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Redding Bank of Commerce Review

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Redding Bank of Commerce Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Redding Bank of Commerce was founded in 1982 with its headquarters in Redding, California. Redding Bank of Commerce has assets of $1 billion as well as deposits totaling $1 billion, making it a medium-size bank. Redding Bank of Commerce lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With an average 3.6 out of 5 stars, Redding Bank of Commerce proves it is a decent choice, but with better options out there. Redding Bank of Commerce offers a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking product maintains a $8.95 monthly fee, which places it at the higher end of monthly fees. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same bank is your best bet for accruing the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.10%, Redding Bank of Commerce ranks poorly as compared against the national average. Redding Bank of Commerce's CDs feature a rate of 0.40% and 1.46% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.20%. Given its poor savings rate, you should consider other options to earn more on your deposits.

How Redding Bank of Commerce's Savings Rates Compare

Redding Bank of Commerce Savings 0.10 National Average 0.26 Compare Offers
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Fees

2.6
SmartAsset Average: 4.4

Redding Bank of Commerce has generally high fees compared to other U.S. banks. At $8.95/month, Redding Bank of Commerce is not great for people who want a simple banking experience. Redding Bank of Commerce doesn't reimburse out-of-network ATM charges, meaning you'll have to locate a Redding Bank of Commerce ATM or eat the cost of withdrawal.

Monthly Fee $8.95 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

4.1
SmartAsset Average: 3.7

Redding Bank of Commerce is a brick-and-mortar bank, with 10 total branches in California. It also offers access to mobile and web apps for simple access and banking on the go. Redding Bank of Commerce gets fairly high marks from users for its mobile banking services. Out of 39 customer reviews across iOS and Android platforms, the Redding Bank of Commerce mobile app is scored at 4.2 out of 5 (compared to the national average of 3.8). You can utilize Redding Bank of Commerce's mobile app to manage your accounts by looking at current statements, transferring funds as well as reaching customer service. Redding Bank of Commerce gets a superb consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Redding Bank of Commerce ranks as a medium-size bank and has $1 billion in assets and deposits totaling $1 billion. Its Texas Ratio is 4.09%, denoting a minute likelihood of failure. Additionally, Redding Bank of Commerce is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.09%
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 Redding Bank of Commerce to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.95% APY
  • 48 Month: 1.11% APY
  • 60 Month: 1.46% APY
$500 for all terms
Money Market Account 0.2% APY $2500

Redding Bank of Commerce has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Redding Bank of Commerce does not have the best savings rate, which means you should think about 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. Redding Bank of Commerce's CD rates are fair in comparison to other U.S. banks.

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Find a Redding Bank of Commerce Near Me

Redding Bank of Commerce has 10 physical locations in the U.S.

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