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Standard Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Standard Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Standard Bank started in 1921 and its headquarters are located in Murrysville, Pennsylvania. It owns $970 million in assets as well as deposits totaling $697 million, making it a medium-size bank. Standard Bank lacks premium access to customer service, 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. Overall, Standard Bank is a good bank that deserves your consideration, with a score of 3.9 out of 5 stars from our team. Standard Bank offers a variety of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Standard Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Standard Bank offers an option without a maintenance or monthly fee. Banks that offer no-fee checking as well as a high interest rate savings account are the best option for getting the most income from your deposits alongside 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

Standard Bank has a savings rate of 0.05%, which is fair as compared against the national average. Its one-year CD has a rate of 0.30% and the five-year CD has a rate of 1.50%, while its highest-yielding money market account has an APY of 0.10%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Standard Bank's Savings Rates Compare

Standard Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.1
SmartAsset Average: 4.4

Standard Bank charges its customers average fees in comparison to the national average. With no monthly fee, Standard Bank is ideal for those who want a basic banking experience. For those who will need cash in a pinch, it is not the best option because it charges an out-of-network ATM fee of $2.50, which is not ideal compared to other U.S. banks. Also, it has an overdraft fee of $35.00, which is on par with the average overdraft fee charged by U.S. banks. Standard Bank does not reimburse out-of-network ATM fees, which means you will need to find a Standard Bank ATM or accept the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.50 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

Standard Bank is a brick-and-mortar bank, with 19 total bank locations in Pennsylvania. It also offers access to mobile and web apps for an easy mobile-banking experience. Standard Bank's online and mobile banking platforms receive poor scores from customers. Out of 21 ratings on iOS and Android platforms, the Standard Bank mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). You can access Standard Bank's mobile app to manage your finances by looking at current statements, transferring funds and accessing support representatives. Standard Bank gets a superb consumer satisfaction rating based on comparatively few complaints filed with 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

4.9
SmartAsset Average: 4.8

Standard Bank is currently a medium-size bank owning $970 million in assets as well as $697 million in deposits. Its Texas Ratio is 2.46%, suggesting that the bank is in terrific financial health and improbable to fail. Additionally, Standard 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 Standard Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.70% APY
  • 36 Month: 1.15% APY
  • 48 Month: 1.30% APY
  • 60 Month: 1.50% APY
$1000 for all terms
Money Market Accounts 0.08% APY 0.1% APY $10000 $15000

Standard Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Standard 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. Standard Bank's CD rates are fair compared to the average U.S. bank.

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Find a Standard Bank Near Me

Standard Bank has 19 locations across the U.S.

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