, Central National Bank has assets totaling $863 million and $735 million in deposits, making it a medium-size bank. Central National Bank, whose headquarters are in Waco, Texas, does not have the customer service bells and whistles of other banks. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. We gave the bank a 4.2 stars out of 5, which means Central National Bank is a solid pick to be your bank. 

Central National Bank provides customers with a varied selection of banking products, which include savings accounts, checking accounts, CDs, mortgage products and credit cards. It offers an average savings account interest rate, suitable if you need a worthier place to hold your money than a checking account. The bank's standard checking product has a $4.00 monthly fee, which is not too bad compared to the national average. Why use checking and savings accounts with one bank? Quick transferring of funds between both accounts means you can still get higher interest rates in your savings account but still use your funds from your checking.

Service Quality

Central National Bank is a brick-and-mortar bank, with four total bank locations in Texas. With mobile and web apps, Central National Bank makes account access easy, even on the go.  

Central National Bank gets high marks from users for its mobile banking services: the Central National Bank mobile app scored a 4.9 out of 5 (with 17 reviews on iOS and Android) compared to the national average of 3.8. Central National Bank's mobile app allows you to control your funds by looking at monthly statements, transferring money as well as accessing customer service. Central National Bank receives a superb consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Central National Bank has several deposit products which include savings accounts, checking accounts and CDs, meaning you have many options to manage your money. Central National Bank does not have the best savings rate, which means you should consider 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 National Bank's CD rates are competitive compared to the average U.S. bank. 

Rates

Central National Bank has a savings rate of 0.15%, which is moderate in comparison to other U.S. banks. Its CD rates are 1.10% and 2.26% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.36%. It has a fair savings rate, which means other popular banks have higher rates. Consider higher earning savings accounts with other banks.

Fees

Central National Bank has generally above-average fees compared to other U.S. banks. At $4.00 per month, Central National Bank is less than ideal for people who want a simple checking account. Central National Bank reimburses their ATM charges (with conditions), which gives convenient access to cash at any time.

Financial Health

Central National Bank ranks as a medium-size bank and owns assets totaling $863 million and $735 million in deposits. It has an excellent Texas Ratio of 0.23%, indicating that Central National Bank is in outstanding financial shape and exceedingly improbable to fail. Additionally, Central National Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Central National Bank Near Me

Central National Bank has four physical locations in the U.S.