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ChoiceOne Bank Review

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ChoiceOne Bank Savings
0.01% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

ChoiceOne Bank was founded in 1898 with headquarters in Sparta, Michigan. It manages $643 million in assets and $541 million in deposits, classifying it as a medium-size bank. ChoiceOne Bank has above-average customer service access with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset experts rated ChoiceOne Bank 4.2 stars out of 5, which means it is a solid contender in your bank search. ChoiceOne Bank has a diversity of product offerings, which include savings accounts, checking accounts, money market accounts, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, ChoiceOne Bank's standard checking does not have a monthly fee. Finding 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 on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

ChoiceOne Bank has a savings rate of 0.01%, which is poor in comparison to other U.S. banks. ChoiceOne Bank's one-year CD has a rate of 0.15% and the five-year CD has a rate of 0.85%, while its highest-yielding money market account earns at an APY of 0.03%. Given its poor savings rate, you should think about choosing another bank to earn more on your deposits.

How ChoiceOne Bank's Savings Rates Compare

ChoiceOne Bank Savings 0.01 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

ChoiceOne Bank has generally extremely low fees in comparison to the national average. With no monthly fee, ChoiceOne Bank's checking account is perfect for those who need a hassle-free checking account. ChoiceOne Bank unfortunately does not refund out-of-network ATM charges, meaning you'll need to locate a ChoiceOne Bank ATM or pay 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

ChoiceOne Bank is a brick-and-mortar bank, with 13 total bank locations in Michigan. It also offers access to mobile and web apps for easy access and banking on the go. ChoiceOne Bank also offers a live chat feature, key for getting quick access to customer service. ChoiceOne Bank's online and mobile banking platforms receive fair feedback from customers. The ChoiceOne Bank mobile app scored a 3.7 out of 5 (out of 24 ratings on Apple and Android) compared to the national average of 3.8. ChoiceOne Bank's mobile app allows you to manage your funds by looking at current statements, transferring funds and reaching customer service. ChoiceOne Bank gets an excellent consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.9
SmartAsset Average: 4.8

ChoiceOne Bank ranks as a medium-size bank and owns $643 million in assets as well as deposits totaling $541 million. Its Texas Ratio is 2.06%, suggesting a low likelihood of failure. Additionally, ChoiceOne 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 ChoiceOne Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.01% APY $1
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.15% APY
  • 24 Month: 0.25% APY
  • 36 Month: 0.40% APY
  • 48 Month: 0.60% APY
  • 60 Month: 0.85% APY
$500 for all terms
Money Market Accounts 0.03% APY 0.03% APY $10000 $15000

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

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Find a ChoiceOne Bank Near Me

ChoiceOne Bank has 13 physical branches across the U.S.

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