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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


ChoiceOne Bank was founded in 1898 and is headquartered in Sparta, Michigan. It manages assets of $643 million and deposits totaling $541 million, making it a medium-size bank. ChoiceOne Bank has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a commendable 4.2 out of 5 stars, ChoiceOne Bank is a great bank that you should seriously consider. ChoiceOne Bank offers multiple banking products, which include savings accounts, checking accounts, money market accounts, IRAs and mortgage products. ChoiceOne Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, ChoiceOne Bank's most basic checking account does not carry a monthly maintenance charge. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is your best bet for returning the most income from your deposits while maintaining 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 0.01%, ChoiceOne Bank ranks poorly in comparison to the average U.S. bank. 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 has a rate of 0.03%. Given its poor savings rate, you should consider other options 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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SmartAsset Average: 4.4

ChoiceOne Bank charges customers extremely low fees as compared against the national average. ChoiceOne Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. ChoiceOne Bank unfortunately doesn't refund out-of-network ATM fees, which means you'll be required to find a ChoiceOne 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

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 a straightforward mobile-banking experience. Additionally, ChoiceOne Bank customers can access live chat for their banking questions or needs, giving customers an easy access point throughout the day. ChoiceOne Bank's online and mobile banking services get moderate feedback from customers. Out of 24 ratings on both iOS and Android platforms, the ChoiceOne Bank mobile app is scored at 3.7 out of 5 (compared to the national average of 3.8). You can use ChoiceOne Bank's app to control your bank accounts by monitoring current statements, transferring money as well as accessing support representatives. ChoiceOne Bank gets a superb consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government 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

SmartAsset Average: 4.8

ChoiceOne Bank is a medium-size bank owning $643 million in assets as well as $541 million in deposits. ChoiceOne Bank's Texas Ratio is 2.06%, denoting that ChoiceOne Bank is in outstanding financial shape and unlikely to fail. 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 Account 0.03% APY $10000

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 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. ChoiceOne Bank's CD rates are fair compared to other U.S. banks.

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Find a ChoiceOne Bank Near Me

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

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