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STAR Financial Bank Review

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STAR Financial Bank Savings
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Started in 1988, STAR Financial Bank has assets totaling $2 billion along with deposits totaling $2 billion, ranking it as a large bank. STAR Financial Bank, whose headquarters are in Fort Wayne, Indiana, 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 offerings. With an average 3.7 stars out of 5, STAR Financial Bank proves it is an average bank that leaves room for improvement. STAR Financial Bank provides customers with a complete array of banking products, including 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 account has a $5.95 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Finding a bank with free checking as well as a high interest rate savings account is the best bet for getting the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.02%, STAR Financial Bank ranks poorly in comparison to the average U.S. bank. STAR Financial Bank's one-year and five-year term lengths CDs earn at a rate of 0.90% and 1.75%, respectively, while its highest-yielding money market account earns at an APY of 0.03%. Given STAR Financial Bank's poor savings rate, you should think about choosing another bank to earn more on your deposits.

How STAR Financial Bank's Savings Rates Compare

STAR Financial Bank Savings 0.02 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

STAR Financial Bank generally has high fees as compared against the national average. STAR Financial Bank's checking account has a monthly fee of $5.95, making it fair for anyone looking for a hassle-free account. For those who frequent the ATM, it is less than great because it charges an out-of-network ATM fee of $3.00, which is not ideal as compared against the national average. Additionally, at $36.00, it has a slightly steeper overdraft fee compared to that of other U.S. banks. STAR Financial Bank doesn't reimburse out-of-network ATM fees, meaning you will have to locate a STAR Financial Bank ATM or pay the withdrawal fee.

Monthly Fee $5.95 National Average: $3.21
Non-network ATM Fee $3.00 National Average: $1.20
Overdraft Fee $36.00 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

STAR Financial Bank is a brick-and-mortar bank, with 39 total bank locations in Indiana. With mobile and web apps, STAR Financial Bank makes mobile banking easy, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 10:00 p.m. ET; Saturday, and 7:00 a.m. to 5:00 p.m. ET. STAR Financial Bank's online and mobile banking platforms receive mediocre marks from users. With 160 ratings on both Apple and Android platforms, the STAR Financial Bank mobile app is scored at 3.2 out of 5 (compared to the national average of 3.8). You can use STAR Financial Bank's app to control your funds by reviewing account balances, sending and receiving funds as well as accessing customer service. STAR Financial Bank receives an excellent consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial 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

SmartAsset Average: 4.8

STAR Financial Bank is currently a large bank with $2 billion in assets and deposits totaling $2 billion. It has a strong Texas Ratio of 6.09%, signifying that the bank is in good financial health and improbable to fail. Additionally, STAR Financial Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

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 STAR Financial Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.02% APY $300
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.90% APY
  • 24 Month: 1.30% APY
  • 36 Month: 1.50% APY
  • 48 Month: 1.60% APY
  • 60 Month: 1.75% APY
$1000 for all terms
Money Market Account 0.03% APY $10000

STAR Financial 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. STAR Financial 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. STAR Financial Bank's CD rates are fair as compared against the national average.

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Find a STAR Financial Bank Near Me

STAR Financial Bank has 39 locations across the U.S.

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