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DeMotte State Bank Review

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DeMotte State Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1942, DeMotte State Bank has assets totaling $405 million as well as deposits totaling $316 million, which makes the institution a small bank. DeMotte State Bank, whose headquarters are in Demotte, Indiana, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a commendable 4 stars out of 5, DeMotte State Bank proves it is a respectable bank that should be given a look. DeMotte State Bank provides customers with a selection of banking products, including savings accounts, checking 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, the bank's most basic checking does not have a monthly maintenance charge. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best bet for getting the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.05%, DeMotte State Bank ranks poorly in comparison to other U.S. banks. DeMotte State Bank's one-year CD has a rate of 0.80% and the five-year CD earns at a rate of 1.76%, while its highest-yielding money market account has an APY of 0.05%. Given its noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How DeMotte State Bank's Savings Rates Compare

DeMotte State Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.2
SmartAsset Average: 4.4

DeMotte State Bank typically has average fees compared to other U.S. banks. With no monthly fee, DeMotte State Bank's checking account is perfect for those who want an easy checking account. For those who will need cash in a pinch, it is fair because it charges an out-of-network ATM fee of $2.00, which is reasonable in comparison to the national average. Also, DeMotte State Bank has an overdraft fee of $35.00, which is on par with that of other U.S. banks. DeMotte State Bank doesn't refund out-of-network ATM charges, which means you will have to locate a DeMotte State Bank ATM or accept the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

DeMotte State Bank is a brick-and-mortar bank, with 11 total bank locations in Indiana. With mobile and web apps, DeMotte State Bank makes mobile banking straightforward, even on the go. DeMotte State Bank's online and mobile banking platforms receive high praise from users. The DeMotte State Bank mobile app is rated at 4.7 out of 5 (out of 7 reviews on Apple and Android) compared to the national average of 3.8. You can access DeMotte State Bank's app to control your bank accounts by looking at monthly statements, sending and receiving money as well as accessing support representatives. DeMotte State Bank receives an exceptional consumer satisfaction rating based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.7/5
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

DeMotte State Bank is currently a small bank owning $405 million in assets and $316 million in deposits. Its Texas Ratio is 15.88%, denoting that the bank is in fine financial shape and unlikely to fail. Additionally, DeMotte 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

15.88%
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 DeMotte State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $5
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 0.80% APY
  • 24 Month: 0.90% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.51% APY
  • 60 Month: 1.76% APY
$500 for all terms
Money Market Accounts 0.05% APY 0.05% APY $10000 $15000

DeMotte State Bank offers several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. DeMotte 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. DeMotte State Bank's CD rates are fair compared to the national average.

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Find a DeMotte State Bank Near Me

DeMotte State Bank has 11 branches across the U.S.

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