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Community Bank Review

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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
Community Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Community Bank started in 1866 and its headquarters are located in Canton, New York. Community Bank has assets of $11 billion and deposits totaling $9 billion, making it a large bank. Community 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 access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4.1 out of 5 stars, Community Bank should be solidly in contention for your choice of bank. Community Bank offers a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Community Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Community Bank's standard checking account does not have a monthly fee. Locating an institution with no-fee checking, in addition to a high interest rate savings account is your best bet for returning the highest income from your deposits while having 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

2.9
SmartAsset Average: 3.5

With a savings rate of 0.05%, Community Bank ranks poorly in comparison to the average U.S. bank. Its CD rates are 0.30% and 0.90% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.07%. Given Community Bank's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Community Bank's Savings Rates Compare

Community Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Community Bank typically has extremely low fees in comparison to the national average. Community Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Community Bank doesn't reimburse out-of-network ATM charges, meaning you will be required to locate a Community Bank ATM or eat the withdrawal 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

3.6
SmartAsset Average: 3.7

Community Bank is a brick-and-mortar bank, with 230 total branches in Massachusetts, New York, Pennsylvania and Vermont. With mobile and web apps, Community Bank makes account access easy, even on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Thursday, 9:00 a.m. to 4:30 p.m. ET; Friday, and 9:00 a.m. to 5:30 p.m. ET. Community Bank receives inferior feedback from users for its mobile app. The Community Bank mobile app has been given a 3.4 out of 5 (with 520 customer reviews on Apple and Android) compared to the national average of 3.8. Community Bank's mobile app allows you to manage your funds by monitoring monthly statements, transferring money and reaching customer service. Community Bank receives a superb consumer satisfaction score based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.4/5
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 is currently a large bank owning assets totaling $11 billion as well as deposits totaling $9 billion. Its Texas Ratio is 1.88%, indicating a minute possibility of failure. Additionally, Community Bank 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 to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.01% APY $50
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.60% APY
  • 48 Month: 0.65% APY
  • 60 Month: 0.90% APY
$1000 for all terms
Money Market Accounts 0.05% APY 0.07% APY $10000 $15000

Community Bank offers 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 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's CD rates are fair in comparison to other U.S. banks.

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Find a Community Bank Near Me

Community Bank has 230 physical branches across the U.S.

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