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First State Bank Review

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

Overview

Started in 1917, First State Bank has $670 million in assets and deposits totaling $591 million, which makes the institution a medium-size bank. First State Bank, whose headquarters are in Eastpointe, Michigan, has top-rate access to customer service, with live chat and all-day support 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 apps. With a score of 4.3 out of 5 stars, First State Bank should be solidly in contention for your choice of bank. First State Bank offers an array banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's most basic checking account does not carry a monthly maintenance charge. Banks that offer no-fee checking, in addition to a high interest rate savings account are your best bet for gaining the highest income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

First State Bank has a savings rate of 0.05%, which is poor in comparison to other U.S. banks. First State Bank's one-year CD earns at a rate of 1.00% and the five-year CD earns at a rate of 1.76%. Given First State Bank's below average savings rate, you should consider taking a look at other banks for savings accounts.

How First State Bank's Savings Rates Compare

First State Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.9
SmartAsset Average: 4.4

First State Bank charges customers extremely low fees compared to the average U.S. bank. First State Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, First State Bank is ideal because it has no out-of-network ATM fees. Also, at $34.00, First State Bank's overdraft fee is noticeably lower than the national average overdraft fee. First State Bank does not refund out-of-network ATM charges, which means you will need to locate a First State Bank ATM or pay the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $34.00 National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

First State Bank is a brick-and-mortar bank, with 11 total bank locations in Michigan. With mobile and web apps, First State Bank makes account access convenient, even on the go. It provides all-day customer service. First State Bank also offers a live chat feature, key for getting quick access to customer service. First State Bank gets average reviews from customers for its online presence. Out of 53 customer reviews on iOS and Android platforms, the First State Bank mobile app has an overall rating of 3.5 out of 5 (compared to the national average of 3.8). First State Bank's mobile app allows you to manage your funds by checking current statements, sending and receiving funds and reaching support representatives. First State Bank receives an excellent consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.9
SmartAsset Average: 4.8

First State Bank ranks as a medium-size bank with $670 million in assets and $591 million in deposits. First State Bank has an excellent Texas Ratio of 3.60%, suggesting a low probability of failure. Additionally, First 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

3.6%
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 First State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.51% APY
  • 36 Month: 1.51% APY
  • 48 Month: 1.61% APY
  • 60 Month: 1.76% APY
$10000 for all terms

First State Bank offers several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. First State Bank does not have the best savings rate, which means you should consider 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. First State Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a First State Bank Near Me

First State Bank has 11 physical branches in the U.S.

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