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Centric Bank Review

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Centric Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1919, Centric Bank has $555 million in assets as well as deposits totaling $486 million, classifying it as a medium-size bank. Centric Bank, whose headquarters are in Harrisburg, Pennsylvania, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a score of 3.8 out of 5 stars, Centric Bank should be near the middle of the pack in your search for a bank. Centric Bank provides customers with a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Centric Bank's ordinary checking account does not have a monthly fee. Using an institution with no-fee checking, in addition to a high interest rate savings account is the best option for returning the highest income on your deposits while maintaining easy access to your money.

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

2.9
SmartAsset Average: 3.5

With a savings rate of 0.10%, Centric Bank ranks poorly compared to other U.S. banks. Its one-year CD has a rate of 0.55% and the five-year CD earns at a rate of 1.30%, while its highest-yielding money market account has a rate of 0.20%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Centric Bank's Savings Rates Compare

Centric Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Centric Bank generally has extremely low fees compared to other U.S. banks. With no monthly fee, Centric Bank's checking account is ideal for people who need an easy checking account. Centric Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you will need to search for a Centric Bank ATM or eat the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.3
SmartAsset Average: 3.7

Centric Bank is a brick-and-mortar bank, with six total branches in Pennsylvania. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Thursday, 8:30 a.m. to 5:00 p.m. ET; Friday, 8:30 a.m. to 6:00 p.m. ET; Saturday, and 8:30 a.m. to 12:00 p.m. ET. Centric Bank receives inferior feedback from users for its mobile platform. The Centric Bank mobile app scored a 1.0 out of 5 (with 5 ratings on iOS and Android) compared to the national average of 3.8. You can use Centric Bank's app to manage your funds by reviewing account balances, transferring money and accessing support representatives. Centric Bank gets a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 1.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Centric Bank is a medium-size bank owning assets totaling $555 million as well as deposits totaling $486 million. It has an excellent Texas Ratio of 3.03%, denoting a minute likelihood of failure. Additionally, Centric Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.03%
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 Centric Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.58% APY
  • 48 Month: 0.75% APY
  • 60 Month: 1.30% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Centric Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Centric Bank does not have the best savings rate, which means you should think about looking 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. Centric Bank's CD rates are fair compared to other U.S. banks.

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Find a Centric Bank Near Me

Centric Bank has six locations in the U.S.

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