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Community Savings Bank Review

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Community Savings Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Community Savings Bank first started operating in 1910 and its headquarters are located in Edgewood, Iowa. Community Savings Bank has $436 million in assets and deposits totaling $351 million, classifying it as a medium-size bank. Community Savings Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Community Savings Bank is a good bank that gets the job done, with a rating of 4.1 out of 5 stars from the SmartAsset team. Community Savings Bank provides customers with 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 compared to the average savings account. If you're interested in stress-free personal checking, Community Savings Bank's ordinary checking account does not have a monthly fee. Institutions that offer free checking as well as a high interest rate savings account are the best bet for accruing the highest income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

With a savings rate of 0.20%, Community Savings Bank ranks poorly in comparison to the national average. Community Savings Bank's one-year and five-year term lengths CDs earn at a rate of 1.11% and 2.34%, respectively, while its highest-yielding money market account has a rate of 0.41%. Given Community Savings Bank's noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How Community Savings Bank's Savings Rates Compare

Community Savings Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Community Savings Bank charges customers extremely low fees as compared against the national average. With no monthly fee, Community Savings Bank's checking account is perfect for those who need an easy checking account. For those who will need cash in a pinch, Community Savings Bank is ideal because it charges no out-of-network ATM fees. Additionally, at $30.00, Community Savings Bank's overdraft fee is markedly lower than that of other U.S. banks. Community Savings Bank unfortunately does not refund out-of-network ATM charges, which means you'll be required to locate a Community Savings Bank ATM or pay the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Community Savings Bank is a brick-and-mortar bank, with 11 total bank locations in Iowa. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Community Savings Bank's online and mobile banking platforms get mediocre scores from users. The Community Savings Bank mobile app has an overall rating of 3.4 out of 5 (with 15 customer reviews on Apple and Android) compared to the national average of 3.8. Community Savings Bank's mobile app allows you to control your accounts by looking at account balances, transferring money as well as reaching customer service. Community Savings Bank gets a superb consumer satisfaction rating based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.4/5
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

Community Savings Bank is a medium-size bank with assets totaling $436 million as well as $351 million in deposits. Community Savings Bank has a strong Texas Ratio of 15.73%, denoting a small chance of failure. Additionally, Community Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

15.73%
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 Community Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $100
Checking Account 0.15% APY $1000
Certificates of Deposit
  • 12 Month: 1.11% APY
  • 24 Month: 2.20% APY
  • 36 Month: 1.73% APY
  • 48 Month: 1.99% APY
  • 60 Month: 2.34% APY
$1000 for all terms
Money Market Accounts 0.41% APY 0.41% APY $10000 $15000

Community Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Community Savings 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. Community Savings Bank's CD rates are fair compared to other U.S. banks.

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Find a Community Savings Bank Near Me

Community Savings Bank has 11 physical locations across the U.S.

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