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Palmetto State Bank Review

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Palmetto State Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1907, Palmetto State Bank has $552 million in assets along with deposits totaling $458 million, ranking the institution as a medium-size bank. Palmetto State Bank, whose headquarters are in Hampton, South Carolina, 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 apps. At a SmartAsset rating of 3.9 out of 5 stars, Palmetto State Bank should be near the middle of the pack in your search for a bank. Palmetto State Bank provides customers with a diverse array 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; you can find higher rates with other banks. The bank's standard checking product features a monthly fee of $6.00, which ranks on the higher end of monthly fees. Banks that offer free checking, in addition to a high savings APY are your best option for returning the most income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

Palmetto State Bank features a savings rate of 0.10%, which is poor compared to the national average. Palmetto State Bank's one-year CD has a rate of 0.35% and the five-year CD has a rate of 0.35%, while its highest-yielding money market account earns at a rate of 0.20%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Palmetto State Bank's Savings Rates Compare

Palmetto State Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

On average, Palmetto State Bank charges its customers high fees compared to the average U.S. bank. At $6.00/month, Palmetto State Bank is less than great for people who want a basic banking experience. Additionally, it has an overdraft fee of $30.00, which is significantly less than the national average. Palmetto State Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you'll have to find a Palmetto State Bank ATM or eat the withdrawal fee.

Monthly Fee $6.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

Palmetto State Bank is a brick-and-mortar bank, with eight total bank locations in South Carolina. With mobile and web apps, Palmetto State Bank makes account access convenient, even on the go. Palmetto State Bank gets fairly high marks from users for its mobile app. The Palmetto State Bank mobile app rates a 4.1 out of 5 (out of 23 reviews on Apple and Android) compared to the national average of 3.8. Palmetto State Bank's mobile app allows you to manage your bank accounts by reviewing account balances, sending and receiving funds as well as accessing support representatives. Palmetto State Bank receives an exceptional consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.1/5
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

Palmetto State Bank ranks as a medium-size bank with $552 million in assets and $458 million in deposits. Its Texas Ratio is 1.52%, suggesting a minute probability of failure. Additionally, Palmetto 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 Palmetto State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.35% APY
  • 36 Month: 0.35% APY
  • 48 Month: 0.35% APY
  • 60 Month: 0.35% APY
$5000 for all terms
Money Market Accounts 0.15% APY 0.2% APY $10000 $15000

Palmetto State Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Palmetto State Bank does not have the best savings rate, which means you should consider 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. Palmetto State Bank's CD rates are fair in comparison to the national average.

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Find a Palmetto State Bank Near Me

Palmetto State Bank has eight physical locations across the U.S.

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