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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


First State Bank first started operating in 1917 and has its headquarters in Eastpointe, Michigan. It handles $670 million in assets and deposits totaling $591 million, which makes it a medium-size bank. First State Bank has superior 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. At a SmartAsset rating of 4.3 out of 5 stars, First State Bank should be solidly in contention for your choice of bank. First State Bank has an array product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. First State Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, First State Bank offers an option without a maintenance or monthly fee. Using an institution with free checking and a high savings APY is your best bet for returning the highest income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

First State Bank features a savings rate of 0.05%, which is poor in comparison to the national average. First State Bank's one-year and five-year term lengths CDs earn at a rate of 0.75% and 1.61%, respectively. Given First State Bank's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How First State Bank's Savings Rates Compare

First State Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, First State Bank charges customers extremely low fees compared to the national average. First State Bank's checking account has no monthly fee, ranking 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. Additionally, it has an overdraft fee of $34.00, which is less than the national average. First State Bank does not refund out-of-network ATM fees, meaning you'll need to search for a First State Bank ATM or eat 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

SmartAsset Average: 3.7

First State Bank is a brick-and-mortar bank, with 11 total branches in Michigan. It also offers access to mobile and web apps for simple access and banking on the go. It offers all-day customer service. Additionally, First State Bank customers can access live chat for their banking questions or needs, giving customers an easy access point throughout the day. First State Bank gets moderate reviews from users for its mobile app. Out of 53 customer reviews across Apple and Android platforms, the First State Bank mobile app rates a 3.5 out of 5 (compared to the national average of 3.8). You can use First State Bank's mobile app to control your accounts by checking account balances, transferring funds as well as reaching support representatives. First State Bank gets a superb consumer satisfaction rating based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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

SmartAsset Average: 4.8

First State Bank is a medium-size bank owning $670 million in assets as well as deposits totaling $591 million. First State Bank's Texas Ratio is 3.60%, indicating that the bank is in outstanding financial condition and improbable to fail. 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

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: 0.75% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.26% APY
  • 48 Month: 1.41% APY
  • 60 Month: 1.61% APY
$10000 for all terms

First State Bank offers several deposit products like 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 compared to the national average.

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Find a First State Bank Near Me

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

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