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Community State Bank Review

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

Overview

Community State Bank started in 1960 and its headquarters are located in Ankeny, Iowa. It manages assets of $671 million along with deposits totaling $571 million, classifying it as a medium-size bank. Community State Bank has above-average access to customer service 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 the bank 3.6 stars out of 5, indicating that Community State Bank is a decent bank that leaves room for improvement. Community State Bank offers a full suite of banking products, including 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. The bank's standard checking account features a monthly fee of $7.00, although banks sometimes have requirements that allow you to waive the fee. Banks that offer no-fee checking as well as a high interest rate savings account are your best option for accruing the highest income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

Community State Bank has a savings rate of 0.20%, which is poor compared to other U.S. banks. Community State Bank's one-year CD earns at a rate of 0.75% and the five-year CD earns at a rate of 1.75%, while its highest-yielding money market account earns at an APY of 0.25%. Given Community State Bank's noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How Community State Bank's Savings Rates Compare

Community State Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

On average, Community State Bank charges customers high fees in comparison to other U.S. banks. Community State Bank's checking account has a monthly fee of $7.00, making it fair for anyone looking for a simple account. Community State Bank unfortunately does not refund out-of-network ATM fees, which means you'll have to search for a Community State Bank ATM or eat the withdrawal fee.

Monthly Fee $7.00 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

Community State Bank is a brick-and-mortar bank, with 11 total bank locations in Iowa. With mobile and web apps, Community State Bank makes mobile banking straightforward, even on the go. Community State Bank also offers a live chat feature, an alternative customer service tool if you can't call in during business hours. Community State Bank gets moderate marks from customers for its online presence. Out of 81 ratings on iOS and Android platforms, the Community State Bank mobile app has an overall rating of 3.6 out of 5 (compared to the national average of 3.8). Community State Bank's mobile app lets you manage your bank accounts by monitoring current statements, sending and receiving money and accessing support representatives. Community State Bank receives an excellent consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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

5.0
SmartAsset Average: 4.8

Community State Bank ranks as a medium-size bank owning $671 million in assets and $571 million in deposits. Its Texas Ratio is 1.70%, signifying that the bank is in outstanding financial condition and unlikely to fail. Additionally, Community State 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 Community State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $100
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.75% APY
  • 60 Month: 1.75% APY
$10000 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

Community State 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 State 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. Community State Bank's CD rates are fair in comparison to the national average.

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Find a Community State Bank Near Me

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

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