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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


State Bank was founded in 1937 with its headquarters in New Hampton, Iowa. It manages assets of $377 million along with $304 million in deposits, ranking it as a small bank. State Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We gave State Bank a 4.5 out of 5 stars, suggesting it is among the top banks, and should be given serious consideration. State Bank offers a full selection of product offerings, which include 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 interested in stress-free personal checking, State Bank offers an option without a monthly fee. Finding a bank with no-fee checking as well as a high interest rate savings account is the best option for returning the most income from your deposits alongside 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 0.15%, State Bank ranks poorly in comparison to the average U.S. bank. 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 State Bank's below average savings rate, you should consider choosing another bank to earn more on your deposits.

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 generally has extremely low fees in comparison to the average U.S. bank. With no monthly fee, State Bank's checking account is perfect for people who want an easy banking experience. State Bank unfortunately does not refund out-of-network ATM fees, meaning you'll need to find a State Bank ATM or eat 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. It also offers access to mobile and web apps for an easy mobile-banking experience. State Bank gets relatively high praise from customers for its mobile platform. The State Bank mobile app has an overall rating of 4.1 out of 5 (with 12 customer reviews on iOS and Android) compared to the national average of 3.8. State Bank's mobile app lets you manage your bank accounts by looking at monthly statements, sending and receiving money as well as reaching customer service. State Bank gets an outstanding consumer satisfaction rating due to comparatively few complaints filed with 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 is a small bank and handles assets totaling $377 million as well as $304 million in deposits. State Bank's Texas Ratio is 1.71%, indicating that the bank is in superb financial condition and far from 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 has 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 think about 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 in comparison to other U.S. banks.

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Find a State Bank Near Me

State Bank has nine locations across the U.S.

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