Summit State Bank was founded in 1982 with headquarters in Santa Rosa, California. Summit State Bank manages $611 million in assets as well as $534 million in deposits, classifying it as a medium-size bank. Summit State Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a score of 3.6 stars out of 5, Summit State Bank should be near the middle of the pack in your search for a bank. Summit State Bank has the complete selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs and IRAs. Summit State Bank has a fair savings rate compared to the average savings account. The bank's standard checking account has a monthly fee of $4.00, making it a rather costly bank for checking. Banks that offer no-fee checking as well as a high interest rate savings account are your best option for getting the highest income from your deposits while maintaining convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Summit State Bank features a savings rate of 0.10%, which is fair as compared against the national average. Its one-year CD has a rate of 2.00% and the five-year CD earns at a rate of 2.25%, while its highest-yielding money market account earns at an APY of 0.20%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.
How Summit State Bank's Savings Rates Compare
On average, Summit State Bank charges customers high fees compared to other U.S. banks. Its checking account has a monthly fee of $4.00, making it fair for anyone looking for a hassle-free account. Summit State Bank does not refund out-of-network ATM fees, which means you'll have to find a Summit State Bank ATM or accept the fee.
Summit State Bank is a brick-and-mortar bank, with five total bank locations in California. With mobile and web apps, Summit State Bank makes account access straightforward, even on the go. You can utilize Summit State Bank's app to control your funds by reviewing monthly statements, sending and receiving money as well as accessing support representatives. Summit State Bank receives a superb consumer satisfaction rating based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.
Summit State Bank ranks as a medium-size bank with $611 million in assets as well as deposits totaling $534 million. Its Texas Ratio is 3.91%, denoting that the bank is in superb financial condition and far from failure. Additionally, Summit 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.Back to Overview
Compare Summit State Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.1% APY||$200|
|Checking Account||0.05% APY||$1|
|Certificates of Deposit|| ||$10000 for all terms|
|Money Market Accounts||0.2% APY 0.2% APY||$10000 $15000|
Summit 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. Summit State Bank 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. Summit State Bank's CD rates are fair compared to other U.S. banks.Back to Overview
Find a Summit State Bank Near Me
Summit State Bank has five locations in the U.S.Back to Overview