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HomeTown Bank Review

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HomeTown Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


HomeTown Bank started in 2005 and its headquarters are located in Roanoke, Virginia. HomeTown Bank handles assets of $550 million as well as $478 million in deposits, making it a medium-size bank. HomeTown 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 commendable 4.3 out of 5 stars, HomeTown Bank proves it is a solid contender in your bank search. HomeTown Bank offers a varied choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. HomeTown Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, HomeTown Bank offers an option without a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best bet for accruing the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.30%, HomeTown Bank ranks poorly in comparison to the average U.S. bank. Its CD rates are 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 0.30%. Given HomeTown Bank's below average savings rate, you should think about other options to earn more on your deposits.

How HomeTown Bank's Savings Rates Compare

HomeTown Bank Savings 0.30 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

HomeTown Bank has typically extremely low fees compared to the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. HomeTown Bank unfortunately does not refund out-of-network ATM fees, meaning you'll need to locate a HomeTown Bank ATM or accept 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

SmartAsset Average: 3.7

HomeTown Bank is a brick-and-mortar bank, with six total branches in Virginia. With mobile and web apps, HomeTown Bank makes account access easy, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 8:00 a.m. to 6:00 p.m. ET. HomeTown Bank's online and mobile banking services receive high marks from users. Out of 15 ratings across both Apple and Android platforms, the HomeTown Bank mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). You can access HomeTown Bank's app to manage your finances by looking at account balances, transferring money as well as accessing support representatives. HomeTown Bank gets an outstanding consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

HomeTown Bank is a medium-size bank with $550 million in assets as well as $478 million in deposits. HomeTown Bank's Texas Ratio is 7.74%, suggesting a small opportunity of failure. Additionally, HomeTown Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 HomeTown Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $1
Checking Account 0.15% APY $2500
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.80% APY
  • 36 Month: 0.85% APY
  • 48 Month: 1.20% APY
  • 60 Month: 1.75% APY
$500 for all terms
Money Market Account 0.25% APY $10000

HomeTown Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. HomeTown Bank does not have the best savings rate, which means you should think about taking a look 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. HomeTown Bank's CD rates are fair in comparison to the national average.

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Find a HomeTown Bank Near Me

HomeTown Bank has six physical branches in the U.S.

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