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Wilson Bank and Trust Review

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by Javier Simon Updated
Wilson Bank & Trust

Wilson Bank & Trust emerged in Tennessee in 1987. Today, it still stands as an independent, community-focused bank. It currently serves neighborhoods throughout eight counties in the state. You can find a variety of banking products at Wilson Bank & Trust, including checking and savings accounts as well as individual retirement accounts (IRAs) and short-term certificate of deposit (CD) accounts. It also offers personal loans, business loans, mortgages and insurance services. Furthermore, the tech-first bank delivers a wide variety of digital services from mobile banking to financial calculators and mobile deposit features. 

However, it’s important to note that SmartAsset gathered the following rates from a phone call to Wilson in June 2018. Bank representatives are not allowed to disclose all rates over the phone. For the latest rates and terms, please visit your local branch.

Products Offered

Product Key Features
Savings Account
  • Two options including one with a moderately high interest rate if you meet certain requirements
Certificates of Deposit
  • High interest rates on longer-term CDs
Money Market Accounts
  •  One option with ATM access
Checking Accounts
  • Several options
  • One account offers a high competitive interest rate if you meet some requirements
  • One cash back account and another that offers savings when you make purchases through services like Amazon and iTunes

Wilson Bank & Trust Interest Rate Comparison

Free Kasasa Saver

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fee
Current Terms and Rates 0.75% APY if you meet certain requirements

The Free Kasasa Saver account will generate a current above-average APY of 0.75% if you link it to either a Kasasa Cash or Cash Back checking account and meet the following requirements: 

  • Make at least one direct deposit or ACH credit transaction post and settle
  • Conduct at least 12 debit card purchases that post and settle for Kasasa Cash or have at least 12 debit card purchases post and settle for Kasasa Cash Back. Each Cash Back purchase needs to be greater than $4.99
  • Opt-in to receive e-Statement notices
  • Enroll in and log into online banking

But even though the account’s current peak APY rises above the national interest rate average for savings accounts, it doesn’t beat the best savings accounts in the market today. In addition, the 0.75% APY applies to only the first $10,000 in your balance. Anything above that will generate a 0.25% APY as long as you meet the tasks listed above. If you don’t meet these requirements, your APY dips to 0.05%. 

But even though it doesn’t offer the strongest interest rates, this account has a range of benefits for those who want to stick to working with a local bank offering personal customer service. 

For starters, you won’t have to deal with a monthly maintenance fee. These can really add up with other banks. Plus, you don’t need to meet any minimum balance commitments to keep the account open. In addition, Kasasa Cash or Kasasa Cashback earnings automatically transfer into your savings account. Even though this portion doesn’t compound, it still helps boost your overall savings. 

Still, you may find options with higher APYs and less stringent requirements by comparing savings accounts throughout the country. 

Banker’s Premium

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates Refer to a local branch for latest rates

This is Wilson Bank’s leading savings account which offers tiered interest rates that increase along with your balance. The bank accrues interest on this account daily before crediting it to you at the end of the month. 

Certificate of Deposit (CD)

Key Features Details
Minimum Deposit $500
Access to Your CD Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties may apply.
Current Terms and Rates
  • 1 Year: 1.05% APY
  • 5 Years: 2.00 % APY
  • Refer to a local branch for latest rates on other terms

Through Wilson Bank & Trust, you can open CD accounts with terms stretching from 30 days to five years. You can generate a stronger interest rate by opening a CD with a longer term. For example, the current APY tied to its two-year term CD is 2.00%, which can compete with some of the best CD rates out there. 

You also won’t face any maintenance fees for managing your CD. However, the bank will levy an early withdrawal penalty if you take your money out of your CD before your term ends. This is known as the point of maturity. The extent of that penalty would depend on the term of your CD and the point at which you made the early withdrawal. Speak to a Wilson Bank & Trust associate for the latest terms and conditions. 

But because Wilson Bank offers so many options, you can take advantage of CD laddering. This strategy allows you to open multiple CDs with different terms. As a result, you have access to your savings and interest at different points in time. It also helps you meet short-and-long term savings goals. 

But if you’re not satisfied with Wilson Bank & Trust’s CD terms, you can always compare CD rates across financial institutions in the nation.

Money Market Savings

Key Features Details
Minimum Deposit $100
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fee
Current Terms and Rates
  • Ranges from 0.35% to 0.45% APY depending on balance (refer to local branch for latest rates)

In order to earn any interest on the Money Market Savings account through Wilson Bank & Trust, you have to maintain a minimum balance of $25,000. However, its current peak APY of 0.45% still dips below some of the rates offered by competing banks. 

Still, this account gives you very easy access to your money. You can make unlimited withdrawals via ATMs. So if liquidity is important to you, it may be worth sacrificing some interest points. 

And as with all of Wilson Bank’s savings and money market accounts, you get the following free benefits. 

  • Online banking
  • Mobile banking
  • eStatements

Individual Retirement Accounts (IRA)

Key Features Details
Minimum Deposit $500
Access to Your IRA Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No service fees, but the IRS may impose early withdrawal penalties
Current Terms and Rates Refer to branch for current rates

Wilson Bank & Trust offers both a traditional IRA and a Roth IRA. Both are tax-advantaged retirement savings vehicles with distinct benefits. 

When you invest in a traditional IRA, your earnings grow tax-deferred until you make qualified withdrawals at age 59.5. With a Roth IRA, you contribute after-tax dollars and qualified withdrawals are tax free.

To figure out which type of account is right for you, you should seek a qualified tax or financial advisor. You can use our SmartAdvisor tool to find qualified advisors in your area now. It asks you a few simple questions about your financial situation and goals to link you with up to three advisors who may meet your specific needs. You can then review their profiles and even set up interviews before choosing a financial advisor to work with

Free Kasasa Cash Checking

Key Features Details
Minimum Deposit $0
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fee
Current Terms and Rates 1.75% APY when you meet certain requirements

This is Wilson bank and Trust’s leading checking account. It provides a high current APY of 1.75% on balances up to $10,000 as long as you meet the following requirements. 

  • Make at least one direct deposit or automatic payment (ACH) post and settle
  • Make at least 12 debit card purchases post and settle
  • Opt-in for e-Statement notices
  • Enroll in and log into online banking

Furthermore, the portion of your balance above $10,00 would earn a current APY of 0.25% when you meet the qualifications stated above. If you don’t meet these requirements, your APY will drop to 0.05%. 

Overall, this option can go toe-to-toe with some of the best checking accounts out there if you meet the qualifications. In addition, you get the following free benefits with all of Wilson bank’s checking accounts. 

  • Unlimited check-writing
  • Online banking
  • Online bill pay
  • Mobile banking
  • e-Statements
  • Mastercard debit card 24-hour telephone banking access

Free Kasasa Cash Back Checking

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fee

This option may appeal to frequent shoppers or those who use plastic on most purchases. The Kasasa Cash Back checking account rewards you with 3% cash-back on every day debit card purchases if you complete the following tasks. 

  • Make at least 12 debit card purchases each at worth at least $4.99 that post and settle
  • Receive e-statements
  • Log into online banking
  • Have an ACH or direct deposit

However, the bank does put up some limitations. For example, you can earn cash back on qualified debit card purchases up to $250 per monthly qualification cycle. And your cash-back reward maximum is $7.50 per monthly qualification cycle. 

You may find better terms by reviewing the best rewards checking accounts on the market today. 

Nonetheless, this account offers additional benefits that may appeal to the right customer. For instance, the bank reimburses you with up to $20 in non-network ATM fees per month. You can also link this account to your Kasasa Saver account to boost the latter’s APY, granted you meet the previously stated requirements. However, the following transactions won’t earn you any rewards. 

  • ATM-processed transactions 
  • Transfers between accounts
  • Debit card purchases processed by merchants and received by Wilson Bank & Trust as ATM transactions

Free Kasasa Tunes Checking

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fees

This account may offer you some extra savings if you often make purchases through iTunes, Google Play and Amazon. It provides you with up to $5 in refunds when you pay for such services using this account per qualification cycle. However, you also have to meet the following requirements to earn this benefit. 

  • Make at least 12 debit card purchases post and settle
  • Opt-in for eStatement notices
  • Enroll in and log into online banking

In addition, Wilson bank & Trust will refund up to $20 in non-network ATM fees per monthly qualification cycle. 

But as with any rewards program, there are some details you should know about so here they are: 

A refund of up to $5 in aggregate including applicable taxes for these purchases made with the Kasasa Tunes account will be credited if the transactions post and settle during the monthly qualification cycle. 

The bank defines a monthly qualification cycle as a period beginning one day prior to the first day of the current statement cycle through one day prior to the close of the current statement cycle.

You’ll be refunded up to $20 in non-network fees up to $20 on domestic ATM fees each of $4.99 or less during the qualification cycle, and it will be credited at the end of this cycle. For similar fees of $5 or more, you must present the ATM receipt to a representative at a Wilson Bank & Trust branch. 

Solid Gold Checking

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fee
Current Terms and Rates Refer to branch for current rates

Wilson Bank & Trust offers this interest-bearing account exclusively to clients at least 50-years-old. There is no monthly service fee, and you don’t have to meet any minimum balance requirements. 

In addition, you get the following benefits. 

  • Free checks
  • Lock box discounts
  • Special CD rates
  • Three free cashier’s checks per month
  • Free traveler’s checks

Basic Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fee when you opt for eStatements

As the name implies, this is Wilson Bank & Trust’s bare-bones checking account. It’s very easy to manage. You can open an account with a minimum $50 and face no minimum balance requirements. If you’re looking for a no-string attached, straight-forward checking account with Wilson bank & Trust, look no farther. 

 

Branch Locations

Today, Wilson Bank & Trust manages several full-service branches in several counties throughout Tennessee. You can find all contact information for the nearest branch by visiting its website and entering your zip code.

 

Financial Statistics & Bank Health Rating

Wilson Bank & Trust has $2.30 billion in assets and $1.73 billion in loans according to the FDIC. In addition, the bank currently holds about $2.03 billion deposits from its customers. But if you’re wondering about how risky it is to work with Wilson Bank & Trust, a good industry indicator of a bank’s liability is its Texas Ratio. This metric is calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. A bank that boasts a Texas Ratio of 5% or less is considered to have excellent reliability. Wilson Bank & Trust currently has a Texas Ratio of 1.60%, which makes it very competitive in terms of reliability among similar local banks.

 

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