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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

Overview

Established in 1988, STAR Financial Bank has assets totaling $2 billion as well as 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 a score of 3.7 out of 5 stars, STAR Financial Bank should be near the middle of the pack in your search for a bank. STAR Financial Bank has the full selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. STAR Financial Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking account maintains a $5.95 monthly fee, making it a rather costly bank for checking. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is your best option for getting the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

STAR Financial Bank has a savings rate of 0.02%, which is poor compared to other U.S. banks. Its one-year CD earns at a rate of 0.90% and the five-year CD has a rate of 1.75%, while its highest-yielding money market account earns at a rate of 0.03%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

How STAR Financial Bank's Savings Rates Compare

STAR Financial Bank Savings 0.02 National Average 0.26 Compare Offers
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Fees

3.1
SmartAsset Average: 4.4

STAR Financial Bank has typically high fees compared to other U.S. banks. At $5.95/month, STAR Financial Bank's checking account is less than the best option for those who need an easy checking account. For those who will need cash in a pinch, it is not ideal because it has an out-of-network ATM fee of $3.00, which is not great compared to the average U.S. bank. Additionally, at $36.00, its overdraft fee is slightly steeper than the national average. STAR Financial Bank doesn't refund out-of-network ATM charges, which means you will be required to find a STAR Financial Bank ATM or pay the 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

3.5
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 account access straightforward, even on the go. It does not have 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 gets unsatisfactory feedback from customers for its mobile platform. Out of 160 customer reviews on iOS 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). STAR Financial Bank's mobile app lets you control your accounts by reviewing current statements, sending and receiving funds and reaching support representatives. STAR Financial Bank gets an excellent consumer satisfaction rating due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

4.7
SmartAsset Average: 4.8

STAR Financial Bank is currently a large bank owning assets totaling $2 billion and deposits totaling $2 billion. Its Texas Ratio is 6.09%, suggesting that STAR Financial Bank is in good financial shape 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

6.09%
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 Accounts 0.03% APY 0.03% APY $10000 $15000

STAR Financial Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. STAR Financial Bank does not have the best savings rate, which means you should consider 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. STAR Financial Bank's CD rates are fair compared to the national average.

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Find a STAR Financial Bank Near Me

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

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