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Troy Bank & Trust Company Review

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Troy Bank & Trust Company Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Troy Bank & Trust Company was founded in 1906 and is headquartered in Troy, Alabama. Troy Bank & Trust Company manages assets of $900 million and $773 million in deposits, which makes it a medium-size bank. Troy Bank & Trust Company lacks premium access to support representatives, with no options for live chat or all-day service. 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. Coming in at a commendable 4.3 stars out of 5, Troy Bank & Trust Company proves it is a solid pick to be your bank. Troy Bank & Trust Company has a complete selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Troy Bank & Trust Company has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking does not carry a monthly fee. Using an institution with free checking and a high interest rate savings account is your best bet for accruing the highest income on your deposits while maintaining easy access to your funds.

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

Troy Bank & Trust Company features a savings rate of 0.25%, which is poor compared to other U.S. banks. Its one-year CD has a rate of 1.51% and the five-year CD has a rate of 2.01%, while its highest-yielding money market account earns at an APY of 0.50%. Given Troy Bank & Trust Company's below average savings rate, you should consider taking a look at other banks for savings accounts.

How Troy Bank & Trust Company's Savings Rates Compare

Troy Bank & Trust Company Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Troy Bank & Trust Company generally has extremely low fees as compared against the national average. With no monthly fee, Troy Bank & Trust Company is perfect for those who want a basic banking experience. Troy Bank & Trust Company unfortunately does not reimburse out-of-network ATM charges, which means you'll have to locate a Troy Bank & Trust Company ATM or eat the cost of withdrawal.

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 branches in Alabama. With mobile and web apps, Troy Bank & Trust Company makes account access easy, even on the go. Troy Bank & Trust Company's online and mobile banking platforms get poor marks from customers. The Troy Bank & Trust Company mobile app is rated at 3.2 out of 5 (out of 36 reviews on Apple and Android) compared to the national average of 3.8. Troy Bank & Trust Company's mobile app lets you manage your funds by checking monthly statements, sending and receiving funds and accessing support representatives. Troy Bank & Trust Company receives a superb consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government 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 is currently a medium-size bank owning assets totaling $900 million as well as $773 million in deposits. It has a strong Texas Ratio of 8.26%, signifying a tiny 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 0.25% 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 Account 0.35% APY $10000

Troy Bank & Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Troy Bank & Trust Company 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. Troy Bank & Trust Company's CD rates are fair in comparison to the average U.S. bank.

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Find a Troy Bank & Trust Company Near Me

Troy Bank & Trust Company has 11 physical locations across the U.S.

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