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State Bank & Trust Company Review

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State Bank & Trust Company Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

State Bank & Trust Company started in 1898 with headquarters located in Greenwood, Mississippi. State Bank & Trust Company handles assets of $1 billion as well as deposits totaling $934 million, ranking it as a medium-size bank. State Bank & Trust Company lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.1 stars out of 5, State Bank & Trust Company should be solidly in contention for your choice of bank. State Bank & Trust Company has a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. 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 & Trust Company's most basic checking account does not have a monthly charge. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best option for returning the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.7
SmartAsset Average: 3.5

With a savings rate of 0.20%, State Bank & Trust Company ranks poorly in comparison to the national average. State Bank & Trust Company's one-year and five-year term lengths CDs earn at a rate of 1.20% and 2.05%, respectively, while its highest-yielding money market account has an APY of 0.30%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

How State Bank & Trust Company's Savings Rates Compare

State Bank & Trust Company Savings 0.20 National Average 0.26 Compare Offers
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Fees

3.9
SmartAsset Average: 4.4

On average, State Bank & Trust Company charges its customers above-average fees as compared against the national average. State Bank & Trust Company's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. For those who will need cash in a pinch, State Bank & Trust Company is less than great because it charges an out-of-network ATM fee of $2.50, which is less than great compared to the national average. State Bank & Trust Company doesn't refund out-of-network ATM fees, meaning you will need to find a State Bank & Trust Company ATM or accept the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.50 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 & Trust Company is a brick-and-mortar bank, with 36 total bank locations in Alabama, Louisiana and Mississippi. It also offers access to mobile and web apps for easy access and banking on the go. State Bank & Trust Company receives reasonably high praise from customers for its online presence. The State Bank & Trust Company mobile app is rated at 4.1 out of 5 (with 35 ratings on Apple and Android) compared to the national average of 3.8. State Bank & Trust Company's mobile app lets you control your finances by monitoring account balances, sending and receiving money as well as accessing customer service. State Bank & Trust Company gets an excellent consumer satisfaction rating based on comparatively few consumer complaints registered 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

4.7
SmartAsset Average: 4.8

State Bank & Trust Company is currently a medium-size bank with $1 billion in assets as well as deposits totaling $934 million. Its Texas Ratio is 7.10%, suggesting that State Bank & Trust Company is in good financial health and improbable to fail. Additionally, State Bank & Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.1%
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 State Bank & Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $50
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 1.20% APY
  • 24 Month: 1.55% APY
  • 36 Month: 1.70% APY
  • 48 Month: 1.85% APY
  • 60 Month: 2.05% APY
$1000 for all terms
Money Market Account 0.3% APY $2500

State Bank & Trust Company 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 & Trust Company 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 & Trust Company's CD rates are fair compared to the average U.S. bank.

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Find a State Bank & Trust Company Near Me

State Bank & Trust Company has 36 locations in the U.S.

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