Builtwell Bank Review

Builtwell Bank Savings

0.10% APY

Builtwell Bank was founded in 1904 with its headquarters in Chattanooga, Tennessee. Builtwell Bank handles assets totaling $952 million as well as deposits totaling $840 million, making it a medium-size bank. Builtwell Bank has above-average customer service access with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. On the whole, Builtwell Bank is a good bank that gets the job done at a rating of 4.1 out of 5 stars from the SmartAsset team. 

Builtwell Bank provides customers with a variety of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate, which means you can find higher rates with other banks. The bank's standard checking product has a $8.00 monthly fee, which may be better for customers that will always carry a large balance. Using one bank for checking and savings is perfect for getting the largest interest rates on your deposits while maintaining easy control over your money.

Service Quality

Builtwell Bank is a brick-and-mortar bank, with 24 total bank locations in Georgia and Tennessee. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:30 a.m. to 5:30 p.m. CT. Builtwell Bank also offers a live chat feature, which may provide helpful service without getting on the phone.

Builtwell Bank's online and mobile banking services get high marks from users: the Builtwell Bank mobile app rates a 4.2 out of 5 (with 96 ratings on Apple and Android) compared to the national average of 3.8. Builtwell Bank's mobile app lets you manage your accounts by checking account balances, transferring money and reaching customer service. Builtwell Bank gets an excellent consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

It has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Builtwell Bank does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Builtwell Bank's CD rates are competitive compared to other U.S. banks.

Rates

With a savings rate of 0.05%, Builtwell Bank ranks below the mean in comparison to other U.S. banks. Its CDs feature a rate of 0.30% 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 0.90%. Builtwell Bank has a fair savings rate, which means you can find higher rates with other banks. Consider other options to earn more on your deposits.

Fees

On average, Builtwell charges customers above-average fees as compared against the national average. At $8.00 per month, Builtwell Bank's checking account is not great for people who want a hassle-free banking experience. For those who use cash often, it is solid because it has ATM fee of $1.00, which is solid in comparison to other U.S. banks. Also, Builtwell Bank has an overdraft fee of $33.93, which is lower than the national average. Builtwell Bank unfortunately does not refund ATM charges meaning you'll be required to search for a Builtwell Bank ATM or accept the ATM charge.

Financial Health

Builtwell Bank is currently a medium-size bank and manages assets totaling $952 million and $840 million in deposits. It has a very good Texas Ratio of 9.94%, suggesting a small possibility of failure. Additionally, Builtwell Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Builtwell Bank Near Me

Builtwell Bank has 24 branches across the U.S.