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Five Star Bank Review

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Five Star Bank Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1881, Five Star Bank has $4 billion in assets as well as deposits totaling $3 billion, which makes it a large bank. Five Star Bank, whose headquarters are in Warsaw, New York, lacks premium access to support representatives, 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 3.8 stars out of 5, Five Star Bank should be near the middle of the pack in your search for a bank. Five Star Bank provides customers with a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Five Star Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a monthly fee of $3.00, which is not too high in comparison to the national average. Institutions that offer no-fee checking, in addition to a high interest rate savings account are your best option for returning the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.07%, Five Star Bank ranks poorly in comparison to other U.S. banks. Five Star Bank's one-year CD earns at a rate of 0.25% and the five-year CD earns at a rate of 1.55%, while its highest-yielding money market account earns at a rate of 0.15%. Given its noncompetitive savings rate, you should consider looking elsewhere to open savings accounts.

How Five Star Bank's Savings Rates Compare

Five Star Bank Savings 0.07 National Average 0.26 Compare Offers
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Fees

3.8
SmartAsset Average: 4.4

Five Star Bank has typically above-average fees in comparison to the average U.S. bank. At $3.00/month, Five Star Bank's checking account is not great for those who need an easy banking experience. For those who will need cash in a pinch, it is perfect because it has no out-of-network ATM fees. Also, Five Star Bank has an overdraft fee of $40.00, which is noticeably higher than the average overdraft fee charged by U.S. banks. Five Star Bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you'll be required to find a Five Star Bank ATM or accept the cost of withdrawal.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $40.00 National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

Five Star Bank is a brick-and-mortar bank, with 53 total branches in New York. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:30 a.m. to 7:00 p.m. ET; Saturday, and 8:00 a.m. to 2:00 p.m. ET. Five Star Bank gets unsatisfactory marks from users for its online presence. With 150 customer reviews across Apple and Android platforms, the Five Star Bank mobile app rates a 3.1 out of 5 (compared to the national average of 3.8). Five Star Bank's mobile app allows you to control your funds by reviewing account balances, sending and receiving money and accessing support representatives. Five Star Bank receives an excellent consumer satisfaction rating due to comparatively 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 3.1/5
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

Five Star Bank is currently a large bank and owns $4 billion in assets and deposits totaling $3 billion. Five Star Bank has an excellent Texas Ratio of 2.29%, indicating that Five Star Bank is in outstanding financial shape and far from failure. Additionally, Five Star Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Five Star Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.07% APY $1
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.15% APY
  • 60 Month: 1.55% APY
$10000 for all terms
Money Market Accounts 0.1% APY 0.15% APY $10000 $15000

Five Star Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Five Star 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. Five Star Bank's CD rates are fair as compared against the national average.

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Find a Five Star Bank Near Me

Five Star Bank has 53 physical branches across the U.S.

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