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Starion Bank Review

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Starion Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1993, Starion Bank has assets totaling $1 billion as well as deposits totaling $1 billion, classifying the institution as a medium-size bank. Starion Bank, whose headquarters are in Bismarck, North Dakota, has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, Starion Bank is a good bank that gets the job done, with a rating of 3.9 out of 5 stars from our team. Starion Bank provides customers with a basic array of banking products, which include savings accounts, checking accounts, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking account has a $5.95 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Banks that offer free checking and a high interest rate savings account are your best option for returning the most income on your deposits while having easy 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

3.0
SmartAsset Average: 3.5

Starion Bank features a savings rate of 0.05%, which is poor compared to the national average. Starion Bank's one-year and five-year term lengths CDs earn at a rate of 1.25% and 2.65%, respectively, while its highest-yielding money market account has an APY of 0.13%. Given its noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Starion Bank's Savings Rates Compare

Starion Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Starion Bank charges customers high fees compared to other U.S. banks. At $5.95/month, Starion Bank's checking account is not great for people who want a hassle-free banking experience. For those who visit the ATM often, Starion Bank is ideal because it charges no out-of-network ATM fees. Starion Bank doesn't refund out-of-network ATM charges, which means you'll need to find a Starion Bank ATM or eat the fee.

Monthly Fee $5.95 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

Starion Bank is a brick-and-mortar bank, with 15 total bank locations in North Dakota and Wisconsin. With mobile and web apps, Starion Bank makes mobile banking easy, even on the go. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 7:00 a.m. to 6:00 p.m CT. Starion Bank also offers a live chat feature, something to consider if you work during the customer service hours. Starion Bank gets fairly high marks from users for its mobile banking services. With 26 customer reviews across both iOS and Android platforms, the Starion Bank mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). Starion Bank's mobile app allows you to control your bank accounts by checking monthly statements, sending and receiving funds as well as reaching support representatives. Starion Bank receives a superb consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.8
SmartAsset Average: 4.8

Starion Bank ranks as a medium-size bank owning $1 billion in assets as well as deposits totaling $1 billion. Its Texas Ratio is 5.67%, indicating that Starion Bank is in fine financial shape and far from failure. Additionally, Starion Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.67%
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 Starion Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 1.0% APY $1
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.50% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.10% APY
  • 60 Month: 2.65% APY
$2500 for all terms
Money Market Accounts 0.11% APY 0.13% APY $10000 $15000

Starion Bank offers a basic array of deposit products like savings accounts and checking accounts. Starion 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. Starion Bank's CD rates are fair compared to the national average.

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Find a Starion Bank Near Me

Starion Bank has 15 physical locations across the U.S.

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