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Town Square Bank Review

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Town Square Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Town Square Bank was founded in 1889 and has its headquarters in Ashland, Kentucky. Town Square Bank owns assets of $448 million as well as $374 million in deposits, classifying it as a medium-size bank. Town Square Bank 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 offerings. Overall, Town Square Bank is a respectable bank that deserves your consideration, with a score of 4.1 stars out of 5 from the SmartAsset team. Town Square Bank provides customers with a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Town Square Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Town Square Bank offers an option without a monthly fee. Using a bank with no-fee checking and a high interest rate savings account is the best bet for gaining the most income on your deposits alongside easy access to your funds.

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

Town Square Bank has a savings rate of 0.20%, which is poor in comparison to other U.S. banks. Town Square Bank's one-year and five-year term lengths CDs earn at a rate of 0.75% and 2.30%, respectively, while its highest-yielding money market account has a rate of 0.22%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Town Square Bank's Savings Rates Compare

Town Square Bank Savings 0.20 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Town Square Bank typically has extremely low fees in comparison to the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Town Square Bank does not reimburse out-of-network ATM fees, which means you'll need to find a Town Square Bank ATM or accept 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

Town Square Bank is a brick-and-mortar bank, with 10 total bank locations in Kentucky. With mobile and web apps, Town Square Bank makes mobile banking convenient, even on the go. Town Square Bank's online and mobile banking services get mediocre marks from customers. Out of 38 customer reviews on Apple and Android platforms, the Town Square Bank mobile app has an overall rating of 3.1 out of 5 (compared to the national average of 3.8). Town Square Bank's mobile app allows you to control your finances by looking at current statements, transferring money as well as accessing customer service. Town Square Bank gets a superb consumer satisfaction rating due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Town Square Bank is a medium-size bank with assets totaling $448 million as well as $374 million in deposits. It has a strong Texas Ratio of 13.10%, indicating a tiny likelihood of failure. Additionally, Town Square 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 Town Square Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $50
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 0.99% APY
  • 36 Month: 2.01% APY
  • 48 Month: 2.21% APY
  • 60 Month: 2.30% APY
$500 for all terms
Money Market Account 0.2% APY $10000

Town Square Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Town Square Bank 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. Town Square Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Town Square Bank Near Me

Town Square Bank has 10 physical branches across the U.S.

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