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Putnam County Bank Review

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Putnam County Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1901, Putnam County Bank has assets totaling $620 million as well as $528 million in deposits, making it a medium-size bank. Putnam County Bank, whose headquarters are in Hurricane, West Virginia, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Putnam County Bank is a decent choice, but with better options out there, with a rating of 3.8 stars out of 5 from our experts. Putnam County Bank provides customers with numerous product offerings, including savings accounts, checking accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. Institutions that offer free checking as well as a high interest rate savings account are your best bet for accruing the highest income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

With a savings rate of 0.15%, Putnam County Bank ranks poorly compared to the national average. Putnam County Bank's one-year CD earns at a rate of 1.00%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

How Putnam County Bank's Savings Rates Compare

Putnam County Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Putnam County Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.4
SmartAsset Average: 3.7

Putnam County Bank is a brick-and-mortar bank, with three total bank locations in West Virginia. With mobile and web apps, Putnam County Bank makes account access easy, even on the go. Putnam County Bank's online and mobile banking platforms receive great feedback from customers. The Putnam County Bank mobile app scored a 4.9 out of 5 (with 54 reviews on Apple and Android) compared to the national average of 3.8. You can use Putnam County Bank's mobile app to manage your accounts by monitoring current statements, transferring funds as well as accessing customer service. Putnam County Bank receives a superb consumer satisfaction rating based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

3.4
SmartAsset Average: 4.8

Putnam County Bank is currently a medium-size bank with $620 million in assets and $528 million in deposits. Putnam County Bank has a good Texas Ratio of 32.32%, suggesting that Putnam County Bank is in decent financial shape. Additionally, Putnam County Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

32.32%
High Risk 75% 50% 20% 10% Low Risk

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 Putnam County Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $10
Checking Account 0.2% APY $1000
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.20% APY
  • 36 Month: 1.35% APY
  • 48 Month: 1.60% APY
$1000 for all terms

Putnam County Bank has several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Putnam County Bank 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. Putnam County Bank's CD rates are fair in comparison to the national average.

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Find a Putnam County Bank Near Me

Putnam County Bank has three physical branches in the U.S.

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