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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


Choice bank was founded in 2006 and has its headquarters in Oshkosh, Wisconsin. Choice bank handles assets of $400 million and $251 million in deposits, which makes it a small bank. Choice 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 in-person service, in addition to its online and mobile apps. With an average 3.6 out of 5 stars, Choice bank proves it is an acceptable bank choice, but may leave you wanting more. Choice bank provides customers with a complete choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Choice bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a $6.95 monthly fee, which places it at the higher end of monthly fees. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same institution is your best option for getting the most income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.15%, Choice bank ranks poorly in comparison to the average U.S. bank. Its CDs feature a rate of 0.45% and 1.35% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.20%. Given its noncompetitive 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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SmartAsset Average: 4.4

Choice bank typically has high fees compared to the national average. At $6.95 per month, Choice bank's checking account is less than great for people who need a hassle-free banking experience. Choice bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you'll be required to search for a Choice bank ATM or pay 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

SmartAsset Average: 3.7

Choice bank is a brick-and-mortar bank, with two total branches in Wisconsin. It also offers access to mobile and web apps for a simple mobile-banking experience. Choice bank's online and mobile banking services receive great feedback from customers. With 4 customer reviews across both iOS and Android platforms, the Choice bank mobile app has an overall rating of 4.5 out of 5 (compared to the national average of 3.8). Choice bank's mobile app allows you to manage your bank accounts by monitoring current statements, transferring money and accessing support representatives. Choice bank receives a superb consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

SmartAsset Average: 4.8

Choice bank is a small bank and has $400 million in assets and $251 million in deposits. It has an excellent Texas Ratio of 3.29%, indicating a low chance of failure. 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

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: 0.45% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.15% APY
  • 60 Month: 1.35% APY
$1000 for all terms
Money Market Account 0.2% APY $10000

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

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Find a Choice bank Near Me

Choice bank has two physical locations in the U.S.

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