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Community Bank and Trust of Florida Review

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Community Bank and Trust of Florida Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1998, Community Bank and Trust of Florida has assets totaling $710 million along with deposits totaling $647 million, making the institution a medium-size bank. Community Bank and Trust of Florida, whose headquarters are in Ocala, Florida, 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 access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at a commendable 4.3 out of 5 stars, Community Bank and Trust of Florida is a great choice and should warrant serious consideration. Community Bank and Trust of Florida has the full package of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's most basic checking account does not have a monthly maintenance charge. Finding an institution with no-fee checking and a high savings APY is your best bet for returning the highest income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

Community Bank and Trust of Florida features a savings rate of 0.50%, which is fair compared to the national average. Its one-year CD has a rate of 0.85% and the five-year CD has a rate of 2.35%, while its highest-yielding money market account has an APY of 0.50%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Community Bank and Trust of Florida's Savings Rates Compare

Community Bank and Trust of Florida Savings 0.50 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Community Bank and Trust of Florida has typically extremely low fees in comparison to other U.S. banks. With no monthly fee, Community Bank and Trust of Florida's checking account is perfect for those who want an easy checking account. Community Bank and Trust of Florida does not reimburse out-of-network ATM fees, which means you'll need to search for a Community Bank and Trust of Florida ATM or eat the fee.

Monthly Fee $0 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

3.7
SmartAsset Average: 3.7

Community Bank and Trust of Florida is a brick-and-mortar bank, with 11 total bank locations in Florida. With mobile and web apps, Community Bank and Trust of Florida makes account access convenient, even on the go. Community Bank and Trust of Florida's online and mobile banking services get moderate scores from users. The Community Bank and Trust of Florida mobile app has been given a 3.6 out of 5 (with 48 reviews on iOS and Android) compared to the national average of 3.8. You can access Community Bank and Trust of Florida's mobile app to control your bank accounts by checking account balances, sending and receiving money as well as accessing customer service. Community Bank and Trust of Florida receives a superb consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

5.0
SmartAsset Average: 4.8

Community Bank and Trust of Florida ranks as a medium-size bank owning assets totaling $710 million and $647 million in deposits. It has an excellent Texas Ratio of 0.19%, suggesting a minute chance of failure. Additionally, Community Bank and Trust of Florida 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 Community Bank and Trust of Florida to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $1
Checking Account 0.1% APY $1500
Certificates of Deposit
  • 12 Month: 0.85% APY
  • 24 Month: 1.15% APY
  • 36 Month: 1.60% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.35% APY
$3000 for all terms
Money Market Accounts 0.5% APY 0.5% APY $10000 $15000

Community Bank and Trust of Florida has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Community Bank and Trust of Florida 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. Community Bank and Trust of Florida's CD rates are fair in comparison to the average U.S. bank.

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Find a Community Bank and Trust of Florida Near Me

Community Bank and Trust of Florida has 11 locations in the U.S.

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