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The Bank of Tescott Review

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The Bank of Tescott Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1887, The Bank of Tescott has $389 million in assets as well as $329 million in deposits, making the institution a small bank. The Bank of Tescott, whose headquarters are in Tescott, Kansas, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a score of 3.9 stars out of 5, The Bank of Tescott should be near the middle of the pack in your search for a bank. The Bank of Tescott has a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Bank of Tescott has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, The Bank of Tescott's most basic checking does not have a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same bank is the best bet for returning the most income from your deposits while maintaining 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

3.6
SmartAsset Average: 3.5

The Bank of Tescott has a savings rate of 0.25%, which is poor in comparison to other U.S. banks. The Bank of Tescott's one-year and five-year term lengths CDs earn at a rate of 0.95% and 2.32%, respectively, while its highest-yielding money market account has a rate of 0.45%. Given The Bank of Tescott's below average savings rate, you should consider looking at the competition to open savings accounts.

How The Bank of Tescott's Savings Rates Compare

The Bank of Tescott Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Bank of Tescott has generally extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, The Bank of Tescott is perfect because it has no out-of-network ATM fees. The Bank of Tescott doesn't refund out-of-network ATM charges, which means you will have to find a The Bank of Tescott ATM or eat the cost of withdrawal.

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

2.5
SmartAsset Average: 3.7

The Bank of Tescott is a brick-and-mortar bank, with five total branches in Kansas. It also offers access to mobile and web apps for a straightforward mobile-banking experience. You can utilize The Bank of Tescott's app to control your finances by monitoring account balances, transferring funds and accessing support representatives. The Bank of Tescott receives a superb consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

4.3
SmartAsset Average: 4.8

The Bank of Tescott is a small bank and manages assets totaling $389 million as well as deposits totaling $329 million. The Bank of Tescott's Texas Ratio is 15.90%, signifying a tiny possibility of failure. Additionally, The Bank of Tescott is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

15.9%
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 The Bank of Tescott to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Certificates of Deposit
  • 12 Month: 0.95% APY
  • 24 Month: 1.35% APY
  • 36 Month: 1.51% APY
  • 48 Month: 1.81% APY
  • 60 Month: 2.32% APY
$10000 for all terms
Money Market Account 0.45% APY $1000

The Bank of Tescott offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Bank of Tescott does not have the best savings rate, which means you should consider 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. The Bank of Tescott's CD rates are fair in comparison to the average U.S. bank.

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Find a The Bank of Tescott Near Me

The Bank of Tescott has five branches in the U.S.

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