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CoastalStates Bank Review

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

Overview

Started in 2004, CoastalStates Bank has assets totaling $531 million and deposits totaling $373 million, classifying the institution as a medium-size bank. CoastalStates Bank, whose headquarters are in Hilton Head Isla, South Carolina, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated CoastalStates Bank 3.7 stars out of 5, suggesting it is an average bank that leaves room for improvement. CoastalStates Bank provides customers with a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same institution is the best bet for gaining the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

CoastalStates Bank has a savings rate of 0.15%, which is fair compared to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.25% and 1.15%, respectively, while its highest-yielding money market account has a rate of 0.18%. Given CoastalStates Bank's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How CoastalStates Bank's Savings Rates Compare

CoastalStates Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on CoastalStates Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

3.7
SmartAsset Average: 3.7

CoastalStates Bank is a brick-and-mortar bank, with five total branches in South Carolina. With mobile and web apps, CoastalStates Bank makes mobile banking easy, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Thursday, 8:30 a.m. to 5:00 p.m. HI, Friday, and 8:30 a.m. to 5:30 p.m. HI. CoastalStates Bank receives moderate feedback from customers for its online presence. The CoastalStates Bank mobile app has an overall rating of 3.6 out of 5 (with 12 reviews on Apple and Android) compared to the national average of 3.8. You can use CoastalStates Bank's app to control your accounts by checking current statements, transferring money and reaching customer service. CoastalStates Bank gets a superb consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.3
SmartAsset Average: 4.8

CoastalStates Bank ranks as a medium-size bank and handles assets totaling $531 million as well as deposits totaling $373 million. CoastalStates Bank has a strong Texas Ratio of 15.92%, denoting a small likelihood of failure. Additionally, CoastalStates Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

15.92%
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 CoastalStates Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.50% APY
  • 48 Month: 1.15% APY
  • 60 Month: 1.15% APY
$1000 for all terms
Money Market Account 0.05% APY $5000

CoastalStates Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. CoastalStates Bank does not have the best savings rate, which means you should consider looking 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. CoastalStates Bank's CD rates are fair compared to other U.S. banks.

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Find a CoastalStates Bank Near Me

CoastalStates Bank has five locations in the U.S.

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