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State Bank of Lincoln Review

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State Bank of Lincoln Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1904, State Bank of Lincoln has $342 million in assets as well as deposits totaling $307 million, classifying it as a small bank. State Bank of Lincoln, whose headquarters are in Lincoln, Illinois, lacks premium access to customer service, 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 apps. Overall, State Bank of Lincoln is a great bank that you should seriously consider, with a rating of 4.2 out of 5 stars from the SmartAsset team. State Bank of Lincoln provides customers with the full package 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. If you're interested in stress-free personal checking, State Bank of Lincoln's most basic checking does not carry a monthly fee. Finding an institution with no-fee checking, in addition to a high interest rate savings account is your best bet for gaining the highest income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
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

State Bank of Lincoln has a savings rate of 0.07%, which is fair in comparison to other U.S. banks. State Bank of Lincoln's CD rates are 0.50% and 1.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.10%. Given its below average savings rate, you should think about looking at the competition to open savings accounts.

How State Bank of Lincoln's Savings Rates Compare

State Bank of Lincoln Savings 0.07 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

State Bank of Lincoln has generally extremely low fees in comparison to the national average. With no monthly fee, State Bank of Lincoln is ideal for those who want a simple banking experience. State Bank of Lincoln unfortunately doesn't refund out-of-network ATM charges, meaning you will have to search for a State Bank of Lincoln ATM or eat the withdrawal fee.

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

4.0
SmartAsset Average: 3.7

State Bank of Lincoln is a brick-and-mortar bank, with six total branches in Illinois. It also offers access to mobile and web apps for easy access and banking on the go. State Bank of Lincoln receives moderately good scores from customers for its mobile platform. With 8 ratings across Apple and Android platforms, the State Bank of Lincoln mobile app is scored at 4.1 out of 5 (compared to the national average of 3.8). State Bank of Lincoln's mobile app lets you manage your bank accounts by monitoring account balances, transferring funds and reaching customer service. State Bank of Lincoln receives a superb consumer satisfaction rating based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

4.9
SmartAsset Average: 4.8

State Bank of Lincoln is a small bank owning assets totaling $342 million as well as deposits totaling $307 million. It has an excellent Texas Ratio of 2.97%, suggesting that the bank is in excellent financial shape and improbable to fail. Additionally, State Bank of Lincoln 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 of Lincoln to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.075% APY $20
Checking Account 0.05% APY $1500
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.50% APY
$1000 for all terms
Money Market Account 0.07% APY $10001

State Bank of Lincoln has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. State Bank of Lincoln 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. State Bank of Lincoln's CD rates are fair compared to the average U.S. bank.

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Find a State Bank of Lincoln Near Me

State Bank of Lincoln has six locations across the U.S.

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