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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


Five Star Bank first started operating in 1881 and is headquartered in Warsaw, New York. Five Star Bank handles assets of $4 billion and $3 billion in deposits, classifying it as a large bank. Five Star Bank 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. Overall, Five Star Bank is a bank with better alternatives, with a rating of 3.8 out of 5 stars from the SmartAsset team. Five Star Bank provides customers with a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product carries a $3.00 monthly fee, which is not too high in comparison to the average U.S. bank. Locating a bank with free checking as well as a high savings APY is the best bet for accruing the most income from your deposits alongside 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 0.07%, Five Star Bank ranks poorly in comparison to the national average. Its 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 has a rate of 0.15%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Five Star Bank's Savings Rates Compare

Five Star Bank Savings 0.07 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Five Star Bank generally has above-average fees compared to the national average. At $3.00/month, Five Star Bank's checking account is not great for people who want an easy checking account. For those who will need cash in a pinch, Five Star Bank is ideal because it charges no out-of-network ATM fees. Additionally, Five Star Bank has an overdraft fee of $40.00, which is considerably steeper than the average overdraft fee charged by U.S. banks. Five Star Bank unfortunately does not refund out-of-network ATM fees, meaning you will be required to find a Five Star Bank ATM or accept the withdrawal fee.

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

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 easy access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its 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's online and mobile banking services receive poor feedback from customers. The Five Star Bank mobile app scored a 3.1 out of 5 (with 150 customer reviews on Apple and Android) compared to the national average of 3.8. You can use Five Star Bank's mobile app to manage your finances by monitoring current statements, transferring money as well as accessing customer service. Five Star Bank gets an excellent consumer satisfaction rating based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

SmartAsset Average: 4.8

Five Star Bank ranks as a large bank owning $4 billion in assets and deposits totaling $3 billion. It has an excellent Texas Ratio of 2.29%, denoting that Five Star Bank is in excellent financial shape and improbable to fail. 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 Account 0.1% APY $10000

Five Star 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. Five Star 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. Five Star Bank's CD rates are fair compared to the national average.

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Find a Five Star Bank Near Me

Five Star Bank has 53 locations across the U.S.

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