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Border State Bank Review

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Border State Bank Savings
0.35% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Border State Bank first started operating in 1935 and is headquartered in Greenbush, Minnesota. Border State Bank manages assets of $507 million and $434 million in deposits, classifying it as a medium-size bank. Border State Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.3 stars out of 5, Border State Bank should be solidly in contention for your choice of bank. Border State Bank provides customers with a choice of banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Border State Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Border State Bank offers an option without a monthly fee. Banks that offer free checking and a high savings APY are your best option for gaining the highest income from your deposits while having 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

3.8
SmartAsset Average: 3.5

With a savings rate of 0.35%, Border State Bank ranks poorly in comparison to other U.S. banks. Its CD rates are 1.50% and 2.25% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.50%. Given its below average savings rate, you should think about looking elsewhere to open savings accounts.

How Border State Bank's Savings Rates Compare

Border State Bank Savings 0.35 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Border State Bank charges its customers extremely low fees compared to the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Border State Bank does not refund out-of-network ATM charges, which means you will be required to locate a Border State Bank ATM or eat the cost of withdrawal.

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

4.0
SmartAsset Average: 3.7

Border State Bank is a brick-and-mortar bank, with nine total bank locations in Minnesota. It also offers access to mobile and web apps for a simple mobile-banking experience. Border State Bank gets moderately high praise from users for its online presence. Out of 140 customer reviews on Apple and Android platforms, the Border State Bank mobile app is scored at 4.0 out of 5 (compared to the national average of 3.8). Border State Bank's mobile app lets you control your bank accounts by checking monthly statements, transferring money as well as reaching customer service. Border State Bank receives a superb consumer satisfaction rating based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.4
SmartAsset Average: 4.8

Border State Bank is currently a medium-size bank owning $507 million in assets as well as deposits totaling $434 million. Its Texas Ratio is 13.07%, denoting a small chance of failure. Additionally, Border 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

13.07%
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 Border State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.35% APY $1
Checking Account 0.25% APY $1
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 1.75% APY
  • 36 Month: 1.85% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.25% APY
$2500 for all terms
Money Market Accounts 0.5% APY 0.5% APY $10000 $15000

Border State Bank has several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Border State 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. Border State Bank's CD rates are fair compared to the average U.S. bank.

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Find a Border State Bank Near Me

Border State Bank has nine physical locations across the U.S.

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