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American State Bank Review

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American State Bank Savings
0.99% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1913, American State Bank has $870 million in assets as well as $716 million in deposits, making it a medium-size bank. American State Bank, whose headquarters are in Sioux Center, Iowa, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, American State Bank is a superb bank that would be an ideal pick, with a score of 4.7 out of 5 stars from the SmartAsset experts. American State Bank has a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, brokerage accounts, mortgage products and credit cards. American State Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, American State Bank offers an option without a maintenance or monthly fee. Using a bank with no-fee checking as well as a high savings APY is your best option for accruing the highest income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.7/5
National Average: 4.1

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

Rates

5.0
SmartAsset Average: 3.5

American State Bank features a savings rate of 0.99%, which is fair as compared against the national average. Its one-year CD has a rate of 2.50% and the five-year CD has a rate of 3.00%, while its highest-yielding money market account has an APY of 1.10%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How American State Bank's Savings Rates Compare

American State Bank Savings 0.99 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

American State Bank generally has extremely low fees compared to the average U.S. bank. American State Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. American State Bank unfortunately does not refund out-of-network ATM fees, meaning you'll need to find an American State Bank ATM or accept the ATM charge.

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

4.4
SmartAsset Average: 3.7

American State Bank is a brick-and-mortar bank, with nine total bank locations in Iowa and South Dakota. It also offers access to mobile and web apps for a straightforward mobile-banking experience. American State Bank's online and mobile banking platforms get positive feedback from users. With 150 ratings on both iOS and Android platforms, the American State Bank mobile app is scored at 4.8 out of 5 (compared to the national average of 3.8). You can access American State Bank's app to manage your finances by looking at account balances, sending and receiving funds as well as reaching support representatives. American State Bank gets an excellent consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.3
SmartAsset Average: 4.8

American State Bank is currently a medium-size bank and handles $870 million in assets as well as $716 million in deposits. Its Texas Ratio is 15.53%, suggesting a tiny possibility of failure. Additionally, American State Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

15.53%
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 American State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.99% APY $1
Checking Account 0.4% APY $1000
Certificates of Deposit
  • 12 Month: 2.50% APY
  • 24 Month: 2.80% APY
  • 36 Month: 2.75% APY
  • 48 Month: 3.09% APY
  • 60 Month: 3.00% APY
$5000 for all terms
Money Market Accounts 1.05% APY 1.1% APY $10000 $15000

American State Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. American State Bank does not have the best savings rate, which means you should consider looking elsewhere 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. American State Bank's CD rates are fair in comparison to the national average.

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Find a American State Bank Near Me

American State Bank has nine physical branches across the U.S.

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