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Edmonton State Bank Review

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Edmonton State Bank Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1899, Edmonton State Bank has assets totaling $490 million along with $402 million in deposits, classifying it as a medium-size bank. Edmonton State Bank, whose headquarters are in Glasgow, Kentucky, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4 out of 5 stars, Edmonton State Bank proves it is a good bank that deserves your consideration. Edmonton State Bank provides customers with a diversity of banking products, which include savings accounts, checking accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a monthly fee of $8.00, although banks sometimes have requirements that allow you to waive the fee. Institutions that offer free checking as well as a high savings APY are the best option for accruing the highest income from your deposits while maintaining 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

4.7
SmartAsset Average: 3.5

With a savings rate of 0.50%, Edmonton State Bank ranks poorly in comparison to the national average. Its one-year CD earns at a rate of 1.76% and the five-year CD earns at a rate of 3.03%. Given its below average savings rate, you should consider looking elsewhere to open savings accounts.

How Edmonton State Bank's Savings Rates Compare

Edmonton State Bank Savings 0.50 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

On average, Edmonton State Bank charges customers high fees compared to the national average. Edmonton State Bank's checking account has a monthly fee of $8.00, making it fair for anyone looking for a hassle-free account. Edmonton State Bank unfortunately does not reimburse out-of-network ATM fees, meaning you will be required to find an Edmonton State Bank ATM or accept the cost of withdrawal.

Monthly Fee $8.00 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

4.3
SmartAsset Average: 3.7

Edmonton State Bank is a brick-and-mortar bank, with 13 total branches in Kentucky. With mobile and web apps, Edmonton State Bank makes account access straightforward, even on the go. Edmonton State Bank receives positive ratings from customers for its online presence. With 19 ratings across both iOS and Android platforms, the Edmonton State Bank mobile app has an overall rating of 4.7 out of 5 (compared to the national average of 3.8). Edmonton State Bank's mobile app lets you control your funds by reviewing monthly statements, sending and receiving funds and accessing customer service. Edmonton State Bank receives an exceptional consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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

4.9
SmartAsset Average: 4.8

Edmonton State Bank is a medium-size bank owning $490 million in assets as well as $402 million in deposits. Its Texas Ratio is 2.63%, signifying a low probability of failure. Additionally, Edmonton 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 Edmonton State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $25
Checking Account 0.3% APY $2500
Certificates of Deposit
  • 12 Month: 1.76% APY
  • 24 Month: 2.27% APY
  • 36 Month: 2.52% APY
  • 48 Month: 2.78% APY
  • 60 Month: 3.03% APY
$1000 for all terms

Edmonton State Bank has several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Edmonton State 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. Edmonton State Bank's CD rates are fair compared to the average U.S. bank.

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Find a Edmonton State Bank Near Me

Edmonton State Bank has 13 locations across the U.S.

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