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The Bank of Castile Review

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The Bank of Castile Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1869, The Bank of Castile has $1 billion in assets along with deposits totaling $1 billion, making the institution a large bank. The Bank of Castile, whose headquarters are in Castile, New York, has above-average customer service access with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 3.7 out of 5 stars, The Bank of Castile should be near the middle of the pack in your search for a bank. The Bank of Castile offers numerous banking products, including savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account features a $3.00 monthly fee, which is acceptable compared to the national average. Locating an institution with no-fee checking, in addition to a high interest rate savings account is your best option for getting the highest income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.7/5
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

The Bank of Castile features a savings rate of 0.20%, which is poor in comparison to the average U.S. bank. Its one-year CD has a rate of 0.25% and the five-year CD has a rate of 1.00%, while its highest-yielding money market account earns at an APY of 0.05%. Given The Bank of Castile's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How The Bank of Castile's Savings Rates Compare

The Bank of Castile Savings 0.20 National Average 0.26 Compare Offers
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Fees

2.8
SmartAsset Average: 4.4

The Bank of Castile charges customers high fees in comparison to other U.S. banks. Its checking account has a monthly fee of $3.00, which makes it slightly worse for anyone looking for a hassle-free account. Also, at $38.00, its overdraft fee is slightly greater than the average U.S. overdraft fee. The Bank of Castile does not refund out-of-network ATM fees, meaning you will be required to find a The Bank of Castile ATM or pay the fee.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $38.00 National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

The Bank of Castile is a brick-and-mortar bank, with 19 total bank locations in New York. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 7:30 p.m. ET; Saturday, and 9:00 a.m. to 12:00 p.m. ET. The Bank of Castile also offers a live chat feature, an alternative customer service tool if you can't call in during business hours. The Bank of Castile's online and mobile banking platforms receive mediocre scores from customers. With 37 ratings across both Apple and Android platforms, the The Bank of Castile mobile app has an overall rating of 3.4 out of 5 (compared to the national average of 3.8). The Bank of Castile's mobile app allows you to control your bank accounts by reviewing current statements, transferring funds and reaching support representatives. The Bank of Castile receives a superb consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government 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 Yes
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Financial Health

5.0
SmartAsset Average: 4.8

The Bank of Castile is a large bank with assets totaling $1 billion and $1 billion in deposits. The Bank of Castile's Texas Ratio is 1.89%, denoting that the bank is in terrific financial well-being and far from failure. Additionally, The Bank of Castile 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.

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Compare The Bank of Castile to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.03% APY $1
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.60% APY
  • 48 Month: 0.75% APY
  • 60 Month: 1.00% APY
$1000 for all terms
Money Market Account 0.03% APY $10000

The Bank of Castile has several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. The Bank of Castile 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. The Bank of Castile's CD rates are fair compared to the national average.

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Find a The Bank of Castile Near Me

The Bank of Castile has 19 locations in the U.S.

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