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CenterState Bank Review

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by Lauren Perez Updated
CenterState Bank

CenterState was founded over 25 years ago as a bank that focused on community and sustainability. Today, it works to help its customers and clients focus on the long-term benefits of sustainable and local banking. 

You can find and open personal, small business and corporate accounts with CenterState Bank. This includes basic savings accounts, CDs, money market accounts and more. In addition to its branches, you’ll also be able to access your accounts online and on mobile. 

Products Offered

Products Key Details
Savings Accounts
  • High minimum deposit to open
  • Relatively low interest rate 
  • Waivable monthly fee
Certificates of Deposit
  • Terms range from three to 60 months
  • Standard minimum deposit
Money Market Account
  • High minimum deposit
  • Waivable monthly fee
  • Higher rate for higher balances
Checking Account
  • Three account options, including two interest-earning accounts
  • Waivable monthly fees

CenterState Bank Interest Rate Comparison

Savings Account

Key Features Details
Minimum Deposit $100 ($10 for Minor Accounts)
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $3 monthly fee, waivable with $300 minimum daily balance or with a Minor Account
Current Terms and Rates 0.05% APY

CenterState Bank’s main Savings Account isn’t too user friendly. It earns at a pretty low interest rate and requires a high minimum deposit. You’ll also need a higher minimum balance to waive the monthly fee, although the fee itself is pretty low. 

The account works better when opened as a Minor Account. The minimum deposit drops substantially and there is no monthly fee at all. Minor Accounts are for kids under 18 with a parent or guardian co-owner. 

Both types of accounts limit your withdrawals to six per month. Each extra withdrawal will cost a $2 fee. 

Certificates of Deposit

Key Features Details
Minimum Deposit $500
Access to Your CD Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties may apply.
Current Terms and Rates
  • 3 Month: 0.25% APY
  • 5 Month: 1.36% APY
  • 6 Month: 0.50% APY
  • 9 Month: 0.75% APY
  • 12 Month: 1.01% APY
  • 15 Month: 2.03% APY
  • 18 Month: 1.11% APY
  • 24 Month: 1.26% APY
  • 24 Month Bump Up: 1.78% APY
  • 36 Month: 2.03% APY
  • 48 Month: 2.12% APY
  • 60 Month: 2.27% APY

CenterState offers a great variety of certificates of deposit, or CDs, ranging from three to 60 months. This allows you to open an account (or accounts) that best fit your savings goals whether long term or short term. CDs pose a stricter way to save since you cannot touch the account’s funds once you’ve made your initial deposit. You have to wait for the account to mature to make any withdrawals or additional deposits. Should you need to make a withdrawal before maturity, you’ll face a heavy penalty. 

However, CenterState’s 5-Month CD offers an alternative to this typical CD structure. With this account only, you’re allowed to withdraw everything from the account without penalty after seven days of funding your account. You cannot make withdrawals within seven days of each other, however.

CenterState has another special CD, its 24-Month Bump Up CD. This account allows you to increase your interest rate once within the 24-month term should interest rates rise. 

Money Market Account

Key Features Details
Minimum Deposit $100
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $12 monthly fee, waivable with one of the following
  • $2,000 minimum daily balance
  • $5,000 average daily balance
Current Terms and Rates
  • Account balances of $2,000 - $99,999.99: 0.05% APY
  • Account balances of $100,000 and over: 0.10% APY

Money market accounts work like a mix between savings and checking accounts. They earn at comparable rates to savings accounts with the flexibility of a checking account. The CenterState Money Market Account earns interest according to balance tiers, with higher balances earning at a higher rate. Just like with a savings account, you’re limited to six withdrawals per month. Each extra withdrawal will cost a $10 fee. 

While there is no minimum balance you need to maintain, you’ll want to watch out for the monthly fee. You can waive the fee by meeting certain balance requirements, but these might be higher than you can meet. 

eChecking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $5.95 monthly fee, waivable with one of the following
  • One or more ACH deposit totaling at least $500
  • Use your debit card for 15 or more POS transactions per statement cycle

CenterState’s eChecking account is the bank’s simplest checking account. It doesn’t earn interest and it has the lowest monthly fee. It does have the same minimum deposit as the other checking accounts, which runs on the higher side. 

You’ll receive a free MasterCard™ debit card with this account which you can use for free at any CenterState Bank or Publix Presto!™ ATM. You should sign up for eStatements to avoid a $2 paper statement fee. 

Interest Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $7.95 monthly fee, waivable with $2,500 average daily balance
Current Terms and Rates 0.05% APY

This Interest Checking account isn’t much different from the eChecking account except in their monthly fees and interest-earning abilities. The fee here is slightly higher and you need a higher balance to waive the fee, rather than account activity. The interest rate isn’t incredibly high, but you’ll still earn some savings on your balance. 

Relationship Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $9.95 monthly fee, waivable with $25,000 combined total of all related CenterState Bank balances including all Personal Deposit and Loan Products
Current Terms and Rates 0.05% APY

The CenterState Relationship Checking account comes with the most perks. In addition to the standard benefits of a CenterState checking account, the Relationship Checking account includes free cashier’s checks, a safety deposit box discount, free notary service, free gift cards, one free non-CSB ATM fee a month and one free OD Protection Transfer a month.

Fresh Start Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $12.95 monthly fee

If you’ve had some trouble with banking in the past, the Fresh Start Checking account could be the thing for you. It’s pretty straightforward as it doesn’t earn interest or include any fancy perks. 

It does have the highest CenterState checking account fee, though. Plus, you cannot waive the fee. This should help you with rebuilding your financial discipline.

Branch Locations

All CenterState Bank branches are located in 34 counties throughout Florida and Georgia. You can also find ATMs in Publix Super Markets throughout Florida, Georgia, Alabama, South Carolina and Tennessee.

Financial Statistics & Bank Health Rating

CenterState Bank currently has $7.07 billion in assets and $4.76 billion in loans, according to the FDIC. CenterState customers hold a total of $5.56 billion in deposits with the bank. 

To determine whether CenterState is a good place to place your deposits, you can check its Texas Ratio. The Texas Ratio is calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. CenterState Bank’s Texas Ratio is 3.07%, which is considered excellent. 

Tips for Saving Money

  • A great way to save money no matter where you bank is by working to waive the monthly fees that come with your accounts. For example, perhaps you just need to set up a direct deposit to avoid fees. Making that small change can save you a ton in the long run. 
  • On the other hand, sometimes you just need to open a better savings account with a much higher interest rate. That way, you can automatically save more without having to try to meet any requirements. 
  • If you want to cut costs in other places, like your mortgage or car payments, perhaps a financial advisor can help you do so. They can look at your entire financial situation and figure out where you can save even more money. They can also help you set up investments to further boost growth. Our financial advisor matching tool can pair you with qualified advisors in your area to help you get started. 
Save more with these rates that beat the National Average
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