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Choice bank Review

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Choice bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Choice bank was founded in 2006 and has its headquarters in Oshkosh, Wisconsin. It has $400 million in assets and deposits totaling $251 million, classifying it as a small bank. Choice bank lacks premium access to support representatives, 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 an average 3.6 stars out of 5, Choice bank is a decent bank that leaves room for improvement. Choice bank offers a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking product maintains a $6.95 monthly fee, making it a rather pricey bank for checking. Banks that offer no-fee checking, in addition to a high savings APY are your best bet for returning the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.15%, Choice bank ranks poorly compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.55% and 1.45%, respectively, while its highest-yielding money market account earns at a rate of 0.20%. Given Choice bank's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How Choice bank's Savings Rates Compare

Choice bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

On average, Choice bank charges customers high fees compared to the national average. Choice bank's checking account has a monthly fee of $6.95, which makes it fair for anyone looking for a hassle-free account. Choice bank does not reimburse out-of-network ATM charges, which means you'll be required to search for a Choice bank ATM or eat the withdrawal fee.

Monthly Fee $6.95 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

4.2
SmartAsset Average: 3.7

Choice bank is a brick-and-mortar bank, with two total bank locations in Wisconsin. With mobile and web apps, Choice bank makes account access straightforward, even on the go. Choice bank gets great scores from customers for its mobile platform. The Choice bank mobile app rates a 4.5 out of 5 (with 4 ratings on Apple and Android) compared to the national average of 3.8. Choice bank's mobile app lets you control your accounts by monitoring current statements, transferring money and reaching customer service. Choice bank receives a superb consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.5/5
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

Choice bank is a small bank with $400 million in assets as well as deposits totaling $251 million. Its Texas Ratio is 3.29%, indicating that Choice bank is in excellent financial condition and unlikely to fail. Additionally, Choice bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.29%
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 Choice bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.15% APY $1000
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.85% APY
  • 36 Month: 1.10% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.45% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Choice bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Choice 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. Choice bank's CD rates are fair as compared against the national average.

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Find a Choice bank Near Me

Choice bank has two branches in the U.S.

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