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Overall bank rating
| Feature | Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 3 |
| CD | 3 |
| Trustworthiness | 3 |
| Total | 3 |
Pros and cons
| Pros | Cons |
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Commercial Bank and Trust Company Savings Account
Commercial Bank and Trust Company Savings Account
Insider’s Rating
3.25/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.15%
Minimum Deposit Amount
$200
Pros
- No monthly service fee
Cons
- $200 minimum opening deposit
- Must keep at least $200 in account to earn interest
- Limit of three transactions per quarter
Product Details
- 5 branches in Monticello, Arkansas
- To earn 0.15% APY you must maintain at least $200 in your account
- Limit of 3 transactions per quarter; $1 excess transaction fee if you exceed the limit
- Interest compounded and deposited quarterly
- FDIC insured
The Commercial Bank and Trust Company Savings Account could be ideal if you're looking to avoid monthly service fees. You'll need at least $200 to open a savings account at the brick-and-mortar bank, though, which is high compared to other banks.
You'll also want to be mindful of transaction limits with the account. You'll be charged a $1 fee for each transaction that exceeds the limit of three transactions per quarter.
Commercial Bank and Trust Company 4-3-2 Account
Commercial Bank and Trust Company 4-3-2 Account
Insider’s Rating
3/5
Fees
up to $6 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$200
Pros
- Unlimited check writing
- Possible to waive monthly service fee
- Free overdraft protection available
- No out-of-network ATM fees
Cons
- $200 minimum opening deposit
- Monthly service varies between $6 and $0 (depends on your account balance)
- $30 overdraft fee
- Doesn't reimburse if you're charged by an out-of-network ATM provider
Product Details
- 5 branches in Monticello, Arkansas
- Surcharge-free transactions at any Cirrus, Pulse, and Star ATMs
- Monthly service fee depends on your account balance: No fee if you have an account balance over $500; $2 monthly service fee if you have a daily account balance between $400 and $500; $4 monthly service fee if you have a daily account balance between $300 and $400; $5 monthly service fee if you have a daily account balance between $200 and $300; $6 monthly service fee if you have a daily account balance under $200
- Overdraft protection available: You may link your checking account to a savings account
- FDIC insured
The Commercial Bank and Trust Company 4-3-2 Account works best if you keep more than $500 in your account daily. Otherwise, you'll have to pay a monthly service fee that depends on how much money is in your account.
Commercial Bank and Trust Company CD
Commercial Bank and Trust Company CD
Insider’s Rating
3/5
Annual Percentage Yield (APY)
0.25% to 0.75%
Minimum Deposit Amount
$1,000
Pros
- Solid interest rate compared to other brick-and-mortar banks
- Standard CD early withdrawal penalties
Cons
- Online banks may offer a higher interest rate
- $1,000 minimum opening deposit
- Limited CD term options
- Interest compounded quarterly, not daily
Product Details
- 5 branches in Monticello, Arkansas
- Terms range from 6 months to 3 years
- CD early withdrawal penalties: 3 months of interest for terms under 1 year; 6 months of interest for terms over 1 year
- Interest compounded and deposited quarterly
- FDIC insured
Commercial Bank and Trust might be worth exploring if you'd like to open a short-term CD with a brick-and-mortar bank. CD terms range from six months to three years, and you'll earn a solid interest rate, regardless of which term you choose.
How Commercial Bank and Trust Company works
Commercial Bank and Trust Company is a community development financial institution with five locations in Monticello, Arkansas. The brick-and-mortar institution is also part of Cirrus, Pulse, and STAR ATM networks, so customers have access to over 2 million ATMs throughout the US.
Customer support is available by phone from 8 a.m. to 4:30 p.m. CT Monday through Thursday and 8 a.m. to 5 p.m. CT on Friday.
The bank's mobile app is rated 4.8 out of 5 stars in the Apple store and 4.5 out of 5 stars in the Google Play store.
Commercial Bank and Trust Company is FDIC insured. Up to $250,000 is safe in an individual account, and $500,000 is secure in a joint bank account.
Commercial Bank and Trust trustworthiness and BBB rating
Commercial Bank and Trust Company hasn't been involved in any recent public controversies.
Usually, we also include ratings from the Better Business Bureau, but Commercial Bank and Trust Company hasn't been rated by the BBB yet.
BBB ratings aren't necessarily the be-all and end-all. You might want to read online customer reviews or chat with current customers to see if the bank is right for you.
The role of community development financial institutions
Community development financial institutions, orCDFIs, serve low-income and disadvantaged communities. Banks andcredit unionshave to undergo certification by theUS Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address the banking needs of local communities.
Commercial Bank and Trust Company hosts luncheons and community events for local schools and hospitals, like the Drew Memorial Health System, Drew Central Schools, and Monticello Schools. Representatives also participate in local fundraisers for nonprofit organizations and programs like the Special Olympics.
Commercial Bank and Trust Company vs. Simmons Bank
We compared Commercial Bank and Trust Company to another bank with branches in Arkansas: Simmons Bank.
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Savings APY 0.15% | Savings APY Varies by location and balance |
Standout feature Free savings account | Standout feature Free checking account |
| Learn more | Learn more |
Commercial Bank and Trust Company might be a good option if you plan to open a savings account and have a minimum of $200. The Commercial Bank and Trust Company Savings Account charges zero monthly service fees. Meanwhile, Simmons Bank charges a $5 monthly service fee on its lowest-tier savings account if you don't keep at least $100 in your account.
If your priority is opening a checking account, you may favor Simmons Bank. The Simmons Bank Coin Checking Account has zero monthly service fees and has a $0 minimum opening deposit. In comparison, Commercial Bank and Trust Company charges a monthly service fee if you don't keep at least $500 in your account and requires a $200 minimum opening deposit.
Commercial Bank and Trust Company vs. Southern Bancorp
Southern Bancorp also has branches in Arkansas. See how the two banks compare below.
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Savings APY 0.15% | Savings APY 0.10% |
Standout feature Free savings account | Standout feature CDs |
| Learn more | Learn more |
You'll probably prefer Commercial Bank and Trust Company if you're looking to open a savings account and have at least $200 for an initial deposit.
Commercial Bank and Trust Company doesn't charge service fees on its savings account, while Southern Bancorp has a quarterly service fee if you don't keep at least $50 in your account daily. You'll also earn a high interest rate with the Commercial Bank and Trust Company savings account than with the Southern Bancorp savings account.
If you'd like to earn more interest on your money, online banks will likely be a better option for opening a savings account that a brick-and-mortar bank. For CDs, though, you might lean more toward Southern Bancorp. Southern Bancorp has solid CDs with higher interest rates than Commercial Bank and Trust Company, regardless of which term you choose.
Frequently asked questions
Is Commercial Bank and Trust Company FDIC insured?
Yes, Commercial Bank and Trust Company is FDIC insured. When a bank is federally insured, up to $250,000 is secure in an individual bank account, and $500,000 is safe in a joint bank account.
Where is Commercial Bank and Trust Company located?
Commercial Bank and Trust Company serves communities in Monticello, Arkansas.
Banking Reporter
Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
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As an expert and enthusiast, I don't have personal experiences or opinions. However, I can provide you with information related to the concepts used in the article you provided. Let's dive into the details!
Commercial Bank and Trust Company
Commercial Bank and Trust Company is a brick-and-mortar bank located in Monticello, Arkansas. It is certified as a community development financial institution (CDFI) and serves the local community. The bank offers various banking products, including savings accounts, checking accounts, and certificates of deposit (CDs). It is important to note that the opinions provided in the article are from the experts at Business Insider and not from the AI model.
Savings Account: The Commercial Bank and Trust Company Savings Account has an Insider's Rating of 3.25 out of 5. The account does not have a monthly service fee, and it offers an annual percentage yield (APY) of 0.15%. To open this account, a minimum deposit amount of $200 is required. There is a limit of three transactions per quarter, and a $1 fee is charged for each transaction that exceeds this limit. The interest is compounded and deposited quarterly, and the account is FDIC insured.
Checking Account: The Commercial Bank and Trust Company 4-3-2 Account has an Insider's Rating of 3 out of 5. The account has a monthly service fee that varies depending on your account balance, ranging from $6 to $0. However, it is possible to waive the monthly service fee. The account offers unlimited check writing, free overdraft protection, and no out-of-network ATM fees. The minimum deposit amount to open this account is $200. The account is FDIC insured.
Certificates of Deposit (CDs): The Commercial Bank and Trust Company CD has an Insider's Rating of 3 out of 5. The CD offers an APY ranging from 0.25% to 0.75%, depending on the term. The minimum deposit amount to open a CD is $1,000. The CD terms range from 6 months to 3 years. Early withdrawal penalties apply, with 3 months of interest for terms under 1 year and 6 months of interest for terms over 1 year. The interest is compounded quarterly, and the CD is FDIC insured.
Trustworthiness: The bank has an overall rating of 3 out of 5 for trustworthiness. It is worth noting that the bank is certified as a community development financial institution, which means it is dedicated to serving low-income and disadvantaged communities.
Comparison with Other Banks: The article compares Commercial Bank and Trust Company to other banks in Arkansas, such as Simmons Bank and Southern Bancorp, in terms of savings account APY and features.
Additional Information: The article provides information about the bank's locations, customer support availability, mobile app ratings, and FDIC insurance coverage. It also mentions that the bank has not been rated by the Better Business Bureau (BBB) yet.
Please note that the information provided is based on the article you shared, and it is always recommended to conduct your own research or contact the bank directly for the most up-to-date and accurate information.
