Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

South Ottumwa Savings Bank Review

Your Details Done
by Updated
South Ottumwa Savings Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

South Ottumwa Savings Bank was founded in 1903 and is headquartered in Ottumwa, Iowa. South Ottumwa Savings Bank handles $420 million in assets along with deposits totaling $334 million, ranking it as a medium-size bank. South Ottumwa Savings Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a score of 3.9 stars out of 5, South Ottumwa Savings Bank should be near the middle of the pack in your search for a bank. South Ottumwa Savings Bank offers numerous banking products, including savings accounts, checking accounts, money market accounts, IRAs, mortgage products and credit cards. South Ottumwa Savings Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, South Ottumwa Savings Bank's standard checking account does not have a monthly fee. Banks that offer free checking, in addition to a high savings APY are your best option for gaining the most income from your deposits alongside 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

3.2
SmartAsset Average: 3.5

South Ottumwa Savings Bank has a savings rate of 0.10%, which is poor in comparison to the average U.S. bank. Its CDs feature a rate of 1.25% and 2.20% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.50%. Given its noncompetitive savings rate, you should think about looking at the competition to open savings accounts.

How South Ottumwa Savings Bank's Savings Rates Compare

South Ottumwa Savings Bank Savings 0.10 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

South Ottumwa Savings Bank generally has extremely low fees in comparison to the national average. With no monthly fee, South Ottumwa Savings Bank's checking account is perfect for those who need an easy checking account. South Ottumwa Savings Bank does not reimburse out-of-network ATM charges, meaning you will be required to find a South Ottumwa Savings Bank ATM or pay 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
Back to Overview

Service Quality

2.5
SmartAsset Average: 3.7

South Ottumwa Savings Bank is a brick-and-mortar bank, with four total branches in Iowa. With mobile and web apps, South Ottumwa Savings Bank makes account access straightforward, even on the go. You can access South Ottumwa Savings Bank's app to manage your accounts by monitoring current statements, sending and receiving funds as well as accessing support representatives. South Ottumwa Savings Bank receives an outstanding consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.9
SmartAsset Average: 4.8

South Ottumwa Savings Bank ranks as a medium-size bank owning $420 million in assets as well as deposits totaling $334 million. Its Texas Ratio is 2.23%, signifying a low chance of failure. Additionally, South Ottumwa Savings 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.

Back to Overview

Compare South Ottumwa Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.75% APY
  • 36 Month: 1.85% APY
  • 48 Month: 2.10% APY
  • 60 Month: 2.20% APY
$10000 for all terms
Money Market Account 0.5% APY $25000

South Ottumwa Savings Bank offers several deposit products including savings accounts, checking accounts and money market accounts to give you many options to manage your money. South Ottumwa Savings 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. South Ottumwa Savings Bank's CD rates are fair compared to other U.S. banks.

Back to Overview

Find a South Ottumwa Savings Bank Near Me

South Ottumwa Savings Bank has four branches in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure