HomeTown Bank first started operating in 2005 and is headquartered in Roanoke, Virginia. HomeTown Bank manages assets of $550 million and deposits totaling $478 million, which makes it a medium-size bank. HomeTown Bank 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 apps. On the whole, HomeTown Bank is a great choice and should warrant serious consideration, with a rating of 4.3 stars out of 5 from the SmartAsset experts. HomeTown Bank provides customers with a diverse array of product offerings, which include 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 interested in stress-free personal checking, HomeTown Bank's most basic checking does not have a monthly maintenance charge. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is your best bet for getting the most income from your deposits while maintaining easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
HomeTown Bank has a savings rate of 0.30%, which is fair compared 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 has a rate of 0.30%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.
How HomeTown Bank's Savings Rates Compare
HomeTown Bank typically has extremely low fees in comparison to other U.S. banks. With no monthly fee, HomeTown Bank's checking account is ideal for those who want an easy checking account. HomeTown Bank doesn't reimburse out-of-network ATM fees, meaning you will have to find a HomeTown Bank ATM or accept the fee.
HomeTown Bank is a brick-and-mortar bank, with six total branches in Virginia. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not offer all-day customer service with actual service representatives. You can get help during its 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 customers. Out of 15 customer reviews on Apple and Android platforms, the HomeTown Bank mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). HomeTown Bank's mobile app lets you manage your accounts by reviewing account balances, sending and receiving funds as well as accessing support representatives. HomeTown Bank receives a superb consumer satisfaction rating based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
HomeTown Bank is currently a medium-size bank with assets totaling $550 million as well as $478 million in deposits. Its Texas Ratio is 7.74%, denoting that HomeTown Bank is in good financial health and far from 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
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.Back to Overview
Compare HomeTown Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.3% APY||$1|
|Checking Account||0.15% APY||$2500|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Accounts||0.25% APY 0.3% APY||$10000 $15000|
HomeTown Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. HomeTown Bank does not have the best savings rate, which means you should think about looking 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 compared to the average U.S. bank.Back to Overview
Find a HomeTown Bank Near Me
HomeTown Bank has six branches across the U.S.Back to Overview