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Oakstar Bank Review

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Oakstar Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 2005, Oakstar Bank has assets totaling $715 million along with deposits totaling $630 million, making the institution a medium-size bank. Oakstar Bank, whose headquarters are in Springfield, Missouri, lacks premium access to customer service, 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 apps. With a score of 4.6 stars out of 5, Oakstar Bank should be near the top of your list for your bank search. Oakstar Bank provides customers with a diverse array of banking products, which include savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Oakstar Bank's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is the best bet for gaining the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.6/5
National Average: 4.1

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

Rates

4.4
SmartAsset Average: 3.5

Oakstar Bank has a savings rate of 0.30%, which is poor compared to the average U.S. bank. Oakstar Bank's one-year CD earns at a rate of 2.02% and the five-year CD has a rate of 2.57%, while its highest-yielding money market account earns at a rate of 0.40%. Given Oakstar Bank's below average savings rate, you should consider looking elsewhere to open savings accounts.

How Oakstar Bank's Savings Rates Compare

Oakstar Bank Savings 0.30 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Oakstar Bank charges customers extremely low fees as compared against the national average. Oakstar Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Oakstar Bank doesn't refund out-of-network ATM fees, which means you'll need to locate an Oakstar Bank ATM or accept 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

4.1
SmartAsset Average: 3.7

Oakstar Bank is a brick-and-mortar bank, with 15 total branches in Missouri. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. CT. Oakstar Bank's online and mobile banking platforms receive fairly high praise from users. The Oakstar Bank mobile app has been given a 4.2 out of 5 (out of 17 ratings on iOS and Android) compared to the national average of 3.8. You can utilize Oakstar Bank's app to control your funds by reviewing monthly statements, transferring money as well as accessing support representatives. Oakstar Bank gets a superb consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
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

Oakstar Bank is a medium-size bank with $715 million in assets and deposits totaling $630 million. It has an excellent Texas Ratio of 3.69%, suggesting a minute probability of failure. Additionally, Oakstar Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.69%
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 Oakstar Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $100
Certificates of Deposit
  • 12 Month: 2.02% APY
  • 24 Month: 2.27% APY
  • 36 Month: 2.52% APY
  • 48 Month: 2.57% APY
  • 60 Month: 2.57% APY
$1000 for all terms
Money Market Account 0.4% APY $2500

Oakstar Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Oakstar Bank does not have the best savings rate, which means you should think about taking a look 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. Oakstar Bank's CD rates are fair compared to the national average.

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Find a Oakstar Bank Near Me

Oakstar Bank has 15 physical locations in the U.S.

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