Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Montecito Bank & Trust Review

Your Details Done
by Updated
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 assets totaling $1 billion 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 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.

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

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 1.76% and 2.34%, respectively, while its highest-yielding money market account has an APY of 0.10%. 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 Savings 0.05 National Average 0.26 Compare Offers
Back to Overview


SmartAsset Average: 4.4

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 an out-of-network ATM fee of $2.00, 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.

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
Back to Overview

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 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.

Overall Mobile Rating 2.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

SmartAsset Average: 4.8

Montecito Bank & Trust is a medium-size bank with $1 billion in assets as well as deposits totaling $1 billion. Montecito Bank & Trust's Texas Ratio is 1.64%, 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.

Back to Overview

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 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.

Back to Overview

Find a Montecito Bank & Trust Near Me

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

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure