HomeTrust Bank Review | Review, Fees, Offerings | SmartAsset.com (2024)

HomeTrust Bank was founded in 1926 and its headquarters are located in Asheville, North Carolina. HomeTrust Bank handles assets totaling $3 billion and $2 billion in deposits, which makes it a large bank. HomeTrust Bank does not have the customer service bells and whistles of other banks. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. Overall, HomeTrust Bank is a good bank that should be given a look at a score of 3.9 stars out of 5 from our experts.

HomeTrust Bank has a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. HomeTrust Bank has a fair savings rate, which means other popular banks have higher rates. Perfect for basic banking needs, HomeTrust Bank offers one without a monthly fee. Why use checking and savings accounts with the same bank? Convenient transferring between the two accounts translates to better interest rates in your savings account with the flexibility of spending from your checking.

Service Quality

HomeTrust Bank is a brick-and-mortar bank, with 42 total bank locations in North Carolina, South Carolina, Tennessee and Virginia. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 7:00 p.m. ET; Saturday, 9:00 a.m. to 3:00 p.m. ET.

HomeTrust Bank gets acceptable feedback from users for its mobile platform: out of 280 ratings across both Apple and Android platforms, the HomeTrust Bank mobile app rates a 2.7 out of 5 (compared to the national average of 3.8). HomeTrust Bank's mobile app allows you to manage your funds by checking current statements, transferring money as well as accessing customer service. HomeTrust Bank receives a superb consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Products Offered

HomeTrust Bank has several deposit products including savings accounts, checking accounts, money market accounts, and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. HomeTrust Bank's CD rates are competitive compared to the national average.

Rates

HomeTrust Bank has a savings rate of 0.01%, which is fair in comparison to other U.S. banks. HomeTrust Bank's one-year CD earns at a rate of 0.05% and the five-year CD has a rate of 0.15%, while its highest-yielding money market account has an APY of 0.10%. HomeTrust Bank has a fair savings rate, which means you can find higher rates with other banks. Think about looking at some of the competition to open savings accounts.

Compare HomeTrust Bank to Other Competitive Offers

Fees

HomeTrust Bank has generally low fees compared to the average U.S. bank. With no monthly fee, HomeTrust Bank's checking account is perfect for those who need a hassle-free checking account. For those who will need cash in a pinch, it is fair because it offers an ATM fee of $2.00, which is fair in comparison to other U.S. banks. Additionally, at $35, its overdraft fee is lower than the national average overdraft fee, making it good for those who frequently overdraft.

Financial Health

HomeTrust Bank is a large bank and owns assets totaling $3 billion as well as deposits totaling $2 billion. HomeTrust Bank's Texas Ratio is 5.13%, indicating a small opportunity of failure. Additionally, HomeTrust Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a HomeTrust Bank Near Me

HomeTrust Bank has 42 physical branches across the U.S.