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Summit Community Bank Review

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Summit Community Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Summit Community Bank started in 1995 with headquarters located in Moorefield, West Virginia. Summit Community Bank handles $2 billion in assets as well as deposits totaling $2 billion, making it a large bank. Summit Community Bank 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 offerings. With a score of 4.2 stars out of 5, Summit Community Bank should be solidly in contention for your choice of bank. Summit Community Bank has a mixture of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Summit Community Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Summit Community Bank offers an option without a monthly fee. Institutions that offer free checking as well as a high interest rate savings account are the best option for accruing the most income on your deposits alongside 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

With a savings rate of 0.10%, Summit Community Bank ranks poorly in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 1.01% and 2.31%, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Given its poor savings rate, you should consider looking elsewhere to open savings accounts.

How Summit Community Bank's Savings Rates Compare

Summit Community Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Summit Community Bank has typically extremely low fees in comparison to the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Summit Community Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you will be required to find a Summit Community Bank 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

Summit Community Bank is a brick-and-mortar bank, with 32 total branches in Virginia and West Virginia. With mobile and web apps, Summit Community Bank 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, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 8:00 a.m. to 2:00 p.m. ET. Summit Community Bank gets relatively high praise from customers for its mobile platform. The Summit Community Bank mobile app rates a 4.1 out of 5 (out of 140 ratings on Apple and Android) compared to the national average of 3.8. You can access Summit Community Bank's app to control your accounts by checking account balances, sending and receiving money as well as accessing support representatives. Summit Community Bank gets a superb consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Summit Community Bank ranks as a large bank with assets totaling $2 billion as well as deposits totaling $2 billion. Summit Community Bank's Texas Ratio is 16.21%, indicating a tiny opportunity of failure. Additionally, Summit Community Bank 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 Summit Community Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1000
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 1.01% APY
  • 24 Month: 1.21% APY
  • 36 Month: 1.36% APY
  • 48 Month: 1.61% APY
  • 60 Month: 2.31% APY
$10000 for all terms
Money Market Account 0.25% APY $10000

Summit Community Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Summit Community Bank 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. Summit Community Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Summit Community Bank Near Me

Summit Community Bank has 32 branches in the U.S.

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