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Centreville Bank (RI) 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
Centreville Bank Savings
0.02% APY

Overview

Our Rating: 4.4/5 How we calculated this rating

Centreville Bank was founded in 1888 with its headquarters in West Warwick, Rhode Island. It manages $1 billion in assets and $857 million in deposits, classifying it as a medium-size bank. Centreville Bank lacks premium access to support representatives, with no options of live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset experts rated Centreville Bank 4.4 out of 5 stars, suggesting it is a solid contender in your bank search. 

Centreville Bank offers a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Centreville Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking account does not have a monthly maintenance charge. Using the same bank for checking and savings can be perfect for getting the largest interest rates on your deposits while retaining easy access to your funds.

Service Quality

Centreville Bank is a brick-and-mortar bank, with seven total bank locations in Rhode Island. With mobile and web apps, Centreville Bank makes mobile banking straightforward, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. ET; Saturday, 9:00 a.m. to 01:00 p.m. ET. 

Centreville Bank receives average reviews from users for its online presence: the Centreville Bank mobile app rates a 3.9 out of 5 (with 17 ratings on Apple and Android) compared to the national average of 3.8. Centreville Bank's mobile app allows you to manage your bank accounts by monitoring account balances, sending and receiving money as well as accessing customer service. Centreville Bank receives a superb consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.02% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 2.15% APY
  • 36 Month: 2.15% APY
  • 48 Month: 1.80% APY
  • 60 Month: 1.90% APY
$1,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 1.05% APY
  • 25K tier: 1.25% APY
  • $10,000
  • $25,000
Compare Offers
Checking Accounts 0.05% APY $100 Compare Offers

Centreville Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. Centreville Bank 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. Centreville Bank's CD rates are great in comparison to other U.S. banks. 

Rates

Centreville Bank features a savings rate of 0.02%, which is fair as compared against the national average. Its one-year CD has a rate of 1.50% and the five-year CD earns at a rate of 1.90%, while its highest-yielding money market account earns at a rate of 1.25%. Given its below average savings rate, you should think about choosing another bank to earn more on your deposits.

Compare Centreville Bank to Other Competitive Offers

Fees

On average, Centreville Bank charges its customers extremely low fees as compared against the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a simple account. Centreville Bank refunds their ATM charges (with conditions), which gives easy access to cash at any time.

Financial Health

Centreville Bank is a medium-size bank and handles $1 billion in assets and deposits totaling $857 million. Its Texas Ratio is 0.42%, indicating that Centreville Bank is in excellent financial shape and very far from failure. Additionally, Centreville Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Centreville Bank Near Me

Centreville Bank has seven locations in the U.S.

 

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