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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

Overview

Established in 1934, First State Bank has $850 million in assets along with $639 million in deposits, ranking the institution as a medium-size bank. First State Bank, whose headquarters are in Waynesboro, Mississippi, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4 stars out of 5, First State Bank is a good bank that should be given a look. First State Bank provides customers with a varied choice 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; 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 as well as a high savings APY is the best bet for gaining the highest income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
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

First State Bank features a savings rate of 0.10%, which is fair in comparison to the average U.S. bank. Its CD rates are 0.25% and 1.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.10%. Given First State Bank's below average savings rate, you should consider 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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Fees

3.8
SmartAsset Average: 4.4

First State Bank has generally above-average fees as compared against the national average. With no monthly fee, First State Bank's checking account is perfect for those who need an easy checking account. Additionally, First State Bank has an overdraft fee of $37.00, which is significantly greater than the average U.S. overdraft fee. First State Bank reimburses 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

4.2
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 straightforward access and banking on the go. It does not offer all-day customer service with actual service 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 receives high marks from customers for its mobile banking services. The First State Bank mobile app is rated at 4.5 out of 5 (out of 17 ratings on iOS and Android) compared to the national average of 3.8. First State Bank's mobile app allows you to manage your bank accounts by checking monthly statements, transferring funds and reaching customer service. First State Bank receives a superb consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

4.9
SmartAsset Average: 4.8

First State Bank is currently a medium-size bank owning assets totaling $850 million as well as $639 million in deposits. Its Texas Ratio is 3.08%, suggesting that the bank is in excellent financial shape and far from 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

3.08%
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 Accounts 0.05% APY 0.1% APY $10000 $15000

First State Bank has several deposit products including 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 consider looking 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 branches in the U.S.

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