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First State Bank Review

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First State Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1940, First State Bank has assets totaling $1 billion and $891 million in deposits, making it a medium-size bank. First State Bank, whose headquarters are in Mendota, Illinois, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional 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 4.2 stars out of 5, First State Bank should be solidly in contention for your choice of bank. First State Bank offers 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; you can find higher rates with other banks. If you're interested in stress-free personal checking, First State Bank's standard checking account does not have a monthly fee. Institutions that offer no-fee checking and a high interest rate savings account are the best bet for accruing the highest income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

4.1
SmartAsset Average: 3.5

First State Bank has a savings rate of 0.30%, which is poor as compared against the national average. Its one-year CD has a rate of 1.51% and the five-year CD earns at a rate of 2.77%, while its highest-yielding money market account has a rate of 0.30%. Given its poor savings rate, you should consider other options to earn more on your deposits.

How First State Bank's Savings Rates Compare

First State Bank Savings 0.30 National Average 0.26 Compare Offers
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Fees

4.1
SmartAsset Average: 4.4

On average, First State Bank charges customers average fees in comparison to other U.S. banks. 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, it is less than ideal because it charges an out-of-network ATM fee of $3.00, which is less than the best option in comparison to other U.S. banks. First State Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you'll be required to search for a First State Bank ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $3.00 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

First State Bank is a brick-and-mortar bank, with 21 total branches in Illinois. It also offers access to mobile and web apps for straightforward access and banking on the go. First State Bank's online and mobile banking platforms get reasonably high scores from users. With 67 ratings on both Apple and Android platforms, the First State Bank mobile app rates a 4.1 out of 5 (compared to the national average of 3.8). You can utilize First State Bank's app to manage your accounts by monitoring account balances, sending and receiving funds and accessing support representatives. First State Bank receives an exceptional consumer satisfaction rating based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

First State Bank ranks as a medium-size bank with assets totaling $1 billion and deposits totaling $891 million. First State Bank's Texas Ratio is 7.17%, signifying a small possibility 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

7.17%
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 0.3% APY $25
Checking Account 0.15% APY $1000
Certificates of Deposit
  • 12 Month: 1.51% APY
  • 24 Month: 1.66% APY
  • 36 Month: 2.01% APY
  • 48 Month: 2.26% APY
  • 60 Month: 2.77% APY
$1000 for all terms
Money Market Account 0.3% APY $25000

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 other options 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 21 physical branches in the U.S.

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