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Commonwealth Bank and Trust Company Review

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

Overview

Started in 1887, Commonwealth Bank and Trust Company has $990 million in assets and $839 million in deposits, classifying it as a medium-size bank. Commonwealth Bank and Trust Company, whose headquarters are in Louisville, Kentucky, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a commendable 4.1 out of 5 stars, Commonwealth Bank and Trust Company is a respectable bank that should be given a look. Commonwealth Bank and Trust Company has the complete slate 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 looking for a checking account for everyday use, Commonwealth Bank and Trust Company's standard checking account does not have a monthly fee. Locating an institution with no-fee checking, in addition to a high savings APY is the best option for getting the highest income on your deposits alongside convenient access to your money.

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

With a savings rate of 0.10%, Commonwealth Bank and Trust Company ranks poorly compared to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 1.50% and 2.50%, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Given its poor savings rate, you should think about 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
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Fees

3.9
SmartAsset Average: 4.4

On average, Commonwealth Bank and Trust Company charges its customers above-average fees in comparison to other U.S. banks. With no monthly fee, Commonwealth Bank and Trust Company is perfect for those who want a basic banking experience. For those who will need cash in a pinch, it is fair because it has an out-of-network ATM fee of $2.00, which is reasonable in comparison to the average U.S. bank. Also, at $36.00, its overdraft fee is slightly higher than the average U.S. overdraft fee. Commonwealth Bank and Trust Company does not reimburse out-of-network ATM charges, meaning you'll need to locate a Commonwealth Bank and Trust Company ATM or eat the withdrawal fee.

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
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Service Quality

3.7
SmartAsset Average: 3.7

Commonwealth Bank and Trust Company is a brick-and-mortar bank, with 18 total bank locations in Kentucky. It also offers access to mobile and web apps for straightforward access and banking on the go. Commonwealth Bank and Trust Company gets average reviews from users for its mobile app. With 12 ratings on both Apple and Android platforms, the Commonwealth Bank and Trust Company mobile app has an overall rating of 3.6 out of 5 (compared to the national average of 3.8). Commonwealth Bank and Trust Company's mobile app allows you to control your funds by monitoring monthly statements, transferring money as well as accessing customer service. Commonwealth Bank and Trust Company receives a superb consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.6/5
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

Commonwealth Bank and Trust Company is a medium-size bank owning assets totaling $990 million as well as deposits totaling $839 million. Commonwealth Bank and Trust Company's Texas Ratio is 2.29%, indicating that the bank is in outstanding financial condition 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.

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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: 1.80% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.25% APY
  • 60 Month: 2.50% APY
$500 for all terms
Money Market Account 0.25% APY $10000

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 other options 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 the average U.S. bank.

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Find a Commonwealth Bank and Trust Company Near Me

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

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