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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

Overview

Founded in 1889, Town Square Bank has assets totaling $448 million as well as $374 million in deposits, classifying it as a medium-size bank. Town Square Bank, whose headquarters are in Ashland, Kentucky, lacks premium access to customer service, 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 offerings. Overall, Town Square Bank is a good bank that gets the job done, with a score of 4.1 out of 5 stars from the SmartAsset team. Town Square Bank offers the full selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Town Square Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Town Square Bank's most basic checking does not carry a monthly charge. Banks that offer no-fee checking and a high savings APY are your best option for gaining the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

Town Square Bank features a savings rate of 0.20%, which is poor in comparison to the national average. 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 earns at an APY of 0.22%. Given Town Square Bank's noncompetitive 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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Fees

5.0
SmartAsset Average: 4.4

On average, Town Square Bank charges customers extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Town Square Bank does not reimburse out-of-network ATM charges, which means you'll have to find a Town Square Bank ATM or eat the ATM charge.

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

3.5
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 gets inferior reviews from users for its online presence. The Town Square Bank mobile app scored a 3.1 out of 5 (with 38 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize Town Square Bank's mobile app to control your bank accounts by monitoring monthly statements, sending and receiving money as well as accessing support representatives. Town Square Bank gets a superb consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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

4.4
SmartAsset Average: 4.8

Town Square Bank ranks as a medium-size bank owning assets totaling $448 million as well as deposits totaling $374 million. Town Square Bank has a strong Texas Ratio of 13.10%, signifying that the bank is in fine financial well-being and improbable to fail. 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

13.1%
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 Accounts 0.2% APY 0.22% APY $10000 $15000

Town Square 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. Town Square Bank does not have the best savings rate, which means you should think about 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 compared to the national average.

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Find a Town Square Bank Near Me

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

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