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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

Established in 1907, Palmetto State Bank has assets totaling $552 million and $458 million in deposits, making the institution 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 conventional brick-and-mortar bank with access to service representatives at a physical location, 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 has a full choice 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 compared to the average savings account. The bank's standard checking account carries a monthly fee of $6.00, which places it at the higher end of monthly fees. Locating an institution with no-fee checking and a high interest rate savings account is the best bet for accruing the highest income from your deposits while maintaining convenient access to your money.

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

With a savings rate of 0.10%, Palmetto State Bank ranks poorly compared to the national average. Palmetto State Bank's one-year and five-year term lengths CDs earn at a rate of 0.35% and 0.35%, respectively, while its highest-yielding money market account has an APY of 0.20%. Given its poor savings rate, you should think about choosing another bank 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

Palmetto State Bank typically has high fees compared to the national average. At $6.00/month, Palmetto State Bank is less than ideal for those who want a simple checking account. Additionally, at $30.00, Palmetto State Bank has a considerably lower overdraft fee compared to the average overdraft fee charged by U.S. banks. Palmetto State Bank unfortunately does not refund out-of-network ATM fees, meaning you will need to search for a Palmetto State Bank ATM or pay 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 straightforward, even on the go. Palmetto State Bank's online and mobile banking services receive moderately positive ratings from customers. The Palmetto State Bank mobile app rates a 4.1 out of 5 (with 23 customer reviews on Apple and Android) compared to the national average of 3.8. Palmetto State Bank's mobile app lets you control your finances by monitoring account balances, transferring money and reaching support representatives. Palmetto State Bank gets an exceptional consumer satisfaction rating based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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 is currently a medium-size bank and owns $552 million in assets and $458 million in deposits. Its Texas Ratio is 1.52%, denoting that the bank is in excellent financial well-being and far from 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 Account 0.15% APY $5000

Palmetto State 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. Palmetto State 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. Palmetto State Bank's CD rates are fair compared to the average U.S. bank.

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Find a Palmetto State Bank Near Me

Palmetto State Bank has eight branches across the U.S.

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