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Drummond Community Bank Review

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

Overview

Drummond Community Bank was founded in 1990 and has its headquarters in Chiefland, Florida. Drummond Community Bank has $544 million in assets as well as $481 million in deposits, making it a medium-size bank. Drummond Community Bank lacks premium access to support representatives, 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. With a score of 3.9 stars out of 5, Drummond Community Bank should be near the middle of the pack in your search for a bank. Drummond Community Bank has multiple product offerings, including savings accounts, checking accounts, money market accounts and mortgage products. Drummond Community Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's most basic checking account does not carry a monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is the best option for accruing the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

Drummond Community Bank features a savings rate of 0.05%, which is fair as compared against the national average. Its one-year CD earns at a rate of 0.25%, while its highest-yielding money market account has a rate of 0.05%. Given Drummond Community Bank's below average savings rate, you should consider taking a look at other banks for savings accounts.

How Drummond Community Bank's Savings Rates Compare

Drummond Community Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

Drummond Community Bank charges its customers average fees in comparison to other U.S. banks. With no monthly fee, Drummond Community Bank's checking account is ideal for those who want an easy banking experience. Also, it has an overdraft fee of $36.00, which is slightly steeper than the average U.S. overdraft fee. Drummond Community Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll be required to find a Drummond Community Bank ATM or accept the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $36.00 National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Drummond Community Bank is a brick-and-mortar bank, with 15 total bank locations in Florida. With mobile and web apps, Drummond Community Bank makes mobile banking easy, even on the go. Drummond Community Bank receives moderate reviews from users for its online presence. The Drummond Community Bank mobile app is rated at 3.9 out of 5 (out of 79 reviews on Apple and Android) compared to the national average of 3.8. Drummond Community Bank's mobile app allows you to manage your accounts by monitoring monthly statements, sending and receiving money as well as reaching customer service. Drummond Community Bank gets a superb consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Drummond Community Bank ranks as a medium-size bank and has assets totaling $544 million as well as $481 million in deposits. It has an excellent Texas Ratio of 4.88%, signifying a negligible likelihood of failure. Additionally, Drummond 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

4.88%
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 Drummond Community Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $200
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.50% APY
$500 for all terms
Money Market Accounts 0.05% APY 0.05% APY $10000 $15000

Drummond Community Bank has several deposit products including savings accounts, checking accounts and money market accounts to give you many options to manage your money. Drummond Community Bank does not have the best savings rate, which means you should consider 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. Drummond Community Bank's CD rates are fair compared to the average U.S. bank.

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Find a Drummond Community Bank Near Me

Drummond Community Bank has 15 physical branches across the U.S.

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