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First State Bank Review

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First State Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Established in 1934, First State Bank has $850 million in assets as well as deposits totaling $639 million, classifying it as a medium-size bank. First State Bank, whose headquarters are in Waynesboro, Mississippi, 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 in-person service, in addition to its online and mobile offerings. On the whole, First State Bank is a respectable bank that gets the job done, with a rating of 4.0 stars out of 5 from our team. First State Bank has a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First State Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, First State Bank offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best option for getting the most income on your deposits while having convenient access to your money.

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

With a savings rate of 0.10%, First State Bank ranks poorly as compared against the national average. First State Bank's one-year CD has a rate of 0.25% and the five-year CD earns at a rate of 1.15%, while its highest-yielding money market account has a rate of 0.10%. Given its 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 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

First State Bank typically has above-average fees in comparison to the average U.S. bank. With no monthly fee, First State Bank's checking account is perfect for those who need a hassle-free checking account. Additionally, at $37.00, its overdraft fee is slightly steeper than the national average overdraft fee. First State Bank refunds their out-of-network ATM charges, which gives handy access to cash at any time.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $37.00 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

First State Bank is a brick-and-mortar bank, with 14 total bank locations in Mississippi. It also offers access to mobile and web apps for easy access and banking on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. CT. First State Bank gets great feedback from customers for its mobile app. Out of 17 ratings on Apple and Android platforms, the First State Bank mobile app is scored at 4.5 out of 5 (compared to the national average of 3.8). You can access First State Bank's mobile app to control your funds by monitoring current statements, transferring funds and accessing support representatives. First State Bank gets an outstanding consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

First State Bank ranks as a medium-size bank and has assets totaling $850 million and deposits totaling $639 million. First State Bank's Texas Ratio is 3.08%, signifying that First State Bank is in excellent financial shape and unlikely 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 0.1% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.15% APY
$1000 for all terms
Money Market Account 0.05% APY $2500

First State Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First 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. First State Bank's CD rates are fair compared to the average U.S. bank.

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Find a First State Bank Near Me

First State Bank has 14 physical locations in the U.S.

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