Loading
Tap on the profile icon to edit
your financial details.

Commonwealth Bank and Trust Company Review

Your Details Done
by Updated
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
Commonwealth Bank and Trust Company Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Commonwealth Bank and Trust Company started in 1887 with its headquarters in Louisville, Kentucky. Commonwealth Bank and Trust Company owns assets of $990 million as well as $839 million in deposits, classifying it as a medium-size bank. Commonwealth Bank and Trust Company lacks premium access to customer service, 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. With a commendable 4.1 out of 5 stars, Commonwealth Bank and Trust Company proves it is a good bank that deserves your consideration. Commonwealth Bank and Trust Company provides customers with a complete suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Commonwealth Bank and Trust Company's ordinary checking account does not have a monthly fee. Locating an institution with no-fee checking as well as a high savings APY is the best option for gaining the most income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

Commonwealth Bank and Trust Company has a savings rate of 0.10%, which is fair in comparison to the average U.S. bank. Commonwealth Bank and Trust Company's one-year CD earns at a rate of 1.50% and the five-year CD earns at a rate of 2.53%, while its highest-yielding money market account has an APY of 0.25%. Given Commonwealth Bank and Trust Company's poor savings rate, you should consider other options to earn more on your deposits.

How Commonwealth Bank and Trust Company's Savings Rates Compare

Commonwealth Bank and Trust Company Savings 0.10 National Average 0.26 Compare Offers
Back to Overview

Fees

3.9
SmartAsset Average: 4.4

On average, Commonwealth Bank and Trust Company charges its customers above-average fees compared to the average U.S. bank. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is fair because it charges an out-of-network ATM fee of $2.00, which is reasonable in comparison to other U.S. banks. Also, at $36.00, it has a slightly higher overdraft fee compared to the national average overdraft fee. Commonwealth Bank and Trust Company unfortunately doesn't reimburse out-of-network ATM fees, meaning you will have to find a Commonwealth Bank and Trust Company ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $36.00 National Average: $35.00
Back to Overview

Service Quality

3.7
SmartAsset Average: 3.7

Commonwealth Bank and Trust Company is a brick-and-mortar bank, with 18 total branches in Kentucky. With mobile and web apps, Commonwealth Bank and Trust Company makes mobile banking convenient, even on the go. Commonwealth Bank and Trust Company's online and mobile banking platforms get fair scores from users. The Commonwealth Bank and Trust Company mobile app scored a 3.6 out of 5 (out of 12 reviews on Apple and Android) compared to the national average of 3.8. You can access Commonwealth Bank and Trust Company's mobile app to manage your finances by monitoring monthly statements, transferring money as well as accessing customer service. Commonwealth Bank and Trust Company receives a superb consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.9
SmartAsset Average: 4.8

Commonwealth Bank and Trust Company is a medium-size bank owning $990 million in assets and $839 million in deposits. Commonwealth Bank and Trust Company has an excellent Texas Ratio of 2.29%, indicating that the bank is in terrific financial well-being and unlikely to fail. Additionally, Commonwealth 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.

Back to Overview

Compare Commonwealth Bank and Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 2.53% APY
  • 36 Month: 2.53% APY
  • 48 Month: 2.53% APY
  • 60 Month: 2.53% APY
$500 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

Commonwealth Bank and Trust Company offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Commonwealth 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. Commonwealth Bank and Trust Company's CD rates are fair compared to other U.S. banks.

Back to Overview

Find a Commonwealth Bank and Trust Company Near Me

Commonwealth Bank and Trust Company has 18 branches in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure