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Beneficial State Bank Review

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Beneficial State Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 2007, Beneficial State Bank has $759 million in assets as well as deposits totaling $627 million, classifying the institution as a medium-size bank. Beneficial State Bank, whose headquarters are in Oakland, California, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated the bank 4.3 out of 5 stars, suggesting Beneficial State Bank is a solid pick to be your bank. Beneficial State Bank offers multiple product offerings, which include savings accounts, checking accounts, CDs and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Beneficial State Bank offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best option for gaining the most income from your deposits alongside easy access to your money.

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

Beneficial State Bank has a savings rate of 0.15%, which is fair compared to the average U.S. bank. Its CDs feature a rate of 1.21% and 2.22% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.30%. Given Beneficial State Bank's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Beneficial State Bank's Savings Rates Compare

Beneficial State Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Beneficial State Bank typically has extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who withdraw money frequently, Beneficial State Bank is perfect because it has no out-of-network ATM fees. Beneficial State Bank unfortunately does not refund out-of-network ATM fees, which means you will have to find a Beneficial State Bank ATM or pay the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A 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 19 total branches in California, Oregon and Washington. With mobile and web apps, Beneficial State Bank makes account access convenient, even on the go. It does not have all-day customer service with representatives. You can get help during its customer service 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 receives fair feedback from customers for its mobile app. With 3 ratings across both iOS and Android platforms, the Beneficial State Bank mobile app rates a 3.7 out of 5 (compared to the national average of 3.8). Beneficial State Bank's mobile app lets you manage your funds by checking account balances, transferring money as well as accessing support representatives. Beneficial State Bank gets a superb consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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 currently a medium-size bank with assets totaling $759 million and $627 million in deposits. Its Texas Ratio is 2.57%, signifying that Beneficial State Bank is in superb financial shape and unlikely 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 0.15% APY $1
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.21% APY
  • 24 Month: 1.82% APY
  • 36 Month: 1.92% APY
  • 48 Month: 2.12% APY
  • 60 Month: 2.22% APY
$1000 for all terms
Money Market Account 0.3% APY $25000

Beneficial State Bank has several deposit products like savings accounts, checking 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 consider taking a look 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 in comparison to the average U.S. bank.

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Find a Beneficial State Bank Near Me

Beneficial State Bank has 19 physical locations across the U.S.

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