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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

The Bank of Tescott first started operating in 1887 with its headquarters in Tescott, Kansas. It handles assets of $389 million and deposits totaling $329 million, making it a small bank. The Bank of Tescott lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With an average 3.9 out of 5 stars, The Bank of Tescott is a good bank that deserves your consideration. The Bank of Tescott provides customers with a variety of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Bank of Tescott has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, The Bank of Tescott's most basic checking does not carry a monthly maintenance charge. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best bet for accruing the most income on your deposits alongside 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 features a savings rate of 0.25%, which is fair in comparison to the national average. The Bank of Tescott's CD rates are 1.35% and 2.32% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.54%. Given The Bank of Tescott's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

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 charges customers extremely low fees in comparison to other U.S. banks. With no monthly fee, The Bank of Tescott's checking account is ideal for people who want an easy banking experience. For those who will need cash in a pinch, it is ideal because it charges no out-of-network ATM fees. The Bank of Tescott unfortunately does not reimburse out-of-network ATM fees, which means you will need to find a The Bank of Tescott ATM or pay the withdrawal fee.

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 straightforward access and banking on the go. You can utilize The Bank of Tescott's mobile app to control your finances by looking at monthly statements, sending and receiving funds as well as reaching support representatives. The Bank of Tescott receives an outstanding consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government 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 owning $389 million in assets as well as $329 million in deposits. Its Texas Ratio is 15.90%, suggesting that The Bank of Tescott is in good financial condition and improbable to fail. 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: 1.35% APY
  • 24 Month: 1.56% APY
  • 36 Month: 1.85% APY
  • 48 Month: 1.96% APY
  • 60 Month: 2.32% APY
$10000 for all terms
Money Market Accounts 0.54% APY 0.54% APY $10000 $15000

The Bank of Tescott offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Bank of Tescott 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. The Bank of Tescott's CD rates are fair compared to the average U.S. bank.

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Find a The Bank of Tescott Near Me

The Bank of Tescott has five physical branches across the U.S.

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