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The bottom line: Centinel Bank of Taos offers solid rates on CDs for New Mexico residents. However, if you don’t like dealing with monthly maintenance fees or a low interest rate on savings, you may want to consider going through our best high-yield savings accounts.
Centinel Bank of Taos Review: Overall Rating
FeatureInsider rating (out of 5)Savings2.75Checking3.25Money market account2.75CD3.25Trustworthiness4Total:3.25
Centinel Bank of Taos Pros and Cons
ProsCons
Hispanic American-owned bank
Involved with its local community
Solid interest rates for CDs, especially compared to other brick-and-mortar banks
Only available for residents living in New MexicoLimited branches and ATM locationsOnline banks offer higher rates on accountsInterest compounds quarterly on saving account, not daily or monthly
About Centinel Bank of Taos
Centinel Bank was one of the first Hispanic American-owned banks in the US, established in 1969. It currently has one branch and two motor bank drive-thrus located in Taos, New Mexico. The bank has two ATM locations.
Customer service support is available over the phone Monday through Thursday from 9 a.m. to 5:30 p.m., Friday, from 9 a.m. to 6 p.m., and Saturday from 8:30 a.m. to 2 p.m.
The Centinel Bank of Taos mobile app has a 4.5 out of 5 rating in the Apple Store and a 4.8 out of 5 rating in the Google Play store.
Centinel Bank of Taos is FDIC-insured, so an individual account is protected for up to $250,000 and joint accounts are insured for up to $500,000.
The Role of Hispanic American-led Financial Institutions
Hispanic American-owned financial institutions are integral to providing products and services to underserved communities. These institutions also help address banking gaps among Hispanic American communities.
At Centinel Bank of Taos, non-US citizens may use an ITIN number or foreign ID.
The bank is also frequently involved with its local community through partnerships and events focused on environmental action and youth. A few organizations Centinel Bank of Taos has worked with include: Rocky Mountain Youth Corps, Taos Community Foundation, and Lions Club of Taos.
Centinel Bank of Taos also has a college scholarship program. In the last five years, the bank has given nearly $220,000 to high school seniors.
Is Centinel Bank of Taos Trustworthy?
Centinel Bank of Taos hasn’t gone through any recent public controversies.
Centinel Bank of Taos currently has an NR rating from the Better Business Bureau. The BBB says its NR rating is due to not having enough information about the business.
A good BBB rating isn’t the end all be all. We use BBB ratings to help show how businesses deal with customer dilemmas, but if you want to determine whether a bank will be the right fit for you, it’d be best to consult friends, or family, or read online customer reviews.
Centinel Bank of Taos Bank Account Reviews
Centinel Bank of Taos Simple Savings Account
The Centinel Bank of Taos Simple Savings Account is a decent option if you can keep at least $500 in your account daily — that way, you can avoid the monthly service fee. Also, you’ll have to keep track of how often you withdraw from your account to avoid additional monthly fees. The account only allows you to make three free withdrawals per quarter and then it charges a $1 withdrawal fee.
If you don’t like being bogged down by these monthly fees, you may want to look elsewhere.
Centinel Bank of Taos Now Checking Account
The Centinel Bank of Taos Now Checking Account can be a good option if you can maintain at least $2,500 in your account daily — to avoid the monthly maintenance fee — and want unlimited checks and a debit card.
If you frequently travel, this account may not be right for you. There are only a few banking and ATM locations, so you may be limited in your options.
Centinel Bank of Taos CD
Centinel Bank of Taos provides the standard selection of CD terms, from 91 days to 5 years. Centinel Bank of Taos Certificate of Deposit have a solid APY compared to other brick-and-mortar banks. However, online banks can offer even higher rates, so if that’s a priority for you, then you may want to glimpse over our best CD rates list.
Centinel Bank of Taos Money Market Account
The Centinel Bank of Taos Money Market Deposit Account is a decent option if you can maintain at least $2,500 in your account. The account has tiered interest rates, so if you’re able to deposit $150,000, you can earn the highest interest.
There isn’t a debit card available with the money market account, though. You can make unlimited transactions if you go to the bank, but only six third-party check transactions are allowed per month. Each additional transaction costs you $7.50.
How Centinel Bank of Taos Compares
Centinel Bank of Taos vs. Community 1st Bank Las Vegas
Community 1st Bank Las Vegas is another Hispanic American-led financial institution in New Mexico. Hispanic American-owned banks were established to provide services to local communities, so neither bank has a large presence. You might like one of these banks if you prefer local banks over national banks, though.
Community 1st Bank Las Vegas Freedom 1st Checking Account – Brand Name could be a good option if you’re looking for lower monthly service fees on checking or savings accounts.
If you’re looking for high CD rates, Centinel Bank of Taos might be more appealing. The bank pays higher CD rates than the national average and Community 1st Bank Las Vegas CD – Brand Name has lower CD rates for most terms.
Community 1st Bank Las Vegas Review
Centinel Bank of Taos vs. Guadalupe Credit Union
Guadalupe Credit Union also is designated as a minority depository institution. You might find the credit union a more appealing option than Centinel Bank of Taos if you are a frequent traveler. Guadalupe Credit Union has seven branches, and it is part of the Co-op Shared Branch Network. The Co-op Shared Branch network has over 5,500 shared branches in the US, where you can deposit money, make withdrawals, and initiate loan payments (you can’t open new bank accounts at shared branches, though.)
However, to open bank accounts at Guadalupe Credit Union Savings Account – Brand Name you must meet certain membership eligibility requirements. To become a member, you or a family must live or work in Santa Fe, Rio Arriba, Taos, Torrance, San Miguel, Colfax, or Mora. All members also must open a savings account. If you don’t qualify for membership or do not want to open a savings account, Community 1st Bank Las Vegas will be your default option.
Why You Should Trust Us: How We Reviewed Centinel Bank of Taos
At Personal Finance Insider, we rate savings, checking, CD, and money market accounts using our banking methodology and CD methodology.
Each account receives a rating between 0 and 5. We evaluate a bank’s ethics, customer service, and mobile app for all accounts. We also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.