Founded in 2007, SmartBank has $2 billion in assets along with $1 billion in deposits, which makes the institution a large bank. SmartBank, whose headquarters are in Pigeon Forge, Tennessee, has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.4 out of 5 stars, SmartBank should be solidly in contention for your choice of bank. SmartBank has a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. SmartBank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product features a $10.00 monthly fee, which is not too high in comparison to other U.S. banks. Locating an institution with no-fee checking and a high savings APY is the best option for gaining the highest income on your deposits while having easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
SmartBank features a savings rate of 0.50%, which is poor compared to the average U.S. bank. SmartBank's one-year CD has a rate of 2.00% and the five-year CD has a rate of 3.00%, while its highest-yielding money market account has an APY of 0.50%. Given its noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.
How SmartBank's Savings Rates Compare
On average, SmartBank charges customers extremely low fees in comparison to the national average. At $10.00/month, SmartBank's checking account is ideal for those who need an easy banking experience. Also, SmartBank has an overdraft fee of $35.00, which is the average overdraft fee charged by U.S. banks. SmartBank unfortunately doesn't refund out-of-network ATM charges, meaning you'll have to search for a SmartBank ATM or accept the withdrawal fee.
SmartBank has both an online and physical presence, with 40 total branches in , , , , , , , , , , , , , , , , , , , , , , and . It also offers access to mobile and web apps for simple access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its 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 also offers a live chat feature, key for getting quick access to customer service. SmartBank's online and mobile banking services receive fairly high scores from users. With 3,099 customer reviews on both iOS and Android platforms, the SmartBank mobile app has an overall rating of 4.4 out of 5 (compared to the national average of 3.8). You can use SmartBank's mobile app to control your finances by monitoring account balances, sending and receiving money and accessing support representatives. SmartBank receives a superb consumer satisfaction rating due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
SmartBank is currently a large bank owning $2 billion in assets as well as $1 billion in deposits. Its Texas Ratio is 3.75%, denoting a minute probability of 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
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.Back to Overview
Compare SmartBank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$1|
|Checking Account||0.2% APY||$1500|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Accounts||0.02% APY 0.05% APY||$10000 $15000|
SmartBank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. SmartBank does not have the best savings rate, which means you should think about taking a look 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 in comparison to the average U.S. bank.Back to Overview
Find a SmartBank Near Me
SmartBank has 40 locations in the U.S.Back to Overview