Montecito Bank & Trust Review

Overview

Established in 1975, Montecito Bank & Trust has assets totaling $2.08 billion and deposits totaling $1.85 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 options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a commendable 4.1 out of 5 stars, Montecito Bank & Trust is a good bank that should be given a look. Montecito Bank & Trust has the complete slate of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Montecito Bank & Trust has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Montecito Bank & Trust's ordinary checking account does not have a monthly fee. Locating 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 gaining the most income from your deposits while having easy access to your money.

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

Montecito Bank & Trust features a savings rate of 0.05%, which is poor in comparison to the national average. Montecito Bank & Trust's one-year and five-year term lengths CDs earn at a rate of 3.05% and 0.25%, respectively, while its highest-yielding money market account has an APY of 0.35%. Given Montecito Bank & Trust's noncompetitive savings rate, you should consider looking at the competition to open savings accounts.

How Montecito Bank & Trust's Savings Rates Compare

Montecito Bank & Trust has generally low fees in comparison to other U.S. banks. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. For those who use cash often, it is fair because it has no out-of-network ATM fee, which is reasonable compared to the average U.S. bank. Additionally, at $34.00, it has a considerably lower overdraft fee compared to the national average. Montecito Bank & Trust unfortunately does not refund out-of-network ATM fees, meaning you will have to find a Montecito Bank & Trust ATM or pay the withdrawal fee.

Montecito Bank & Trust is a brick-and-mortar bank, with 16 total branches in California. It also offers access to mobile and web apps for a simple mobile-banking experience. 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 and 7:00 a.m. to 6:00 p.m. PT. Montecito Bank & Trust's online and mobile banking services get mediocre marks from users. The Montecito Bank & Trust mobile app is rated at 2.6 out of 5 (out of 37 reviews on Apple and Android) compared to the national average of 3.8. Montecito Bank & Trust's mobile app allows you to control your bank accounts by reviewing monthly statements, transferring money and reaching support representatives. Montecito Bank & Trust receives an excellent consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Montecito Bank & Trust is a medium-size bank with $2.08 billion in assets as well as deposits totaling $1.85 billion. Montecito Bank & Trust's Texas Ratio is 2.36%, suggesting a low chance of failure. 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.

Products Offered

Montecito Bank & Trust has several deposit products including 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 consider other options 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 compared to the average U.S. bank.

Find a Montecito Bank & Trust Near Me

Montecito Bank & Trust has 16 physical branches across the U.S.