Coastal States Bank was founded in 2004 with its headquarters in Hilton Head Isla, South Carolina. Coastal States Bank handles $531 million in assets and deposits totaling $373 million, classifying it as a medium-size bank. Coastal States Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Coastal States Bank is an average bank that leaves room for improvement, with a score of 3.7 stars out of 5 from our team. Coastal States Bank has a full array 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, in addition to a savings account with a high interest rate at the same institution is the best option for returning the most income from your deposits while maintaining convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.15%, Coastal States Bank ranks poorly compared to the national average. 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 earns at a rate of 0.18%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.
How Coastal States Bank's Savings Rates Compare
There is insufficient data on Coastal States Bank's fees to provide a full SmartAsset rating.
Coastal States Bank is a brick-and-mortar bank, with five total branches in South Carolina. With mobile and web apps, Coastal States Bank makes mobile banking convenient, 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. Coastal States Bank's online and mobile banking platforms receive moderate marks from customers. The Coastal States Bank mobile app scored a 3.6 out of 5 (with 12 ratings on iOS and Android) compared to the national average of 3.8. You can utilize Coastal States Bank's mobile app to manage your accounts by looking at current statements, sending and receiving money and reaching support representatives. Coastal States Bank gets a superb consumer satisfaction score due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
Coastal States Bank is a medium-size bank owning $531 million in assets and $373 million in deposits. Coastal States Bank's Texas Ratio is 15.92%, signifying that the bank is in good financial health and far from failure. Additionally, Coastal States 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.Back to Overview
Compare Coastal States Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.15% APY||$1|
|Checking Account||0.05% APY||$1|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Accounts||0.05% APY 0.18% APY||$10000 $15000|
Coastal States Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Coastal States 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. Coastal States Bank's CD rates are fair compared to other U.S. banks.Back to Overview
Find a Coastal States Bank Near Me
Coastal States Bank has five physical branches across the U.S.Back to Overview