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State Bank Review

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State Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Established in 1937, State Bank has $377 million in assets as well as deposits totaling $304 million, making it a small bank. State Bank, whose headquarters are in New Hampton, Iowa, 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. On the whole, State Bank is among the best banks, and should be given strong consideration, with a rating of 4.5 out of 5 stars from the SmartAsset experts. State Bank offers a mixture of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. State Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, State 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 your best bet for getting the most income from your deposits alongside convenient access to your money.

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

State Bank features a savings rate of 0.15%, which is poor compared to other U.S. banks. Its CD rates are 1.60% and 2.25% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.30%. Given its noncompetitive savings rate, you should think about looking at the competition to open savings accounts.

How State Bank's Savings Rates Compare

State Bank Savings 0.15 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

State Bank charges customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, State Bank's checking account is ideal for people who want an easy banking experience. State Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll have to find a State Bank ATM or accept the ATM charge.

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

SmartAsset Average: 3.7

State Bank is a brick-and-mortar bank, with nine total bank locations in Iowa. With mobile and web apps, State Bank makes account access convenient, even on the go. State Bank's online and mobile banking platforms get moderately high scores from users. With 12 ratings on both iOS and Android platforms, the State Bank mobile app rates a 4.1 out of 5 (compared to the national average of 3.8). You can use State Bank's mobile app to control your accounts by reviewing account balances, sending and receiving funds as well as reaching customer service. State Bank gets an outstanding consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

State Bank ranks as a small bank with assets totaling $377 million and $304 million in deposits. Its Texas Ratio is 1.71%, signifying a negligible probability of failure. Additionally, State 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 State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.60% APY
  • 24 Month: 1.75% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.15% APY
  • 60 Month: 2.25% APY
$1000 for all terms
Money Market Account 0.3% APY $2501

State 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. State 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. State Bank's CD rates are fair compared to the national average.

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Find a State Bank Near Me

State Bank has nine physical locations across the U.S.

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