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Somerset Trust Company Review

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

Overview

Somerset Trust Company Bank was founded in 1889 with its headquarters in Somerset, Pennsylvania. Somerset Trust Company handles assets of $1 billion along with deposits totaling $904 million, ranking it as a medium-size bank. Somerset Trust Company lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We gave Somerset Trust Company a 3.9 stars out of 5, suggesting it is a respectable bank that warrants your consideration. Somerset Trust Company offers numerous product offerings, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Somerset Trust Company offers an option without a monthly fee. Banks that offer free checking, in addition to a high interest rate savings account are the best bet for returning the highest income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.9/5
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

With a savings rate of 0.20%, Somerset Trust Company ranks poorly compared to the national average. Somerset Trust Company's one-year CD earns at a rate of 0.35% and the five-year CD has a rate of 1.35%, while its highest-yielding money market account has a rate of 0.25%. Given Somerset Trust Company's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Somerset Trust Company's Savings Rates Compare

Somerset Trust Company Savings 0.20 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

Somerset Trust Company Bank generally has low fees in comparison to the average U.S. bank. With no monthly fee, Somerset Trust Company's checking account is perfect for those who need a hassle-free banking experience. For those who will need cash in a pinch, it is solid because it charges an out-of-network ATM fee of $1.00, which is solid as compared against the national average. Also, at $35.00, Somerset Trust Company has a lower overdraft fee compared to that of other U.S. banks. Somerset Trust Company unfortunately doesn't refund out-of-network ATM charges, which means you will need to locate a Somerset Trust Company ATM or pay the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.7
SmartAsset Average: 3.7

Somerset Trust Company Bank is a brick-and-mortar bank, with 34 total branches in Pennsylvania. With mobile and web apps, Somerset Trust Company makes account access easy, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 9:00 p.m. ET; Saturday and Sunday, and 7:00 a.m. to 5:00 p.m. ET. Somerset Trust Company receives moderate reviews from users for its mobile banking services. The Somerset Trust Company mobile app has an overall rating of 3.5 out of 5 (with 36 customer reviews on Apple and Android) compared to the national average of 3.8. You can access Somerset Trust Company's mobile app to control your finances by reviewing monthly statements, transferring money as well as accessing customer service. Somerset Trust Company gets a superb consumer satisfaction score based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.4
SmartAsset Average: 4.8

Somerset Trust Company is a medium-size bank owning assets totaling $1 billion and $904 million in deposits. Somerset Trust Company's Texas Ratio is 12.02%, indicating a small likelihood of failure. Additionally, Somerset 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

12.02%
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 Somerset Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.95% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.15% APY
  • 60 Month: 1.35% APY
$5000 for all terms
Money Market Accounts 0.2% APY 0.25% APY $10000 $15000

Somerset Trust Company Bank offers several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Somerset Trust Company does not have the best savings rate, which means you should consider 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. Somerset Trust Company's CD rates are fair compared to other U.S. banks.

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Find a Somerset Trust Company Near Me

Somerset Trust Company has 34 locations across the U.S.

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