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Beneficial State Bank Review

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Beneficial State Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Beneficial State Bank first started operating in 2007 with headquarters located in Oakland, California. It handles assets of $759 million and $627 million in deposits, making it a medium-size bank. Beneficial State Bank lacks premium access to customer service, 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 apps. With a score of 4.3 out of 5 stars, Beneficial State Bank should be solidly in contention for your choice of bank. Beneficial State Bank has numerous product offerings, including savings accounts, checking accounts, CDs and credit cards. Beneficial State Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking does not have a monthly charge. Locating an institution with free checking, in addition to a high interest rate savings account is your best option for getting the highest income on your deposits while having convenient 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 0.20%, which is fair compared to the average U.S. bank. Beneficial State Bank's 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 earns at a rate of 0.40%. Given Beneficial State Bank's below average savings rate, you should think about 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 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Beneficial State Bank charges customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Beneficial State Bank's checking account is ideal for those who want an easy banking experience. For those who withdraw money routinely, Beneficial State Bank is ideal because it charges no out-of-network ATM fees. Beneficial State Bank unfortunately doesn't refund out-of-network ATM fees, which means you'll have to find a Beneficial State Bank ATM or eat the cost of withdrawal.

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 bank locations in California, Oregon and Washington. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not provide access to all-day customer service with actual service 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 receives average feedback from customers for its mobile app. The Beneficial State Bank mobile app has an overall rating of 3.7 out of 5 (with 3 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize Beneficial State Bank's app to control your bank accounts by looking at account balances, sending and receiving funds and accessing support representatives. Beneficial State Bank gets a superb consumer satisfaction rating due to comparatively few consumer complaints reported to 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 currently a medium-size bank with assets totaling $759 million and deposits totaling $627 million. Its Texas Ratio is 2.57%, indicating that Beneficial State Bank is in outstanding 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 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 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 compared to other U.S. banks.

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Find a Beneficial State Bank Near Me

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

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