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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

Century Bank and Trust Company was founded in 1969 and is headquartered in Somerville, Massachusetts. It manages $5 billion in assets and $4 billion in deposits, which makes it a large bank. Century Bank and Trust Company 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 commendable 4.2 stars out of 5, Century Bank and Trust Company proves it is a great choice and should warrant serious consideration. Century Bank and Trust Company offers the complete selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Century Bank and Trust Company offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee and a savings account with a high APY at the same institution is the best bet for getting the most income on your deposits alongside easy access to your money.

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

With a savings rate of 0.02%, Century Bank and Trust Company ranks poorly in comparison to other U.S. banks. Its one-year CD has a rate of 0.50% and the five-year CD has a rate of 1.00%, while its highest-yielding money market account earns at an APY of 0.08%. Given its below average savings rate, you should think about looking elsewhere to open savings accounts.

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

On average, Century Bank and Trust Company charges customers extremely low fees compared to other U.S. banks. With no monthly fee, Century Bank and Trust Company's checking account is perfect for people who want a hassle-free banking experience. For those who will need cash in a pinch, it is ideal because it charges no out-of-network ATM fees. Century Bank and Trust Company unfortunately doesn't refund out-of-network ATM charges, meaning you'll need to find a Century Bank and Trust Company ATM or accept 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. With mobile and web apps, Century Bank and Trust Company makes mobile banking straightforward, even on the go. Century Bank and Trust Company receives inferior marks from users for its mobile banking services. The Century Bank and Trust Company mobile app is rated at 3.3 out of 5 (out of 61 reviews on iOS and Android) compared to the national average of 3.8. Century Bank and Trust Company's mobile app allows you to manage your accounts by checking current statements, sending and receiving funds and accessing customer service. Century Bank and Trust Company receives a superb consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 manages assets totaling $5 billion as well as $4 billion in deposits. Century Bank and Trust Company's Texas Ratio is 0.54%, indicating that Century Bank and Trust Company 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 Accounts 0.05% APY 0.08% APY $10000 $15000

Century Bank and Trust Company offers 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 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. Century Bank and Trust Company's CD rates are fair compared to other U.S. banks.

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Find a Century Bank and Trust Company Near Me

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

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