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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 was founded in 1950 and is headquartered in Waldorf, Maryland. Community Bank of the Chesapeake handles $1 billion in assets along with $1 billion in deposits, making it a medium-size bank. Community Bank of the Chesapeake lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Community Bank of the Chesapeake is a decent choice, but with better options out there, with a score of 3.8 stars out of 5 from our experts. Community Bank of the Chesapeake offers a complete suite of banking products, including 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. The bank's standard checking account maintains a monthly fee of $5.00, making it a rather pricey bank for checking. Banks that offer free checking, in addition to a high savings APY are your best option for returning the highest income from your deposits alongside convenient 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

Community Bank of the Chesapeake features a savings rate of 0.10%, which is poor in comparison to the national average. Its one-year and five-year term lengths CDs earn at a rate of 2.00% and 1.75%, respectively, while its highest-yielding money market account earns at an APY of 0.50%. Given Community Bank of the Chesapeake's below average savings rate, you should consider taking a look at other banks for savings accounts.

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

On average, Community Bank of the Chesapeake charges customers high fees in comparison to the national average. At $5.00/month, Community Bank of the Chesapeake is less than ideal for people who want a simple banking experience. Community Bank of the Chesapeake doesn't refund out-of-network ATM charges, which means you will need to find a Community Bank of the Chesapeake ATM or pay the withdrawal 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 branches in Virginia. With mobile and web apps, Community Bank of the Chesapeake makes mobile banking straightforward, even on the go. It does not have 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 services get poor scores from customers. With 15 customer reviews on both iOS 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 utilize Community Bank of the Chesapeake's mobile app to control your finances by reviewing account balances, sending and receiving money as well as accessing support representatives. Community Bank of the Chesapeake gets an outstanding consumer satisfaction score due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 a medium-size bank and has assets totaling $1 billion as well as deposits totaling $1 billion. Its Texas Ratio is 9.38%, indicating a tiny possibility of 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 Account 0.25% APY $1

Community Bank of the Chesapeake has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Community Bank of the Chesapeake does not have the best savings rate, which means you should think about 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 compared to the national average.

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Find a Community Bank of the Chesapeake Near Me

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

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