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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 started in 2007 with its headquarters in Pigeon Forge, Tennessee. It has assets of $2 billion and $1 billion in deposits, making it a large bank. SmartBank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.4 out of 5 stars, SmartBank is a solid pick to be your bank. SmartBank provides customers with the complete slate of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, SmartBank's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best bet for accruing the most income on your deposits while having convenient access to your money.

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

SmartBank features a savings rate of 0.50%, which is poor compared to the average U.S. bank. 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 earns at a rate of 0.50%. Given its poor savings rate, you should consider other options to earn more on your deposits.

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 generally has extremely low fees compared to other U.S. banks. With no monthly fee, SmartBank's checking account is ideal for people who want a hassle-free checking account. SmartBank does not refund out-of-network ATM charges, which means you'll be required to search for a SmartBank ATM or eat 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 branches in Alabama, Florida, Georgia and Tennessee. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer 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 receives inferior feedback from customers for its online presence. With 51 customer reviews across both iOS and Android platforms, the SmartBank mobile app is scored at 3.4 out of 5 (compared to the national average of 3.8). You can utilize SmartBank's mobile app to manage your finances by monitoring monthly statements, sending and receiving money as well as accessing support representatives. SmartBank gets a superb consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 is a large bank and has $2 billion in assets and deposits totaling $1 billion. SmartBank has an excellent Texas Ratio of 3.75%, denoting that the bank is in terrific 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 $1
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 that provide you with 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 the average U.S. bank.

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Find a SmartBank Near Me

SmartBank has 27 branches across the U.S.

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