Traditional Bank was founded in 1902 and is headquartered in Mount Sterling, Kentucky. It owns assets of $1 billion along with deposits totaling $1 billion, classifying it as a large bank. Traditional Bank 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, Traditional Bank is a solid pick to be your bank, with a rating of 4.2 out of 5 stars from the SmartAsset experts. Traditional Bank provides customers with a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Traditional Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Traditional Bank's standard checking account does not have a monthly fee. Finding an institution with no-fee checking, in addition to a high interest rate savings account is the best option for getting the most income from your deposits while having easy access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.15%, Traditional Bank ranks poorly in comparison to the average U.S. bank. Traditional Bank's CD rates are 0.30% and 1.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.05%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.
How Traditional Bank's Savings Rates Compare
Traditional Bank generally has extremely low fees compared to the national average. With no monthly fee, Traditional Bank is ideal for those who want a basic checking account. For those who will need cash in a pinch, Traditional Bank is fair because it has an out-of-network ATM fee of $1.50, which is reasonable in comparison to other U.S. banks. Also, it has an overdraft fee of $30.00, which is considerably lower than the national average. Traditional Bank doesn't reimburse out-of-network ATM charges, meaning you will have to locate a Traditional Bank ATM or accept the fee.
Traditional Bank is a brick-and-mortar bank, with 13 total bank locations in Kentucky. With mobile and web apps, Traditional Bank makes mobile banking easy, even on the go. Traditional Bank receives relatively positive reviews from users for its mobile app. The Traditional Bank mobile app scored a 4.4 out of 5 (out of 120 customer reviews on iOS and Android) compared to the national average of 3.8. You can use Traditional Bank's app to manage your bank accounts by looking at current statements, transferring funds as well as accessing support representatives. Traditional Bank gets an excellent consumer satisfaction rating due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
Traditional Bank ranks as a large bank and has assets totaling $1 billion and $1 billion in deposits. Its Texas Ratio is 4.06%, indicating a minute probability of failure. Additionally, Traditional Bank 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.Back to Overview
Compare Traditional Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.15% APY||$100|
|Checking Account||0.1% APY||$1500|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Account||0.05% APY||$10000|
Traditional 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. Traditional Bank 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. Traditional Bank's CD rates are fair compared to other U.S. banks.Back to Overview
Find a Traditional Bank Near Me
Traditional Bank has 13 physical branches in the U.S.Back to Overview