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CorTrust Bank National Association Review

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CorTrust Bank National Association Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

CorTrust Bank National Association was founded in 1930 and is headquartered in Mitchell, South Dakota. CorTrust Bank National Association has assets of $796 million and deposits totaling $693 million, ranking it as a medium-size bank. CorTrust Bank National Association lacks premium access to customer service, with no live chat or all-day service options available. 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 4.3 stars out of 5, CorTrust Bank National Association should be solidly in contention for your choice of bank. CorTrust Bank National Association offers a diversity of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking account does not have a monthly fee. Banks that offer no-fee checking and a high savings APY are the best bet for returning the most income from your deposits while having convenient 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

4.0
SmartAsset Average: 3.5

With a savings rate of 0.10%, CorTrust Bank National Association ranks poorly in comparison to the national average. CorTrust Bank National Association's one-year CD has a rate of 1.90% and the five-year CD has a rate of 2.50%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

How CorTrust Bank National Association's Savings Rates Compare

CorTrust Bank National Association Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

CorTrust Bank National Association has typically extremely low fees in comparison to other U.S. banks. CorTrust Bank National Association's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. CorTrust Bank National Association does not refund out-of-network ATM charges, which means you'll need to find a CorTrust Bank National Association ATM or eat the cost of withdrawal.

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

3.0
SmartAsset Average: 3.7

CorTrust Bank National Association is a brick-and-mortar bank, with 25 total branches in Minnesota and South Dakota. It also offers access to mobile and web apps for easy access and banking on the go. CorTrust Bank National Association's online and mobile banking services get poor scores from users. The CorTrust Bank National Association mobile app has been given a 2.3 out of 5 (out of 58 ratings on iOS and Android) compared to the national average of 3.8. You can use CorTrust Bank National Association's app to manage your bank accounts by reviewing account balances, sending and receiving funds as well as accessing support representatives. CorTrust Bank National Association receives a superb consumer satisfaction score based on 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 2.3/5
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

CorTrust Bank National Association is currently a medium-size bank and has $796 million in assets as well as $693 million in deposits. It has an excellent Texas Ratio of 0.60%, signifying that CorTrust Bank National Association is in excellent financial shape and unlikely to fail. Additionally, CorTrust Bank National Association 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 CorTrust Bank National Association 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 $1000
Certificates of Deposit
  • 12 Month: 1.90% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.20% APY
  • 48 Month: 2.25% APY
  • 60 Month: 2.50% APY
$500 for all terms

CorTrust Bank National Association has several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. CorTrust Bank National Association does not have the best savings rate, which means you should think about other options 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. CorTrust Bank National Association's CD rates are fair in comparison to the average U.S. bank.

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Find a CorTrust Bank National Association Near Me

CorTrust Bank National Association has 25 physical locations in the U.S.

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