Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Somerset Trust Company Review

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

Overview

Started in 1889, Somerset Trust Company Bank has $1 billion in assets along with $904 million in deposits, which makes it a medium-size bank. Somerset Trust Company, whose headquarters are in Somerset, Pennsylvania, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Overall, Somerset Trust Company is a respectable bank that deserves your consideration, with a rating of 3.9 stars out of 5 from the SmartAsset experts. Somerset Trust Company provides customers with a choice of banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Somerset Trust Company has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Somerset Trust Company's standard checking account does not have a monthly fee. Institutions that offer no-fee checking and a high savings APY are your best bet for getting the highest income from your deposits while having easy 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 in comparison to the average U.S. bank. Its one-year CD has a rate of 0.35% and the five-year CD has a rate of 1.35%, while its highest-yielding money market account earns at a rate of 0.25%. Given its below average savings rate, you should think about looking at the competition to open savings accounts.

How Somerset Trust Company's Savings Rates Compare

Somerset Trust Company Savings 0.20 National Average 0.26 Compare Offers
Back to Overview

Fees

4.5
SmartAsset Average: 4.4

Somerset Trust Company Bank has typically low fees as compared against the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who often withdraw cash from the ATM, it is solid because it has an out-of-network ATM fee of $1.00, which is solid as compared against the national average. Additionally, at $35.00, its overdraft fee is lower than the national average. Somerset Trust Company does not reimburse out-of-network ATM fees, meaning you will need to locate a Somerset Trust Company ATM or accept the withdrawal 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
Back to Overview

Service Quality

3.7
SmartAsset Average: 3.7

Somerset Trust Company Bank is a brick-and-mortar bank, with 34 total bank locations in Pennsylvania. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not have all-day customer service with 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 gets fair reviews from users for its mobile platform. With 36 ratings on iOS and Android platforms, the Somerset Trust Company mobile app is scored at 3.5 out of 5 (compared to the national average of 3.8). Somerset Trust Company's mobile app lets you manage your funds by reviewing current statements, sending and receiving money and accessing support representatives. Somerset Trust Company receives an excellent consumer satisfaction rating based on comparatively few 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
Back to Overview

Financial Health

4.4
SmartAsset Average: 4.8

Somerset Trust Company is currently a medium-size bank with $1 billion in assets as well as deposits totaling $904 million. Its Texas Ratio is 12.02%, indicating that the bank is in fine financial well-being and far from 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.

Back to Overview

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 Account 0.2% APY $2500

Somerset Trust Company Bank offers several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Somerset Trust Company does not have the best savings rate, which means you should think about other options 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 in comparison to other U.S. banks.

Back to Overview

Find a Somerset Trust Company Near Me

Somerset Trust Company has 34 physical branches in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure