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Redding Bank of Commerce Review

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Redding Bank of Commerce Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Redding Bank of Commerce started in 1982 and has its headquarters in Redding, California. It manages $1 billion in assets along with deposits totaling $1 billion, which makes 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 traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated Redding Bank of Commerce 3.6 out of 5 stars, which means it is a decent choice, but with better options out there. Redding Bank of Commerce provides customers with a full choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Redding Bank of Commerce has a fair savings rate compared to the average savings account. The bank's standard checking product has a monthly fee of $8.95, which ranks on the higher end of monthly fees. Banks that offer free checking and a high interest rate savings account are your best option for returning the most income from your deposits while maintaining easy access to your money.

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 0.05%, Redding Bank of Commerce ranks poorly in comparison to the national average. Its one-year CD earns at a rate of 0.30% and the five-year CD has a rate of 1.36%, while its highest-yielding money market account has a rate of 0.18%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Redding Bank of Commerce's Savings Rates Compare

Redding Bank of Commerce Savings 0.05 National Average 0.26 Compare Offers
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Fees

2.6
SmartAsset Average: 4.4

Redding Bank of Commerce has typically high fees compared to the average U.S. bank. At $8.95/month, Redding Bank of Commerce's checking account is not great for those who want a hassle-free checking account. Redding Bank of Commerce unfortunately does not refund out-of-network ATM charges, which means you will have to search for a Redding Bank of Commerce ATM or accept 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 bank locations in California. It also offers access to mobile and web apps for an easy mobile-banking experience. Redding Bank of Commerce's online and mobile banking platforms receive fairly high scores from customers. The Redding Bank of Commerce mobile app is rated at 4.2 out of 5 (out of 39 customer reviews on iOS and Android) compared to the national average of 3.8. You can use Redding Bank of Commerce's app to manage your bank accounts by looking at account balances, sending and receiving money as well as accessing customer service. Redding Bank of Commerce receives an excellent consumer satisfaction score due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 manages assets totaling $1 billion as well as $1 billion in deposits. It has an excellent Texas Ratio of 4.09%, suggesting a low 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 0.05% APY $1
Checking Account 0.08% APY $2500
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.55% APY
  • 36 Month: 0.85% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.36% APY
$500 for all terms
Money Market Account 0.18% APY $2500

Redding Bank of Commerce has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Redding Bank of Commerce does not have the best savings rate, which means you should consider looking 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. Redding Bank of Commerce's CD rates are fair in comparison to the average U.S. bank.

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Find a Redding Bank of Commerce Near Me

Redding Bank of Commerce has 10 physical branches across the U.S.

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