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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

First State Bank first started operating in 1940 with its headquarters in Mendota, Illinois. First State Bank handles $1 billion in assets along with $891 million in deposits, making it a medium-size bank. First State Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, First State Bank is a great choice and should warrant serious consideration, with a rating of 4.2 out of 5 stars from the SmartAsset experts. First State Bank provides customers with the complete slate of product offerings, 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's ordinary checking account does not have a monthly fee. Banks that offer free checking, in addition to a high interest rate savings account are your best bet for accruing the most income on your deposits while maintaining convenient access to your money.

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

With a savings rate of 0.30%, First State Bank ranks poorly in comparison to the national average. Its one-year CD earns at a rate of 1.81% and the five-year CD earns at a rate of 2.77%, while its highest-yielding money market account earns at a rate of 0.30%. Given its noncompetitive savings rate, you should consider choosing another bank 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 compared to the average U.S. bank. With no monthly fee, First State Bank is perfect for people who want a basic checking account. For those who use cash often, it is not the best option because it has an out-of-network ATM fee of $3.00, which is less than great in comparison to the average U.S. bank. First State Bank doesn't reimburse out-of-network ATM fees, meaning you will have to locate a First State Bank ATM or eat the fee.

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 bank locations in Illinois. With mobile and web apps, First State Bank makes account access easy, even on the go. First State Bank's online and mobile banking services get moderately good scores from users. With 67 customer reviews across both iOS and Android platforms, the First State Bank mobile app is scored at 4.1 out of 5 (compared to the national average of 3.8). First State Bank's mobile app lets you control your bank accounts by monitoring monthly statements, transferring funds and accessing support representatives. First State Bank gets an outstanding consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial 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 is a medium-size bank owning $1 billion in assets and $891 million in deposits. Its Texas Ratio is 7.17%, suggesting a tiny likelihood 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: 1.81% APY
  • 24 Month: 2.16% APY
  • 36 Month: 2.26% APY
  • 48 Month: 2.52% APY
  • 60 Month: 2.77% APY
$1000 for all terms
Money Market Accounts 0.3% APY 0.3% 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 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 other U.S. banks.

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Find a First State Bank Near Me

First State Bank has 21 locations in the U.S.

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