Carter Bank & Trust


Overview / Commentary
276-632-2901
4 East Commonwealth Boulevard
Martinsville, VA 24112-1920

Carter Bank & Trust is headquartered in MARTINSVILLE and is the 6th largest bank in the state of Virginia. It is also the 298th largest bank in the nation. It was established in 2006 and as of March of 2024, it had grown to 682 employees at 67 locations. Carter Bank & Trust's money market rates are 9X the national average, but it has a C health rating.

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A Local Bank Worthy Of A Second Look

Posted by: |

After being severely burned and furious by the Valley stars in the area, I began looking for a bank in the local region.

Carter Bank and Trust fit that bill. They were a bank and they were local. That was my only two requirements at that point.

Some of the reviews mention how they do not have good mobile or online services. They have definitely gotten better in this area. I have no issues with their Applications and I can easily navigate the website. It might not be as flashy as the hippest banks, but it does the job it needs to do.

One of the best and most useful tool they have is the ATM machine at the main branch in Martinsville, and (Carter if you're reading this PLEASE ADD MORE OF THEM) Their ATMS allow for you to deposit checks and cash after hours. This was an unknown selling point to me, and I had stumbled upon it by total accident, but I would love to see more of these, and when I suggest banks, this is one of the main selling points I highlight. I can make deposits after hours with absolute ease.

Staff have always been friendly.
The bank has pretty good fraud detection. What I mean by this is that, I buy game currency sometimes in foreign countries, and instead of outright blocking the transaction, they send a Text message of confirmation, once approved the transaction goes through.

They do have mild drawbacks on some transactions, like I wanted to link my Robinhood account and that was going to be a call-in and I just was too lazy to call in. There wasn't a way to get around calling in, and I'm just not the type of person to call other people willingly. So I never linked the accounts.

All in all though, as long as they keep having real people work the desks, and keep improving their offerings positively, I see myself being a customer for many years to come.

Been a Customer for 30 Years

Posted by: |

I opened my first checking account when I was 16 years old and it was with Carter Bank and Trust. It is still open. I love that the tellers recognize me when I walk in and know me by name. They are always friendly and helpful, regardless of how busy they may be. Most locations have extended drive-thru hours for those of us that cannot get to the bank during regular business hours. While the bank does not have online banking like most other banks do, this keeps them from charging outrageous fees the way those other banks do. This keeps me a loyal, happy customer.

Carter is nothing special

While I like Carter Bank and Trust in some ways, they don't have a decent online banking platform and no mobile app. Their savings account is okay but nothing special. I use their checking account but, again, nothing special. I do like the people working in the branch I use. They are friendly. Overall, they are a small bank and nothing special and I will probably be swapping at some point to a bank with up-to-date online banking platforms.

Do Not Recommend

Posted by: |

They do not contact you, have hidden fees, and give you incorrect information when you call in. I would not recommend them with so many superior choices available.

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Health

Health Grade Components

Overall
FDIC Certificate #58596
Year Established2006
Employees682
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.56%
Return on Equity - YTD7.26%
Annual Interest Income$54MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$4.55B$4.36B
LoansQ1 2024vs Q1 2023$3.41B$3.15B
DepositsQ1 2024vs Q1 2023$3.83B$3.53B
Equity CapitalQ1 2024vs Q1 2023$355.5MM$349.7MM
Loan Loss AllowanceQ1 2024vs Q1 2023$96.5MM$94.7MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$307.3MM$8.4MM
Real Estate OwnedQ1 2024vs Q1 2023$2.5MM$8.3MM
Rates
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Always verify rates and promotions with the bank or credit union. We are not Carter Bank & Trust; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Carter Bank & Trust Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.50%$0$5kChristmas Club
0.10%$0-Carter Savings
0.10%$0-Business Carter Savings

Carter Bank & Trust Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.01%*$1m*-Business Premium Money Market Special
OTHER TIERS: 0.26% $2.5k - $25k | 3.26% $25k - $50k | 3.37% $50k - $100k | 3.46% $100k - $500k | 3.56% $500k - $1m
4.01%*$1m*-Premium Money Market Special
OTHER TIERS: 0.26% $2.5k - $25k | 3.26% $25k - $50k | 3.37% $50k - $100k | 3.46% $100k - $500k | 3.56% $500k - $1m
0.30%*$5m*-Carter Money Market
OTHER TIERS: 0.10% $2.5k - $25k | 0.11% $25k - $50k | 0.13% $50k - $100k | 0.15% $100k - $500k | 0.19% $500k - $1m | 0.25% $1m - $2.5m | 0.27% $2.5m - $5m
0.30%*$5m*-Business Carter Money Market
OTHER TIERS: 0.10% $2.5k - $25k | 0.11% $25k - $50k | 0.13% $50k - $100k | 0.15% $100k - $500k | 0.19% $500k - $1m | 0.25% $1m - $2.5m | 0.27% $2.5m - $5m

Carter Bank & Trust Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%*$5k*-Business Interest Checking
OTHER TIERS: 0.10% $0 - $5k
0.08%*$1.5k*-Premium Interest Checking
OTHER TIERS: 0.05% $0 - $1.5k
0.05%$0-50+ Interest Checking

Carter Bank & Trust CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.01%$100-7 Month CD Special
5.01%$100-Business 7 Month CD Special
4.51%$100-11 Month CD Special
3.76%$100-23 Month CD Special
0.55%$100-5 Year CD
0.55%$100-Business 5 Year CD
0.50%$100-4 Year CD
0.50%$100-Business 4 Year CD
0.45%$100-3 Year CD
0.45%$100-Business 3 Year CD
0.38%$100-2 Year CD
0.38%$100-Business 2 Year CD
0.35%$100-1 Year CD
0.35%$100-Business 1 Year CD
0.14%$2.5k-6 Month CD
0.14%$2.5k-Business 6 Month CD
Locations

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