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Beneficial State Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Beneficial State Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Beneficial State Bank started in 2007 with headquarters located in Oakland, California. Beneficial State Bank owns $1 billion in assets as well as $627 million in deposits, which makes it a medium-size bank. Beneficial State Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We ranked Beneficial State Bank at a 4.3 stars out of 5, suggesting it is a solid pick to be your bank. Beneficial State Bank has the complete slate of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. Beneficial State Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account carries a monthly fee of $5.00, which is not too high compared to other U.S. banks. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is the best option for returning the most income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

With a savings rate of 0.20%, Beneficial State Bank ranks poorly in comparison to other U.S. banks. Its CDs feature a rate of 1.61% and 2.22% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.40%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

How Beneficial State Bank's Savings Rates Compare

Beneficial State Bank Savings 0.20 National Average 0.09 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Beneficial State Bank generally has extremely low fees compared to the national average. Beneficial State Bank's checking account has a monthly fee of $5.00, ranking it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is good because it has an out-of-network ATM fee of $2.50, which is solid compared to the average U.S. bank. Additionally, at $35.00, its overdraft fee is on par with the national average. Beneficial State Bank unfortunately does not refund out-of-network ATM charges, meaning you'll be required to find a Beneficial State Bank ATM or pay the withdrawal fee.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee $2.50 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.8
SmartAsset Average: 3.7

Beneficial State Bank is a brick-and-mortar bank, with seven total branches in , , , , , , , , , , , , , , , , and . It also offers access to mobile and web apps for straightforward access and banking on the go. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Thursday, 9:00 a.m. to 5:00 p.m. PT; Friday, and 9:00 a.m. to 6:00 p.m. PT. Beneficial State Bank gets moderate feedback from users for its online presence. With 68 ratings on Apple and Android platforms, the Beneficial State Bank mobile app has an overall rating of 3.7 out of 5 (compared to the national average of 3.8). You can use Beneficial State Bank's app to control your funds by checking current statements, sending and receiving money and reaching customer service. Beneficial State Bank gets an excellent consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.7/5
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

Beneficial State Bank is a medium-size bank and manages $1 billion in assets and $627 million in deposits. Its Texas Ratio is 2.57%, denoting that Beneficial State Bank is in terrific financial well-being and improbable to fail. Additionally, Beneficial 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

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 Beneficial State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.61% APY
  • 24 Month: 2.02% APY
  • 36 Month: 2.07% APY
  • 48 Month: 2.12% APY
  • 60 Month: 2.22% APY
$1000 for all terms
Money Market Accounts 0.4% APY 0.4% APY $10000 $15000

Beneficial State Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Beneficial State Bank does not have the best savings rate, which means you should think about 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. Beneficial State Bank's CD rates are fair as compared against the national average.

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Find a Beneficial State Bank Near Me

Beneficial State Bank has seven branches in the U.S.

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