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Dairy State Bank Review

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Dairy State Bank Savings
0.35% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Dairy State Bank started in 1953 with headquarters located in Rice Lake, Wisconsin. It manages assets of $515 million and $432 million in deposits, which makes it a medium-size bank. Dairy State Bank lacks premium access to customer service, with no options for live chat or all-day service. 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. On the whole, Dairy State Bank is a great bank that you should seriously consider, with a score of 4.4 stars out of 5 from the SmartAsset team. Dairy State Bank offers the full package of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Dairy State Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Dairy State Bank's most basic checking account does not carry a monthly maintenance fee. Institutions that offer no-fee checking as well as a high interest rate savings account are your best bet for accruing the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

4.1
SmartAsset Average: 3.5

With a savings rate of 0.35%, Dairy State Bank ranks poorly in comparison to the national average. Dairy State Bank's one-year CD has a rate of 1.60% and the five-year CD earns at a rate of 2.60%, while its highest-yielding money market account has a rate of 1.06%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.

How Dairy State Bank's Savings Rates Compare

Dairy State Bank Savings 0.35 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Dairy State Bank typically has extremely low fees in comparison to the average U.S. bank. Dairy State Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Dairy State Bank does not reimburse out-of-network ATM fees, which means you will need to find a Dairy State Bank ATM or eat the withdrawal fee.

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

3.4
SmartAsset Average: 3.7

Dairy State Bank is a brick-and-mortar bank, with 12 total bank locations in Wisconsin. It also offers access to mobile and web apps for straightforward access and banking on the go. Dairy State Bank's online and mobile banking platforms get mediocre marks from users. Out of 6 ratings on both Apple and Android platforms, the Dairy State Bank mobile app rates a 3.0 out of 5 (compared to the national average of 3.8). You can utilize Dairy State Bank's app to control your funds by checking monthly statements, sending and receiving money as well as reaching support representatives. Dairy State Bank receives a superb consumer satisfaction rating due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Dairy State Bank ranks as a medium-size bank and has assets totaling $515 million as well as $432 million in deposits. Dairy State Bank has an excellent Texas Ratio of 1.38%, indicating that the bank is in terrific financial health and unlikely to fail. Additionally, Dairy 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 Dairy State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.35% APY $1
Checking Account 0.25% APY $500
Certificates of Deposit
  • 12 Month: 1.60% APY
  • 24 Month: 2.20% APY
  • 36 Month: 2.40% APY
  • 60 Month: 2.60% APY
$10000 for all terms
Money Market Accounts 0.65% APY 1.06% APY $10000 $15000

Dairy State 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. Dairy State Bank does not have the best savings rate, which means you should think about 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. Dairy State Bank's CD rates are fair as compared against the national average.

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Find a Dairy State Bank Near Me

Dairy State Bank has 12 physical locations in the U.S.

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