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Montecito Bank & Trust Review

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Montecito Bank & Trust Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


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.

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 0.05%, 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 Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

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.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $34.00 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

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.

Overall Mobile Rating 2.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

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.

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Compare Montecito Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.03% APY $1
Certificates of Deposit
  • 12 Month: 1.76% APY
  • 24 Month: 2.75% APY
  • 36 Month: 2.18% APY
  • 48 Month: 2.25% APY
  • 60 Month: 2.34% APY
$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.

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Find a Montecito Bank & Trust Near Me

Montecito Bank & Trust has 14 branches across the U.S.

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