Loading
Tap on the profile icon to edit
your financial details.

First Central State Bank Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
First Central State Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Central State Bank first started operating in 1967 with headquarters located in Dewitt, Iowa. First Central State Bank manages assets of $403 million as well as deposits totaling $311 million, classifying it as a small bank. First Central State Bank lacks premium access to support representatives, with no live chat or all-day service options available. 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 has rated the bank 4.2 stars out of 5, indicating that First Central State Bank is a solid pick to be your bank. First Central State Bank has a complete selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Central State Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, First Central State Bank's standard checking does not carry a monthly charge. Locating an institution with free checking and a high interest rate savings account is your best bet for accruing the most income on your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.05%, First Central State Bank ranks poorly in comparison to the national average. First Central State Bank's one-year CD earns at a rate of 0.30% and the five-year CD earns at a rate of 1.25%, while its highest-yielding money market account has a rate of 0.60%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

How First Central State Bank's Savings Rates Compare

First Central State Bank Savings 0.05 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

On average, First Central State Bank charges customers extremely low fees compared to the national average. With no monthly fee, First Central State Bank is perfect for those who want a simple banking experience. First Central State Bank reimburses their out-of-network ATM charges (with conditions), making finding an ATM a free and convenient process.

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
Back to Overview

Service Quality

4.0
SmartAsset Average: 3.7

First Central State Bank is a brick-and-mortar bank, with four total bank locations in Iowa. It also offers access to mobile and web apps for a simple mobile-banking experience. First Central State Bank's online and mobile banking services get relatively high praise from customers. With 22 customer reviews across Apple and Android platforms, the First Central State Bank mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). First Central State Bank's mobile app allows you to manage your funds by looking at current statements, sending and receiving funds and accessing customer service. First Central State Bank receives an excellent consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.9
SmartAsset Average: 4.8

First Central State Bank ranks as a small bank with assets totaling $403 million as well as $311 million in deposits. Its Texas Ratio is 2.28%, suggesting that the bank is in terrific financial health and far from failure. Additionally, First Central 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.

Back to Overview

Compare First Central State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $25
Checking Account 0.1% APY $100
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.60% APY
  • 48 Month: 0.80% APY
  • 60 Month: 1.25% APY
$10000 for all terms
Money Market Accounts 0.35% APY 0.6% APY $10000 $15000

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

Back to Overview

Find a First Central State Bank Near Me

First Central State Bank has four branches across the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure