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Clear Mountain Bank Review

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Clear Mountain Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Clear Mountain Bank started in 1931 and has its headquarters in Bruceton Mills, West Virginia. Clear Mountain Bank handles $584 million in assets along with $514 million in deposits, making it a medium-size bank. Clear Mountain Bank lacks premium access to customer service, 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. At a SmartAsset rating of 3.9 out of 5 stars, Clear Mountain Bank should be near the middle of the pack in your search for a bank. Clear Mountain Bank has a mixture of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Clear Mountain Bank has a fair savings rate compared to the average savings account. The bank's standard checking account features a $2.50 monthly fee, which is not too high as compared against the national average. Finding a checking account with no monthly fee and a savings account with a high APY at the same institution is your best option for returning the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

With a savings rate of 0.25%, Clear Mountain Bank ranks poorly in comparison to the national average. Clear Mountain Bank's one-year CD has a rate of 1.00% and the five-year CD earns at a rate of 2.22%, while its highest-yielding money market account earns at a rate of 0.50%. Given Clear Mountain Bank's below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Clear Mountain Bank's Savings Rates Compare

Clear Mountain Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Clear Mountain Bank typically has high fees in comparison to the average U.S. bank. At $2.50/month, Clear Mountain Bank is less than ideal for people who want a basic banking experience. Clear Mountain Bank unfortunately does not reimburse out-of-network ATM charges, meaning you'll be required to locate a Clear Mountain Bank ATM or accept the ATM charge.

Monthly Fee $2.50 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

3.9
SmartAsset Average: 3.7

Clear Mountain Bank is a brick-and-mortar bank, with 13 total bank locations in West Virginia. With mobile and web apps, Clear Mountain Bank makes account access easy, even on the go. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. ET; Saturday, and 8:00 a.m. to 3:00 p.m. ET. Clear Mountain Bank's online and mobile banking services receive fair marks from users. The Clear Mountain Bank mobile app scored a 3.8 out of 5 (with 110 ratings on iOS and Android) compared to the national average of 3.8. Clear Mountain Bank's mobile app allows you to control your accounts by reviewing current statements, transferring money as well as accessing customer service. Clear Mountain Bank gets an exceptional consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Clear Mountain Bank ranks as a medium-size bank with $584 million in assets as well as deposits totaling $514 million. Clear Mountain Bank's Texas Ratio is 6.22%, indicating that Clear Mountain Bank is in good financial well-being and far from failure. Additionally, Clear Mountain Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.22%
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 Clear Mountain Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Checking Account 0.22% APY $1
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.15% APY
  • 36 Month: 1.36% APY
  • 48 Month: 1.66% APY
  • 60 Month: 2.22% APY
$500 for all terms
Money Market Accounts 0.37% APY 0.5% APY $10000 $15000

Clear Mountain Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Clear Mountain Bank does not have the best savings rate, which means you should consider 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. Clear Mountain Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Clear Mountain Bank Near Me

Clear Mountain Bank has 13 physical branches in the U.S.

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