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Commercial Bank and Trust Company could be a good choice if you live in Monticello, Arkansas, and want to open a Commercial Bank and Trust Company Commercial Bank and Trust Company Savings Account or a Commercial Bank and Trust Company Commercial Bank and Trust Company CD at a local bank. You might consider other financial institutions if you don't have a lot of money for an opening deposit.
Overall Bank Rating
| Feature | Insider rating (out of 5) |
| Savings | 2.75 |
| Checking | 3.25 |
| CD | 3 |
| Trustworthiness | 3 |
| Total | 3 |
Pros and Cons
| Pros | Cons |
|
|
Commercial Bank and Trust Company Savings Account
no monthly service fee
0.15%
$100
- No monthly service fee
- $100 minimum opening deposit
- Must keep at least $200 in account to earn interest
- Limit of three transactions per quarter
- 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 $100 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 Secure Checking Club
up to $6 monthly service fee
None
$200
- Unlimited check writing
- Possible to waive monthly service fee
- Free overdraft protection available
- No out-of-network ATM fees
- $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
- 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 Secure Checking Club 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
0.25% to 0.75%
$1,000
- Solid interest rate compared to other brick-and-mortar banks
- Standard CD early withdrawal penalties
- Online banks may offer a higher interest rate
- $1,000 minimum opening deposit
- Limited CD term options
- Interest compounded quarterly, not daily
- 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 Company Commercial Bank and Trust Company CD 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, or CDFIs, serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US 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.
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.
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.
Why You Should Trust Us: How We Reviewed Commercial Bank and Trust Company
We rate bank accounts on a scale from one to five stars. For Commercial Bank and Trust's checking and saivngs accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
For Commercial Bank & Trust's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.We rate bank accounts on a scale from one to five stars.
Commercial Bank and Trust Company Frequently Asked Questions
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.
Commercial Bank and Trust Company serves communities in Monticello, Arkansas.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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