Established in 1902, Traditional Bank has assets totaling $1 billion as well as $1 billion in deposits, which makes it a large bank. Traditional Bank, whose headquarters are in Mount Sterling, Kentucky, 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 in-person service, in addition to its online and mobile apps. Overall, Traditional Bank is a great choice and should warrant serious consideration, with a score of 4.2 out of 5 stars from the SmartAsset experts. Traditional Bank provides customers with the full package of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Traditional Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Traditional Bank's most basic checking account does not carry a monthly maintenance charge. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is your best bet for gaining the most income from your deposits while maintaining 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 one-year CD earns at a rate of 0.30% and the five-year CD earns at a rate of 1.00%, while its highest-yielding money market account has a rate of 0.05%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.
How Traditional Bank's Savings Rates Compare
Traditional Bank charges its customers extremely low fees as compared against the national average. With no monthly fee, Traditional Bank is ideal for people who want a basic banking experience. For those who will need cash in a pinch, Traditional Bank is fair because it charges an out-of-network ATM fee of $1.50, which is reasonable in comparison to the average U.S. bank. Also, Traditional Bank has an overdraft fee of $30.00, which is significantly less than the average U.S. overdraft fee. Traditional Bank doesn't refund out-of-network ATM fees, which means you will be required to search for a Traditional Bank ATM or eat the cost of withdrawal.
Traditional Bank is a brick-and-mortar bank, with 13 total branches in Kentucky. It also offers access to mobile and web apps for simple access and banking on the go. Traditional Bank's online and mobile banking services get fairly positive ratings from users. The Traditional Bank mobile app scored a 4.4 out of 5 (out of 120 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Traditional Bank's mobile app to manage your accounts by reviewing current statements, sending and receiving money and reaching customer service. Traditional Bank gets an exceptional consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
Traditional Bank is a large bank and owns $1 billion in assets and deposits totaling $1 billion. It has an excellent Texas Ratio of 4.06%, signifying that the bank is in outstanding financial health and far from 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 offers 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 taking a look 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 the average U.S. bank.Back to Overview
Find a Traditional Bank Near Me
Traditional Bank has 13 branches in the U.S.Back to Overview