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SmartBank Review

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SmartBank Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


SmartBank was founded in 2007 with headquarters in Pigeon Forge, Tennessee. SmartBank has assets of $2 billion as well as deposits totaling $1 billion, ranking it as a large bank. SmartBank lacks premium access to customer service, 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. We ranked the bank at a 4.4 stars out of 5, suggesting SmartBank is a solid contender in your bank search. SmartBank provides customers with a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. SmartBank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, SmartBank's standard checking account does not have a monthly fee. Finding an institution with free checking and a high interest rate savings account is the best option for getting the highest income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.50%, SmartBank ranks poorly compared to the national average. SmartBank's CDs feature a rate of 2.00% and 3.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.50%. Given its poor savings rate, you should think about looking elsewhere to open savings accounts.

How SmartBank's Savings Rates Compare

SmartBank Savings 0.50 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

SmartBank has typically extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. SmartBank doesn't reimburse out-of-network ATM charges, which means you'll have to locate a SmartBank ATM or accept the 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

SmartAsset Average: 3.7

SmartBank is a brick-and-mortar bank, with 27 total bank locations in Alabama, Florida, Georgia and Tennessee. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Thursday, 8:30 a.m. to 5:00 p.m. ET; Friday, 8:30 a.m. to 6:00 p.m. ET; Saturday, and 8:30 a.m. to 12:00 p.m. ET. SmartBank's online and mobile banking platforms get poor feedback from users. Out of 51 customer reviews across both Apple and Android platforms, the SmartBank mobile app rates a 3.4 out of 5 (compared to the national average of 3.8). SmartBank's mobile app lets you control your funds by reviewing current statements, sending and receiving money and accessing customer service. SmartBank gets an outstanding consumer satisfaction rating due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

SmartBank ranks as a large bank and owns assets totaling $2 billion as well as deposits totaling $1 billion. SmartBank has an excellent Texas Ratio of 3.75%, indicating that the bank is in outstanding financial condition and far from failure. Additionally, SmartBank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 SmartBank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $50
Checking Account 0.2% APY $1500
Certificates of Deposit
  • 12 Month: 2.00% APY
  • 24 Month: 2.40% APY
  • 36 Month: 2.75% APY
  • 48 Month: 2.85% APY
  • 60 Month: 3.00% APY
$1000 for all terms
Money Market Account 0.25% APY $2500

SmartBank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. SmartBank 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. SmartBank's CD rates are fair compared to other U.S. banks.

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Find a SmartBank Near Me

SmartBank has 27 branches across the U.S.

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