Established in 1975, Montecito Bank & Trust has $1 billion in assets and deposits totaling $1 billion, which makes it a medium-size bank. Montecito Bank & Trust, whose headquarters are in Santa Barbara, California, 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 offerings. SmartAsset experts rated the bank 4.1 stars out of 5, which means Montecito Bank & Trust is a good bank that deserves your consideration. Montecito Bank & Trust offers the full package of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Montecito Bank & Trust's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee and a savings account with a high APY at the same bank is the best option for accruing the most income on your deposits while having convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.05%, Montecito Bank & Trust ranks poorly compared to the average U.S. bank. Its CDs feature a rate of 1.76% and 2.34% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.10%. Given its below average savings rate, you should think about other options to earn more on your deposits.
How Montecito Bank & Trust's Savings Rates Compare
Montecito Bank & Trust charges its customers low fees in comparison to the national average. With no monthly fee, Montecito Bank & Trust is ideal for people who want a basic checking account. For those who will need cash in a pinch, Montecito Bank & Trust is fair because it has an out-of-network ATM fee of $2.00, which is reasonable compared to the average U.S. bank. Also, at $34.00, it has a markedly lower overdraft fee compared to the national average. Montecito Bank & Trust doesn't reimburse out-of-network ATM fees, which means you'll need to search for a Montecito Bank & Trust ATM or pay the ATM charge.
Montecito Bank & Trust is a brick-and-mortar bank, with 14 total branches in California. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 7:00 a.m. to 6:00 p.m. PT. Montecito Bank & Trust gets unsatisfactory marks from users for its online presence. Out of 37 customer reviews across both iOS and Android platforms, the Montecito Bank & Trust mobile app has an overall rating of 2.6 out of 5 (compared to the national average of 3.8). Montecito Bank & Trust's mobile app allows you to control your accounts by monitoring account balances, sending and receiving money and reaching support representatives. Montecito Bank & Trust receives a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.
Montecito Bank & Trust is currently a medium-size bank and handles assets totaling $1 billion as well as deposits totaling $1 billion. Montecito Bank & Trust's Texas Ratio is 1.64%, signifying that Montecito Bank & Trust is in terrific financial health and unlikely to fail. Additionally, Montecito Bank & Trust 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 Montecito Bank & Trust to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$1|
|Checking Account||0.03% APY||$1|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Account||0.1% APY||$10000|
Montecito Bank & Trust has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Montecito Bank & Trust 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. Montecito Bank & Trust's CD rates are fair in comparison to the national average.Back to Overview
Find a Montecito Bank & Trust Near Me
Montecito Bank & Trust has 14 branches across the U.S.Back to Overview