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Oconee State Bank Review

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Oconee State Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Oconee State Bank started in 1960 and is headquartered in Watkinsville, Georgia. Oconee State Bank owns $355 million in assets and deposits totaling $324 million, which makes it a small bank. Oconee State Bank 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 offerings. On the whole, Oconee State Bank is a good bank that deserves your consideration, with a rating of 4.0 out of 5 stars from the SmartAsset experts. Oconee State Bank offers a full selection of product offerings, which include 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. If you're interested in stress-free personal checking, Oconee State Bank offers an option without a maintenance or monthly fee. Locating a checking account with no monthly fee and a savings account with a high APY at the same bank is the best bet for gaining the most income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

Oconee State Bank features a savings rate of 0.25%, which is fair in comparison to other U.S. banks. Its CD rates are 1.25% and 2.30% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.40%. Given Oconee State Bank's noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Oconee State Bank's Savings Rates Compare

Oconee State Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

4.2
SmartAsset Average: 4.4

On average, Oconee State Bank charges customers average fees in comparison to the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who use cash often, Oconee State Bank is fair because it has an out-of-network ATM fee of $2.00, which is reasonable in comparison to the national average. Additionally, at $35.00, Oconee State Bank has a lower overdraft fee compared to the average overdraft fee charged by U.S. banks. Oconee State Bank unfortunately does not refund out-of-network ATM charges, meaning you'll have to search for an Oconee State Bank ATM or accept the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

Oconee State Bank is a brick-and-mortar bank, with four total bank locations in Georgia. With mobile and web apps, Oconee State Bank makes account access easy, even on the go. Oconee State Bank's online and mobile banking platforms get poor marks from users. With 12 ratings on both Apple and Android platforms, the Oconee State Bank mobile app is scored at 3.2 out of 5 (compared to the national average of 3.8). You can utilize Oconee State Bank's app to control your funds by looking at monthly statements, sending and receiving funds and accessing customer service. Oconee State Bank receives an exceptional consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.2/5
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

Oconee State Bank is currently a small bank and manages assets totaling $355 million and deposits totaling $324 million. Its Texas Ratio is 0.29%, suggesting that Oconee State Bank is in terrific financial well-being and far from failure. Additionally, Oconee 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

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 Oconee State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $100
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.75% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.15% APY
  • 60 Month: 2.30% APY
$500 for all terms
Money Market Accounts 0.3% APY 0.4% APY $10000 $15000

Oconee State Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Oconee 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. Oconee State Bank's CD rates are fair as compared against the national average.

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Find a Oconee State Bank Near Me

Oconee State Bank has four physical locations in the U.S.

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