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Troy Bank & Trust Company Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Troy Bank & Trust Company Savings
0.35% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1906, Troy Bank & Trust Company has assets totaling $900 million as well as deposits totaling $773 million, which makes the institution a medium-size bank. Troy Bank & Trust Company, whose headquarters are in Troy, Alabama, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, Troy Bank & Trust Company is a solid contender in your bank search, with a rating of 4.3 out of 5 stars from the SmartAsset team. Troy Bank & Trust Company has a complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Troy Bank & Trust Company has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's standard checking does not carry a monthly charge. Finding an institution with no-fee checking, in addition to a high interest rate savings account is the best bet for returning the highest income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

4.0
SmartAsset Average: 3.5

With a savings rate of 0.35%, Troy Bank & Trust Company ranks poorly compared to the national average. Its one-year CD earns at a rate of 1.51% and the five-year CD earns at a rate of 2.01%, while its highest-yielding money market account has a rate of 0.50%. Given Troy Bank & Trust Company's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Troy Bank & Trust Company's Savings Rates Compare

Troy Bank & Trust Company Savings 0.35 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Troy Bank & Trust Company charges customers extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Troy Bank & Trust Company unfortunately doesn't reimburse out-of-network ATM fees, meaning you'll be required to search for a Troy Bank & Trust Company ATM or pay 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

Troy Bank & Trust Company is a brick-and-mortar bank, with 11 total bank locations in Alabama. It also offers access to mobile and web apps for an easy mobile-banking experience. Troy Bank & Trust Company receives poor feedback from customers for its mobile banking services. Out of 36 ratings across both iOS and Android platforms, the Troy Bank & Trust Company mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). Troy Bank & Trust Company's mobile app lets you control your funds by checking monthly statements, sending and receiving money as well as accessing support representatives. Troy Bank & Trust Company receives a superb consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Troy Bank & Trust Company ranks as a medium-size bank owning $900 million in assets and deposits totaling $773 million. Its Texas Ratio is 8.26%, suggesting a small chance of failure. Additionally, Troy Bank & Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

8.26%
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 Troy Bank & Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.35% APY $100
Checking Account 0.25% APY $2000
Certificates of Deposit
  • 12 Month: 1.51% APY
  • 24 Month: 1.61% APY
  • 36 Month: 1.86% APY
  • 48 Month: 1.86% APY
  • 60 Month: 2.01% APY
$1000 for all terms
Money Market Accounts 0.35% APY 0.5% APY $10000 $15000

Troy Bank & Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Troy Bank & Trust Company 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. Troy Bank & Trust Company's CD rates are fair compared to the national average.

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Find a Troy Bank & Trust Company Near Me

Troy Bank & Trust Company has 11 physical branches in the U.S.

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