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Community Trust 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
Community Trust Bank Checking
0.10% APY

Community Trust Bank is a full-service financial institution that offers a wide range of personal and business bank accounts, mortgages, personal loans and wealth/investment management. The bank has an especially large number of checking accounts, CDs and IRAs.

Community Trust has 82 brick-and-mortar branch locations and around 100 ATMs spread across just three states: Kentucky, Tennessee and West Virginia. If you can't get to a branch, the bank has a complete array of online banking services, as well as a mobile app.

Products Offered

Product Key Details
Savings Accounts
  • Easy-to-meet minimum deposits
  • Decent APYs
  • Low or nonexistent fees
Checking Accounts
  • Six accounts to choose from
  • Good APYs for checking accounts
  • Free debit cards
Money Market Accounts (MMAs)
  • Monthly fee is waived just by maintaining the opening deposit
  • Lackluster APYs
Certificates of Deposit (CDs) and IRAs
  • High-end terms have strong APYs
  • Plenty of terms available
  • $1,000 to open a standard CD

Community Trust Bank Overview

Community Trust Bank is centrally based in Pikeville, Kentucky. It has been in business since 1903, making it a fixture in the Bluegrass State. The vast majority of the bank’s branches are located in Kentucky, though West Virginia and Tennessee are also home to a few.

Community Trust Bank Advantage Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Account Branches, online, mobile and ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates 0.15% APY

You can only get a Community Trust Advantage Savings Account if you connect it with your Community Trust checking account. To fulfill this requirement, you must make at least one automatic transfer of $10 or more from your checking account per statement cycle. Benefits of this account include no monthly maintenance fee, an upgraded interest rate and a manageable $100 minimum opening deposit.

On the other hand, the Access Savings Account is the most basic incarnation of a savings account at Community Trust. You’ll need just $10 to open it, and all monthly fees are waived if you maintain a $100 minimum daily ledger balance or are younger than 19 years old.

For those who are saving for a very specific purpose, Community Trust’s Savings Club is likely your best option. The account again requires just a $10 initial deposit and comes with no monthly fees, allowing you to save without the hindrance of fees. However, the caveat of this account is that you cannot take your money out whenever you want. Instead, it can only be paid out on June 1 or October 15, otherwise you’ll be subject to a $10 fee.

Compare Community Trust Bank to Other Competitive Offers

Community Trust Bank Easy Interest Checking Account

Key Features Details
Minimum Deposit $1,000
Access to Your Account Branches, online, mobile and ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees
  • $12.50 monthly maintenance fee that’s waivable by:
    • Maintaining a daily balance of $1,000 OR
    • Maintaining a daily balance of $5,000 across all internal savings account, CDs, MMAs and IRAs
Current Terms and Rates 0.10% APY

Those looking for simple, low-cost checking options will presumably find the Flexible Checking Account and Unlimited Checking Account to their liking. They each include the basics, like unlimited check-writing, online bill pay, online banking and no-fee ATM transactions. Both accounts have a $100 minimum opening deposit, though the former has no monthly fees and the latter has a $5.50 waivable monthly fee. You cannot earn interest with either account.

If you want to combine the perks of a savings and checking account, Community Trust has created the Easy Interest Account and the Prime Interest Account. The Prime account earns the higher tiered interest rates of the two, but it costs more to open one. Instead of the Easy account’s $1,000 opening deposit requirement, the Prime account calls for a minimum of $2,500. To avoid the Easy account’s $12.50 monthly fee and the Prime account’s $20 monthly fee, you’ll need to sustain a minimum balance of $1,000 or $2,500, respectively.

For customers 50 years or older, Community Trust offers the CTB 55 + Club Interest Checking Account and the CTB 55+ Club Checking Account. There are some unique perks with these accounts, such as $10,000 accidental death and dismemberment insurance, a $10 savings account for each newborn grandchild and a free order of personalized checks. Although the regular checking account isn’t eligible for interest rates, the CTB 55 + Club Interest Checking Account is. As long as you hold your balance above $1,000, you’ll keep earning interest.

Community Trust Bank Money Market Savings Account

Key Features Details
Minimum Deposit $2,500
Access to Your Account Branches, online, mobile and ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees
  • $10 monthly maintenance fee that’s waivable by:
    • Maintaining a daily balance of $2,500
Current Terms and Rates 0.10% APY

Similar to most money market accounts (MMAs), the Community Trust Money Market Savings Account calls for a sizable $2,500 opening deposit. If you can at the very least sustain that balance, you’ll both earn interest and waive your monthly maintenance fee. Rates are tiered for this account, so the more you deposit, the better the rate you’ll get. Contrary to the quarterly interest compound policy of most of the bank’s savings accounts, this MMA does so on a monthly basis.

Community Trust Bank Personal CD

Key Features Details
Minimum Deposit $1,000
Access to Your Account Branches, online &mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Rates tiered based on term length:
    • 7-day: 0.10% APY
    • 30-day: 0.10% APY
    • 31- to 91-day: 0.10% APY
    • 3- to 5-month: 0.15% APY
    • 6- to 11-month: 0.25% APY
    • 12- to 23-month: 1.26% APY
    • 24- to 35-month: 1.31% APY
    • 36- to 47-month: 1.76% APY
    • 48- to 59-month: 2.03% APY
    • 60-month: 2.28% APY
    • 9-month preferred
      • $1,000 - $49,999.99: 1.00% APY
      • $50,000 and up: 1.10% APY

Whereas most banks will have one certificate of deposit (CD) available in multiple tiers, Community Trust actually institutes four different CDs. The Personal CD is what will probably suit most customers, as it features terms as short as seven days and as long as five years. You’ll need at least $1,000 to gain interest eligibility for this account. However, anyone who can manage an opening deposit of $5,000 or more can choose to have interest paid by check or to either his or her in-house savings or checking account.

In an effort to help families save for their children’s future education, Community Trust created the Graduation CD. You’ll surprisingly need just $50 to get this account off the ground, and you’re also allowed to make additional deposits as you please. This is done in an effort to help you maximize your savings for college.

Community Trust Bank IRAs

Key Features Details
Minimum Deposit $50
Access to Your Account Branches, online and mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Rates tiered based on term length:
    • 7-day: 0.10% APY
    • 30-day: 0.10% APY
    • 31- to 91-day: 0.10% APY
    • 3- to 5-month: 0.15% APY
    • 6- to 11-month: 0.25% APY
    • 12- to 23-month: 1.26% APY
    • 24- to 35-month: 1.31% APY
    • 36- to 47-month: 1.76% APY
    • 48- to 59-month: 2.03% APY
    • 60-month: 2.28% APY 
    • 9-month preferred
      • $1,000 - $49,999.99: 1.00% APY
      • $50,000 and up: 1.10% APY

It’s always best to take your retirement savings into your own hands, even if you have an employer-sponsored 401(k) or another account. Community Trust’s individual retirement account (IRA) is a solid place to start, with interest terms available from a week to five years. You can stick with a fixed interest rate or take your chances with a variable rate. Taxes are deferred until your IRA reaches maturity, though the bank insists you should consult your tax professional before making any final decisions.

Where Can I Find Community Trust Bank?

Community Trust Bank is the epitome of a regional financial institution, as it offers branches in three states: Kentucky, West Virginia and Tennessee. In total, the bank operates 82 locations, though there are just three branches in Tennessee and six in West Virginia. As far as ATMs are concerned, Community Trust provides more than 100 machines in the same trio of states. It has a partnership with L&N Federal Credit Union (L&N FCU), giving customers free access to its ATMs too.

What Can You Do Online With Community Trust Bank?

Community Trust Bank has built well-rounded online and mobile banking platforms. In fact, from its website, you can view your balances, e-statements and transaction histories, sign up for online bill pay and make inter-account transfers. The bank even has the services in place to make it possible to transfer funds from your Community Trust account to an account held at an outside financial institution. Like Venmo and other money transfer services, online banking customers can use “People Pay” to send and accept payments to and from friends and family.

The mobile banking experience at Community Trust seems fine, but the bank’s app has received an average rating of just three stars between the Apple and Android app stores. Every feature that the bank offers online you’ll also be able to access through the mobile app. There are a few extra benefits available through this platform, such as mobile check deposit and a branch/ATM locator. You can also connect your Apple Pay, Google Pay or Samsung Pay account.

How Do I Access My Money?

There is no simpler way to check on that status of your Community Trust accounts than to visit either its online banking website or mobile banking app. If you need to get your hands on some cash, there’s a ATM locator in the app that can help you find a fee-free ATM in Kentucky, Tennessee or West Virginia. Just about every account comes paired with a debit card, which you can use to pay for purchases directly from your balance.

How Can I Save More Money With a Community Trust Bank Account?

There’s no trick to increasing your savings potential at Community Trust Bank: the more you deposit, the more you’ll make. Although many of the accounts available at the bank utilize quasi-tiered interest rates, a good portion of them currently offer the same APY regardless of balance. This, however, is far from what’s available through the bank’s CDs and IRAs, as rates stretch up to 2.28% for a five-year CD.

What’s the Process For Opening an Account With Community Trust Bank?

In order to become a customer of Community Trust Bank, you’ll need to stop by one of its 82 branch locations. Unlike some of its competitors, the bank currently does not provide a service through which to open an account online or over the phone.

What’s the Catch?

It might seem obvious, but the services of Community Trust Bank are essentially out of reach for anyone outside of Kentucky, West Virginia and Tennessee. So while Community Trust definitely meets requirements of a “large bank,” it isn’t a nationwide operation like Wells Fargo or Chase.

Bottom Line

Community Trust Bank has a plethora of different accounts to choose from, which, in theory, means it offers something for everyone. Although its typical savings and interest checking account rates are nothing spectacular, they’re average or better, which is more than can be said for some national banks. Furthermore, Community Trust has an impressive set of CDs and IRAs that offer great rates on terms a year or longer. All in all, the bank is a solid choice for anyone who lives in its area of operation.

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