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Community Bank of the Chesapeake Review

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Community Bank of the Chesapeake Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Community Bank of the Chesapeake first started operating in 1950 and has its headquarters in Waldorf, Maryland. It manages assets of $1 billion as well as $1 billion in deposits, ranking it as a medium-size bank. Community Bank of the Chesapeake 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 apps. SmartAsset experts rated the bank 3.8 out of 5 stars, suggesting Community Bank of the Chesapeake is an acceptable bank choice, but may leave you wanting more. Community Bank of the Chesapeake offers a variety 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 compared to the average savings account. The bank's standard checking account carries a monthly fee of $5.00, which ranks on the higher end of monthly fees. Banks that offer no-fee checking as well as a high interest rate savings account are your best option for accruing the most income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

4.0
SmartAsset Average: 3.5

With a savings rate of 0.10%, Community Bank of the Chesapeake ranks poorly in comparison to the national average. Community Bank of the Chesapeake's CD rates are 2.00% and 1.75% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.50%. Given Community Bank of the Chesapeake's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Community Bank of the Chesapeake's Savings Rates Compare

Community Bank of the Chesapeake Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

Community Bank of the Chesapeake has typically high fees in comparison to the average U.S. bank. At $5.00 per month, Community Bank of the Chesapeake is not the best option for people who want a simple banking experience. Community Bank of the Chesapeake unfortunately doesn't reimburse out-of-network ATM fees, which means you will need to locate a Community Bank of the Chesapeake ATM or eat the fee.

Monthly Fee $5.00 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

3.4
SmartAsset Average: 3.7

Community Bank of the Chesapeake is a brick-and-mortar bank, with 14 total bank locations in Virginia. With mobile and web apps, Community Bank of the Chesapeake makes mobile banking easy, even on the go. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, N/A; Saturday, and 8:30 a.m. to 4:00 p.m. ET. Community Bank of the Chesapeake's online and mobile banking platforms get mediocre marks from customers. With 15 ratings on both Apple and Android platforms, the Community Bank of the Chesapeake mobile app is scored at 2.9 out of 5 (compared to the national average of 3.8). You can use Community Bank of the Chesapeake's mobile app to control your bank accounts by monitoring monthly statements, sending and receiving money as well as accessing support representatives. Community Bank of the Chesapeake receives a superb consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 2.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Community Bank of the Chesapeake is currently a medium-size bank with $1 billion in assets and $1 billion in deposits. Community Bank of the Chesapeake's Texas Ratio is 9.38%, indicating that the bank is in fine financial shape and far from failure. Additionally, Community Bank of the Chesapeake is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

9.38%
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 Community Bank of the Chesapeake to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 2.00% APY
  • 24 Month: 2.50% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.75% APY
$500 for all terms
Money Market Accounts 0.25% APY 0.5% APY $10000 $15000

Community Bank of the Chesapeake has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Community Bank of the Chesapeake 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. Community Bank of the Chesapeake's CD rates are fair in comparison to the average U.S. bank.

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Find a Community Bank of the Chesapeake Near Me

Community Bank of the Chesapeake has 14 physical locations in the U.S.

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