Summit Community Bank Review

Overview

Started in 1995, Summit Community Bank has assets totaling $2 billion as well as $2 billion in deposits, ranking it as a large bank. Summit Community Bank, whose headquarters are in Moorefield, West Virginia, 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 access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset has rated Summit Community Bank 4.2 out of 5 stars, suggesting it is a solid contender in your bank search. Summit Community Bank offers the complete package 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 looking for a checking account for everyday use, Summit Community Bank's most basic checking account does not carry a monthly charge. Using an institution with free checking and a high interest rate savings account is your best option for getting the highest income on your deposits alongside convenient access to your funds.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Summit Community Bank features a savings rate of 0.10%, which is fair compared to the national average. Summit Community Bank's one-year CD has a rate of 1.11% and the five-year CD has a rate of 2.31%, while its highest-yielding money market account earns at an APY of 0.25%. Given Summit Community Bank's poor savings rate, you should consider looking elsewhere to open savings accounts.

How Summit Community Bank's Savings Rates Compare

On average, Summit Community Bank charges customers extremely low fees as compared against the national average. Summit Community Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Summit Community Bank doesn't reimburse out-of-network ATM fees, which means you'll need to search for a Summit Community Bank ATM or eat the fee.

Summit Community Bank is a brick-and-mortar bank, with 32 total bank locations in Virginia and West Virginia. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its customer service 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 reasonably high marks from users for its mobile banking services. With 140 customer reviews on both Apple and Android platforms, the Summit Community Bank mobile app is scored at 4.1 out of 5 (compared to the national average of 3.8). You can access Summit Community Bank's mobile app to control your accounts by reviewing monthly statements, sending and receiving funds as well as accessing customer service. Summit Community Bank receives an exceptional consumer satisfaction score based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Summit Community Bank ranks as a large bank with $2 billion in assets and $2 billion in deposits. Its Texas Ratio is 16.21%, indicating a small chance 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

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.

Products Offered

Summit Community Bank has several deposit products like 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 consider 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. Summit Community Bank's CD rates are fair as compared against the national average.

Find a Summit Community Bank Near Me

Summit Community Bank has 32 physical branches across the U.S.