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Century Bank and Trust Company Review

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Century Bank and Trust Company Savings
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1969, Century Bank and Trust Company has $5 billion in assets as well as $4 billion in deposits, which makes it a large bank. Century Bank and Trust Company, whose headquarters are in Somerville, Massachusetts, lacks premium access to support representatives, with no options for 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. On the whole, Century Bank and Trust Company is a great bank that you should seriously consider, with a score of 4.2 stars out of 5 from the SmartAsset team. Century Bank and Trust Company has a varied choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Century Bank and Trust Company has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Century Bank and Trust Company's standard checking does not have a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best option for returning the most income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

Century Bank and Trust Company features a savings rate of 0.02%, which is poor as compared against the national average. Century Bank and Trust Company's one-year and five-year term lengths CDs earn at a rate of 0.50% and 1.00%, respectively, while its highest-yielding money market account earns at a rate of 0.08%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Century Bank and Trust Company's Savings Rates Compare

Century Bank and Trust Company Savings 0.02 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Century Bank and Trust Company generally has extremely low fees compared to the average U.S. bank. With no monthly fee, Century Bank and Trust Company is perfect for people who want a simple checking account. For those who frequent the ATM, it is ideal because it has no out-of-network ATM fees. Century Bank and Trust Company unfortunately does not refund out-of-network ATM charges, meaning you will be required to locate a Century Bank and Trust Company ATM or eat the withdrawal fee.

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

3.6
SmartAsset Average: 3.7

Century Bank and Trust Company is a brick-and-mortar bank, with 28 total bank locations in Massachusetts. It also offers access to mobile and web apps for simple access and banking on the go. Century Bank and Trust Company gets inferior reviews from users for its mobile platform. The Century Bank and Trust Company mobile app rates a 3.3 out of 5 (out of 61 ratings on iOS and Android) compared to the national average of 3.8. You can utilize Century Bank and Trust Company's mobile app to control your finances by reviewing current statements, transferring funds as well as accessing support representatives. Century Bank and Trust Company gets an exceptional consumer satisfaction score based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Century Bank and Trust Company is a large bank and has assets totaling $5 billion as well as $4 billion in deposits. It has an excellent Texas Ratio of 0.54%, suggesting that the bank is in terrific financial well-being and unlikely to fail. Additionally, Century Bank and Trust Company 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.

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Compare Century Bank and Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.02% APY $10
Checking Account 0.05% APY $10
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.80% APY
  • 36 Month: 0.90% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.00% APY
$1 for all terms
Money Market Account 0.05% APY $10000

Century Bank and Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Century Bank and Trust Company does not have the best savings rate, which means you should think about 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. Century Bank and Trust Company's CD rates are fair in comparison to the national average.

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Find a Century Bank and Trust Company Near Me

Century Bank and Trust Company has 28 physical locations across the U.S.

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