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Iowa State Bank Review

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Iowa State Bank Savings
0.66% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1918, Iowa State Bank has $365 million in assets as well as $302 million in deposits, which makes the institution a small bank. Iowa State Bank, whose headquarters are in Clarksville, Iowa, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional 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 4.5 stars out of 5, Iowa State Bank should be solidly in contention for your choice of bank. Iowa State Bank provides customers with a complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Iowa State Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Iowa 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 your best bet for returning the highest income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

5.0
SmartAsset Average: 3.5

With a savings rate of 0.66%, Iowa State Bank ranks poorly compared to the average U.S. bank. Iowa State Bank's one-year CD earns at a rate of 2.68%, while its highest-yielding money market account has an APY of 0.77%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

How Iowa State Bank's Savings Rates Compare

Iowa State Bank Savings 0.66 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Iowa State Bank has typically extremely low fees in comparison to the national average. With no monthly fee, Iowa State Bank is ideal for people who want a simple banking experience. Also, Iowa State Bank has an overdraft fee of $22.50, which is markedly less than that of other U.S. banks. Iowa State Bank unfortunately doesn't refund out-of-network ATM charges, which means you will be required to find an Iowa State Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $22.50 National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Iowa State Bank is a brick-and-mortar bank, with three total bank locations in Iowa. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Iowa State Bank gets average reviews from customers for its mobile platform. With 32 ratings across Apple and Android platforms, the Iowa State Bank mobile app rates a 3.8 out of 5 (compared to the national average of 3.8). Iowa State Bank's mobile app lets you manage your accounts by checking account balances, sending and receiving funds and reaching support representatives. Iowa State Bank gets an excellent consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.0
SmartAsset Average: 4.8

Iowa State Bank is currently a small bank with $365 million in assets as well as $302 million in deposits. Iowa State Bank's Texas Ratio is 20.49%, suggesting that the bank is in satisfactory financial well-being. Additionally, Iowa 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

20.49%
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 Iowa State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.66% APY $50
Checking Account 0.28% APY $1500
Certificates of Deposit
  • 12 Month: 2.68% APY
  • 36 Month: 2.75% APY
  • 48 Month: 2.97% APY
$5000 for all terms
Money Market Accounts 0.77% APY 0.77% APY $10000 $15000

Iowa State Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Iowa 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. Iowa State Bank's CD rates are fair in comparison to the national average.

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Find a Iowa State Bank Near Me

Iowa State Bank has three locations across the U.S.

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