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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

State Bank of Lincoln started in 1904 and is headquartered in Lincoln, Illinois. State Bank of Lincoln owns assets of $342 million and $307 million in deposits, which makes it a small bank. State Bank of Lincoln 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 in-person service, in addition to its online and mobile apps. With a commendable 4.2 out of 5 stars, State Bank of Lincoln is a great choice and should warrant serious consideration. State Bank of Lincoln offers a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, State Bank of Lincoln's standard checking account does not have a monthly fee. Banks that offer no-fee checking and a high savings APY are the best option for gaining the most income from your deposits while maintaining convenient access to your funds.

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

With a savings rate of 0.07%, State Bank of Lincoln ranks poorly as compared against the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.50% and 1.50%, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given State Bank of Lincoln's noncompetitive savings rate, you should consider looking elsewhere 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

On average, State Bank of Lincoln charges its customers extremely low fees as compared against the national average. With no monthly fee, State Bank of Lincoln's checking account is perfect for people who want an easy banking experience. State Bank of Lincoln unfortunately doesn't refund out-of-network ATM fees, which means you'll have to find a State Bank of Lincoln ATM or accept the cost of withdrawal.

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 bank locations in Illinois. It also offers access to mobile and web apps for a simple mobile-banking experience. State Bank of Lincoln receives fairly decent feedback from users for its mobile app. The State Bank of Lincoln mobile app scored a 4.1 out of 5 (with 8 customer reviews on Apple and Android) compared to the national average of 3.8. You can access State Bank of Lincoln's app to manage your accounts by looking at account balances, transferring money and accessing customer service. State Bank of Lincoln receives a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial 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

4.9
SmartAsset Average: 4.8

State Bank of Lincoln is currently a small bank with $342 million in assets and $307 million in deposits. Its Texas Ratio is 2.97%, denoting that State Bank of Lincoln is in superb financial health 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 Accounts 0.07% APY 0.1% APY $10000 $15000

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 consider 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 in comparison to other U.S. banks.

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Find a State Bank of Lincoln Near Me

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

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