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South Ottumwa Savings Bank Review

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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 first started operating in 1903 with its headquarters in Ottumwa, Iowa. South Ottumwa Savings Bank manages assets of $420 million along with deposits totaling $334 million, classifying it as a medium-size bank. South Ottumwa Savings Bank 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 access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, South Ottumwa Savings Bank is a respectable bank that deserves your consideration, with a score of 3.9 stars out of 5 from our experts. South Ottumwa Savings Bank provides customers with numerous product offerings, which include 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 most basic checking account does not have a monthly fee. Banks that offer no-fee checking and a high savings APY are the best bet for returning the most income on your deposits while having easy 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

3.2
SmartAsset Average: 3.5

South Ottumwa Savings Bank features a savings rate of 0.10%, which is poor in comparison to other U.S. banks. Its CD rates are 1.26% and 2.53% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.75%. Given its poor savings rate, you should think about looking elsewhere 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
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Fees

5.0
SmartAsset Average: 4.4

South Ottumwa Savings Bank has typically extremely low fees in comparison to the national average. With no monthly fee, South Ottumwa Savings Bank is perfect for people who want a simple banking experience. South Ottumwa Savings Bank doesn't reimburse out-of-network ATM fees, which means you will have to locate a South Ottumwa Savings Bank ATM or pay the withdrawal fee.

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

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 easy, even on the go. South Ottumwa Savings Bank's mobile app allows you to manage your bank accounts by checking current statements, sending and receiving funds as well as accessing customer service. South Ottumwa Savings Bank receives a superb consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating NR
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

South Ottumwa Savings Bank ranks as a medium-size bank with assets totaling $420 million as well as deposits totaling $334 million. South Ottumwa Savings Bank has an excellent Texas Ratio of 2.23%, indicating that South Ottumwa Savings Bank is in outstanding financial condition and improbable to fail. 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.

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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: 1.26% APY
  • 24 Month: 1.75% APY
  • 36 Month: 1.85% APY
  • 48 Month: 2.10% APY
  • 60 Month: 2.53% APY
$1000 for all terms
Money Market Accounts 0.75% APY 0.75% APY $10000 $15000

South Ottumwa Savings Bank offers several deposit products like 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 looking 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 in comparison to other U.S. banks.

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Find a South Ottumwa Savings Bank Near Me

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

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