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Labette Bank Review

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Labette Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1915, Labette Bank has assets totaling $405 million along with $349 million in deposits, ranking it as a small bank. Labette Bank, whose headquarters are in Altamont, Kansas, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Labette Bank is among the best banks, and should be given strong consideration, with a score of 4.5 out of 5 stars from the SmartAsset experts. Labette Bank offers a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's most basic checking account does not carry a monthly maintenance fee. Using a bank with free checking and a high interest rate savings account is the best bet for returning the most income on your deposits while maintaining convenient 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

3.8
SmartAsset Average: 3.5

With a savings rate of 0.15%, Labette Bank ranks poorly compared to the national average. Its one-year CD earns at a rate of 1.51% and the five-year CD earns at a rate of 2.52%, while its highest-yielding money market account has an APY of 0.20%. Given its noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How Labette Bank's Savings Rates Compare

Labette Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Labette Bank generally has extremely low fees compared to other U.S. banks. With no monthly fee, Labette Bank is ideal for those who want a basic checking account. Labette Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you'll have to find a Labette Bank ATM or pay the ATM charge.

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

4.2
SmartAsset Average: 3.7

Labette Bank is a brick-and-mortar bank, with 11 total bank locations in Kansas. It also offers access to mobile and web apps for straightforward access and banking on the go. Labette Bank gets fairly high praise from users for its mobile platform. With 49 customer reviews on both iOS and Android platforms, the Labette Bank mobile app rates a 4.4 out of 5 (compared to the national average of 3.8). You can access Labette Bank's mobile app to control your bank accounts by checking monthly statements, transferring funds and accessing customer service. Labette Bank gets an excellent consumer satisfaction rating based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Labette Bank ranks as a small bank owning $405 million in assets as well as $349 million in deposits. Labette Bank has an excellent Texas Ratio of 1.66%, signifying that Labette Bank is in superb financial shape and far from failure. Additionally, Labette 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 Labette Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.51% APY
  • 24 Month: 1.71% APY
  • 36 Month: 1.81% APY
  • 48 Month: 2.02% APY
  • 60 Month: 2.52% APY
$10000 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Labette Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Labette 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. Labette Bank's CD rates are fair compared to other U.S. banks.

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Find a Labette Bank Near Me

Labette Bank has 11 branches across the U.S.

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