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First State Bank Review

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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 State Bank Savings
0.20% APY

Many of the account options you’ll find at First State Bank are beneficial. But in order to get the most out of its perks, it’s best to use the bank for its long-term CDs, interest checking accounts and some of its savings accounts. These offerings feature some of the best APYs and fee structures of its peers.

The brick and mortar branches of First State Bank are confined to only the northern part of Texas. So if you live elsewhere in the state, you may find similar banking choices closer to you. However, if having consistent and easy access to plenty of ATMs is important to you, this bank belongs to the PULSE and Visa Plus ATM networks.

Products Offered

Product Key Details
Savings Accounts
  • Good interest rates
  • Easily met monthly fee waiver requirements
  • Low minimum deposit
Checking Accounts
  • Multiple rewards checking options
  • High checking interest rates
  • Senior and children accounts available
  • Bonus benefit packages
Money Market Accounts (MMAs)
  • Base and high interest accounts
  • High monthly fees
Certificates of Deposit (CDs)
  • Best rates on long term accounts
  • Wide range of terms
Individual Retirement Accounts (IRAs)
  • Solid long-term interest rates
  • Roth and traditional options

First State Bank Interest Rate Comparison

First State Bank Overview

No bank has been around in Texas longer than First State Bank, as it was founded in 1905 in Gainesville. Overall, the bank runs 12 branches throughout the state and has bought out a few other smaller banks over the years to create the network it has today.

First State Bank Personal Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Account Branches, online, mobile & ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees $4.95 monthly service fee; waivable by maintaining a $250 daily account balance
Current Terms and Rates 0.20% APY

The Personal Savings account at First State Bank is its standard savings option. The account comes paired with a decent 0.20% APY and just an $100 minimum opening deposit. However, to get the full savings benefit of the account, it’s imperative to avoid the $4.95 quarterly service fee. In order to do that, be sure to keep your account balance above $250 each statement cycle.

Parents who want their children to begin learning about the ins-and-outs of banking can open a Minor Savings account for them. It only takes $25 to open one of these accounts, and a 0.25% APY is included. Because of the lack of monthly and quarterly service fees, the money your child saves will stay in his or her pocket, though interest is compounded quarterly as opposed to the more common practice of daily compounding.

When the holidays roll around, there can be plenty of financial stress the accompanies them. First State Bank’s Christmas Club savings account attempts to aid those who find themselves in this predicament by offering a place to save for gift purchases throughout the year. You can set up automatic money transfers from either your existing internal savings or checking account, and a check will arrive in the middle of October for what you’ve saved.

Compare First State Bank to Other Competitive Offers

First State Bank Reward Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Account Branches, online, mobile & ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates 0.15% APY

If you’re looking for a simple checking experience, the First State Bank Choice Checking account is the way to go. The account will not earn interest, but there are no monthly fees. You’ll also gain access to online banking, complete with bill pay, as well as the bank’s mobile app and remote check deposit. To help with debit card fraud, the bank allows account holders to sign up for SpyLink card protection. The Interest Checking account at First State offers all the same benefits, just with an APY of 0.15% on all balances.

For anyone that wants to get in on even better interest rates, First State created the Reward Checking and Reward Checking 2 accounts. Although largely similar, these two accounts differ in one major area: interest rates. For the Reward Checking account, a 0.60% APY applies to accounts with up to a $20,000 balance, while any balances above that mark receive a diminished 0.20% APY. The same general policy applies to the Rewards Checking 2 account, only with a 1.10% APY on $0 to $20,000 balances and a 0.20% APY on anything above that amount. Each of these will also refund account holders the fee charges of any out-of-network ATMs.

Like the Minor Savings account teaches younger people to save, the #StudentFirstAccount at First State Bank helps to form daily money management habits, such as learning how to use a debit card, withdraw money and track account balances. This is not an interest-bearing checking account.

On the opposite end of the spectrum, the Senior Checking account is for anyone 62 or older. Free checks and a Visa debit card are featured with this account, but if you want to get personalized checks, the bank offers a 50% discount.

First State Bank offers bonus benefit packages with some of its checking accounts. The most basic extras are part of the Silver package ($2.95/month), which comes with accidental death insurance and check images mailed with paper statements. The Gold package ($4.95/month) incorporates everything the Silver option does, but adds in a 50% discount on personal checks and fraud recovery services. Platinum package ($9.95/month) holders get even more, including free cashier’s checks, money orders and personalized checks, no out-of-network ATM fees and more.

First State Bank VIP Money Market Account

Key Features Details
Minimum Deposit $100
Access to Your Account Branches, online, mobile & ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees $16 monthly service fee; waivable by maintaining a $2,500 minimum daily balance
Current Terms and Rates
  • Rates tiered based on account balance:
    • $10,000 - $25,000: 0.25% APY
    • $25,000 and up: 0.30% APY

Money market accounts (MMAs) often require high opening deposits and high monthly service fees if you do not meet certain stipulations. First State Bank is no different, with solid interest rates to back up the above demands.

The bank’s base Money Market account receives a flat 0.35% APY on a minimum opening deposit of $100. On the other hand, the VIP Money Market account features tiered rates from 0.40% to 0.50%. To get the best rates though, your balance will need to reach the $100,000 mark. To get the chance to earn a higher APY, the VIP MMA requires a significant balance of $5,000 to waive its $20 monthly fee, whereas the standard MMA asks for just $2,500 to do the same for its $16 monthly fee.

First State Bank CDs

Key Features Details
Minimum Deposit $1,000
Access to Your Account Branches, online & mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Rates tiered based on term length:
    • 1-month: 0.30% APY
    • 2-month: 0.30% APY
    • 3-month: 0.30% APY
    • 6-month: 0.60% APY
    • 9-month: 0.65% APY
    • 12-month: 0.75% APY
    • 18-month: 1.00% APY
    • 24-month: 1.05% APY
    • 30-month: 1.51% APY
    • 36-month: 1.25% APY
    • 48-month: 1.40% APY

All 11 certificates of deposit (CDs) at First State Bank have a minimum opening deposit of $1,000. Although there’s no reason to be upset with the APYs at this bank, the year-long account and every other one beneath it have an interest rate lower than 1.00%, which really doesn’t leave much of a chance for solid growth. However, with terms as short as one month and as long as four years, prospective CD customers have an awful lot of choice to select an account best suited for them.

First State Bank IRAs

Key Features Details
Minimum Deposit $300
Access to Your Account Branches, online & mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Rates tiered based on term length:
    • 6-month: 0.60% APY
    • 12-month: 0.75% APY
    • 18-month: 1.00% APY
    • 24-month: 1.51% APY

There are two types of individual retirement accounts (IRAs) available at First State Bank: Roth and traditional accounts. This isn’t an uncommon offering, but the bank’s willingness to aid customers in rolling over a past IRA into a new one is rather rare.

When it comes to choosing an IRA, you simply need to decide if you’d like to pay federal income taxes upfront on the money you save, or if you want to hold that off until you begin receiving payments in retirement. Should the former be something you’re interested in, a Roth IRA will be ideal, while a traditional IRA would best fit fans of the latter tax plan.

Where Can I Find First State Bank?

First State Bank has a 12 branches located across northern Texas, with Gainesville, Denton, Valley View, Muenster, Roanoke, Saint Jo and Decatur specifically home to locations. Aside from the small number of First State Bank-run ATMs in the Lone Star State, cardholders also receive fee-free access to the PULSE and Visa Plus ATM networks, which combine for well over one million machines.

What Can You Do Online With First State Bank?

Customer reviews from the Apple and Android app stores combine to rate First State Bank’s mobile app at nearly five stars. This is extremely rare, especially for a non-national bank, but the many features that it includes seem to illustrate why it has been so well received. You can check up on your account balances and transaction histories, locate a branch or fee-free ATM, deposit a check remotely, set up bill pay and transfer funds between your in-house accounts.

As solid as the mobile experience at First State comes off, its online banking benefits might be even better. Aside from mobile check deposit and an ATM locator, it offers more detailed views of your transaction histories, stop payment requests, inter-account transfers for loan payments, check image archives and more. If you use Quicken or another financial management software, the website can import all your data right to the program. It also comes with its own similar proprietary software.

How Do I Access My Money?

Consistently withdrawing money from a branch location has become outdated in today’s financial world because of the inconsistent times and places that many customers need cash. First State Bank has partnered with the Visa Plus and PULSE ATM networks to afford those who bank with them plenty of access to an ATM, whether they’re in Texas or anywhere else in the country. Visa debit cards are included with most accounts at the bank, allowing you to swipe your card directly for cash.

If you just want to keep an eye on your balances and recent transactions, the online and mobile banking app and website are the place to go. You can look over images of your deposited checks through these platforms, and even make a deposit remotely.

How Can I Save More Money With a First State Bank Account?

When it comes to savings accounts, interest checking accounts and long-term CDs, First State Bank offers good interest rates. This alone will help customers financially gain more from a relationship with the bank, especially if you can manage to meet the minimum requirements to waive monthly service fees. These charges are typically low to begin with, it won’t take much to avoid them.

What’s the Process For Opening an Account With First State Bank?

First State Bank currently utilizes an online application system that allows prospective and existing customers the chance to open a new account at their own pace and whenever they want. The bank has a customer service hotline and online callback form available as well if you’d rather speak to a representative. As always, visiting a branch is a perfectly feasible option too.

What’s the Catch?

Unless you want a savings account for your child or a Christmas Club account, there’s only one personal savings account option at First State Bank. Although MMAs are technically categorized as part of the savings group, its expensive monthly fees and high fee waiver stipulations will definitely scare off some customers.

Bottom Line

First State Bank’s branch reach is much smaller than most other large banks, which is downside, but for those with branches nearby, this is something of a diamond in the rough. Many of its products include fantastic interest rates and low minimum opening deposits. Furthermore, the demonstrated strength of its mobile app and online banking website increase the likelihood of a successful relationship with customers.

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