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Mercer County State Bank Review

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

Overview

Founded in 1911, Mercer County State Bank has assets totaling $398 million as well as deposits totaling $326 million, which makes the institution a small bank. Mercer County State Bank, whose headquarters are in Sandy Lake, Pennsylvania, 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 in-person service, in addition to its online and mobile offerings. With a score of 4.2 out of 5 stars, Mercer County State Bank should be solidly in contention for your choice of bank. Mercer County State Bank offers the full package of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Mercer County State Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Mercer County State Bank's standard checking account does not carry a monthly charge. Locating a bank with free checking as well as a high savings APY is the best option for returning the most income on your deposits while having easy 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

3.2
SmartAsset Average: 3.5

Mercer County State Bank has a savings rate of 0.15%, which is fair in comparison to other U.S. banks. Mercer County State Bank's one-year and five-year term lengths CDs earn at a rate of 0.55% and 2.50%, respectively, while its highest-yielding money market account has a rate of 0.10%. Given Mercer County State Bank's poor savings rate, you should think about taking a look at other banks for savings accounts.

How Mercer County State Bank's Savings Rates Compare

Mercer County State Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Mercer County State Bank has generally extremely low fees compared to the average U.S. bank. With no monthly fee, Mercer County State Bank's checking account is perfect for people who need an easy banking experience. Mercer County State Bank unfortunately doesn't refund out-of-network ATM charges, which means you'll be required to find a Mercer County State Bank ATM or pay the withdrawal fee.

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

3.7
SmartAsset Average: 3.7

Mercer County State Bank is a brick-and-mortar bank, with 11 total branches in Pennsylvania. With mobile and web apps, Mercer County State Bank makes account access straightforward, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Thursday, 8:30 a.m. to 4:30 p.m. ET; Friday, 8:30 a.m. to 6:30 p.m. ET; Saturday, and 8:30 a.m. to 12:00 p.m. ET. Mercer County State Bank gets fair reviews from customers for its mobile app. The Mercer County State Bank mobile app rates a 3.6 out of 5 (with 9 customer reviews on Apple and Android) compared to the national average of 3.8. Mercer County State Bank's mobile app lets you control your finances by reviewing account balances, sending and receiving funds as well as accessing customer service. Mercer County State Bank receives a superb consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Mercer County State Bank is currently a small bank owning $398 million in assets and deposits totaling $326 million. Mercer County State Bank's Texas Ratio is 5.06%, indicating that the bank is in fine financial condition and unlikely to fail. Additionally, Mercer County 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

5.06%
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 Mercer County State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $500
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.75% APY
  • 36 Month: 0.85% APY
  • 48 Month: 1.00% APY
  • 60 Month: 2.50% APY
$500 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Mercer County 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. Mercer County State 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. Mercer County State Bank's CD rates are fair compared to the national average.

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Find a Mercer County State Bank Near Me

Mercer County State Bank has 11 physical locations in the U.S.

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