Commercial Bank and Trust Company review: Arkansas bank with a free savings account

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Overall bank rating

Pros and cons

Commercial Bank and Trust Company Savings Account

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

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 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.

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.