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Select Bank & Trust Company Review

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Select Bank & Trust Company Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 2000, Select Bank & Trust Company has assets totaling $1 billion as well as deposits totaling $1 billion, ranking the institution as a medium-size bank. Select Bank & Trust Company, whose headquarters are in Dunn, North Carolina, has above-average access to customer service with all-day support available, great for getting help during the work week. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a commendable 4.3 stars out of 5, Select Bank & Trust Company is a solid pick to be your bank. Select Bank & Trust Company has a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's most basic checking does not have a monthly fee. Banks that offer no-fee checking and a high interest rate savings account are your best option for getting the most income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

Select Bank & Trust Company has a savings rate of 0.20%, which is poor compared to the national average. Select Bank & Trust Company's one-year CD has a rate of 0.01% and the five-year CD has a rate of 0.65%, while its highest-yielding money market account has a rate of 0.20%. Given its below average savings rate, you should consider looking at the competition to open savings accounts.

How Select Bank & Trust Company's Savings Rates Compare

Select Bank & Trust Company Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Select Bank & Trust Company charges its customers extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Select Bank & Trust Company does not reimburse out-of-network ATM charges, which means you'll be required to locate a Select Bank & Trust Company ATM or accept the withdrawal fee.

Monthly Fee $0 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

4.3
SmartAsset Average: 3.7

Select Bank & Trust Company is a brick-and-mortar bank, with 18 total branches in North Carolina and South Carolina. With mobile and web apps, Select Bank & Trust Company makes account access easy, even on the go. It has access to all-day access to representatives. Select Bank & Trust Company's online and mobile banking platforms get fairly decent feedback from users. The Select Bank & Trust Company mobile app rates a 4.2 out of 5 (out of 20 customer reviews on Apple and Android) compared to the national average of 3.8. Select Bank & Trust Company's mobile app allows you to control your finances by monitoring account balances, transferring funds and reaching support representatives. Select Bank & Trust Company receives a superb consumer satisfaction score due to relatively few consumer complaints reported 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

4.9
SmartAsset Average: 4.8

Select Bank & Trust Company ranks as a medium-size bank and handles $1 billion in assets and $1 billion in deposits. Select Bank & Trust Company's Texas Ratio is 3.07%, suggesting that Select Bank & Trust Company is in outstanding financial well-being and far from failure. Additionally, Select Bank & Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.07%
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 Select Bank & Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1000
Checking Account 0.01% APY $100
Certificates of Deposit
  • 12 Month: 0.01% APY
  • 24 Month: 0.30% APY
  • 36 Month: 0.45% APY
  • 48 Month: 0.55% APY
  • 60 Month: 0.65% APY
$10000 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Select Bank & Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Select Bank & Trust Company does not have the best savings rate, which means you should think about 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. Select Bank & Trust Company's CD rates are fair compared to the average U.S. bank.

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Find a Select Bank & Trust Company Near Me

Select Bank & Trust Company has 18 physical locations across the U.S.

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