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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

Founded in 1898, State Bank & Trust Company has assets totaling $1 billion along with deposits totaling $934 million, which makes it a medium-size bank. State Bank & Trust Company, whose headquarters are in Greenwood, Mississippi, 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 4.1 out of 5 stars, State Bank & Trust Company is a respectable bank that gets the job done. State Bank & Trust Company offers a variety of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking does not carry a monthly charge. Banks that offer free checking as well as a high savings APY are your best option for accruing the highest income on your deposits while maintaining convenient access to your funds.

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

State Bank & Trust Company features a savings rate of 0.20%, which is poor in comparison to the national average. Its one-year CD earns at a rate of 1.20% and the five-year CD has a rate of 2.05%, while its highest-yielding money market account has a rate of 0.30%. Given State Bank & Trust Company's noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

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 customers above-average fees in comparison to other U.S. banks. State Bank & Trust Company's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. For those who use cash often, State Bank & Trust Company is not ideal because it charges an out-of-network ATM fee of $2.50, which is less than the best option compared to the national average. State Bank & Trust Company unfortunately does not reimburse out-of-network ATM fees, which means you'll be required to search for a State Bank & Trust Company ATM or pay the ATM charge.

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. With mobile and web apps, State Bank & Trust Company makes mobile banking convenient, even on the go. State Bank & Trust Company receives moderately positive ratings from users for its mobile platform. With 35 customer reviews across both iOS and Android platforms, the State Bank & Trust Company mobile app rates a 4.1 out of 5 (compared to the national average of 3.8). State Bank & Trust Company's mobile app lets you control your funds by monitoring account balances, transferring money as well as reaching customer service. State Bank & Trust Company gets a superb consumer satisfaction score based on relatively few consumer 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

4.7
SmartAsset Average: 4.8

State Bank & Trust Company is currently a medium-size bank and manages $1 billion in assets as well as $934 million in deposits. It has a strong Texas Ratio of 7.10%, suggesting that the bank is in good financial condition 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 $100
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 Accounts 0.3% APY 0.3% APY $10000 $15000

State Bank & Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. State Bank & Trust Company does not have the best savings rate, which means you should consider looking 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 & Trust Company's CD rates are fair in comparison 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 across the U.S.

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