Select Bank & Trust Company Review

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.

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

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 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.

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.

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

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.

Products Offered

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.

Find a Select Bank & Trust Company Near Me

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