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Spirit of Texas Bank Review

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Spirit of Texas Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1976, Spirit of Texas Bank has assets totaling $1 billion as well as $837 million in deposits, ranking the institution as a medium-size bank. Spirit of Texas Bank, whose headquarters are in College Station, Texas, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, Spirit of Texas Bank is a great bank that you should seriously consider, with a score of 4.4 out of 5 stars from the SmartAsset team. Spirit of Texas Bank has a choice of product offerings, which include savings accounts, checking accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's most basic checking account does not have a monthly maintenance charge. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same bank is the best option for accruing the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.5
SmartAsset Average: 3.5

Spirit of Texas Bank has a savings rate of 0.15%, which is poor compared to the national average. Spirit of Texas Bank's one-year and five-year term lengths CDs earn at a rate of 1.01% and 1.84%, respectively, while its highest-yielding money market account has an APY of 0.30%. Given Spirit of Texas Bank's noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Spirit of Texas Bank's Savings Rates Compare

Spirit of Texas Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

Spirit of Texas Bank charges customers low fees as compared against the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Additionally, at $35.00, Spirit of Texas Bank has a lower overdraft fee compared to the national average overdraft fee. Spirit of Texas Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you'll have to locate a Spirit of Texas Bank ATM or pay the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

4.5
SmartAsset Average: 3.7

Spirit of Texas Bank is a brick-and-mortar bank, with 16 total branches in Texas. With mobile and web apps, Spirit of Texas Bank makes account access easy, even on the go. Spirit of Texas Bank receives great feedback from customers for its mobile banking services. The Spirit of Texas Bank mobile app is rated at 5.0 out of 5 (with 3 reviews on Apple and Android) compared to the national average of 3.8. You can utilize Spirit of Texas Bank's app to manage your finances by monitoring monthly statements, sending and receiving funds as well as reaching support representatives. Spirit of Texas Bank receives an outstanding consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 5.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Spirit of Texas Bank ranks as a medium-size bank and has $1 billion in assets and deposits totaling $837 million. It has an excellent Texas Ratio of 3.32%, signifying that Spirit of Texas Bank is in terrific financial shape and unlikely to fail. Additionally, Spirit of Texas Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.32%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Spirit of Texas Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.15% APY $750
Certificates of Deposit
  • 12 Month: 1.01% APY
  • 24 Month: 1.36% APY
  • 36 Month: 1.52% APY
  • 48 Month: 1.62% APY
  • 60 Month: 1.84% APY
$1000 for all terms

Spirit of Texas Bank has several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. Spirit of Texas Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Spirit of Texas Bank's CD rates are fair compared to other U.S. banks.

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Find a Spirit of Texas Bank Near Me

Spirit of Texas Bank has 16 physical branches in the U.S.

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