Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right
Loading
Tap on the profile icon to edit
your financial details.

Summit State Bank Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Summit State Bank null
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

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.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

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

Rates

4.0
SmartAsset Average: 3.5

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

Summit State Bank Savings 0.10 National Average 0.09 Compare Offers
Back to Overview

Fees

3.0
SmartAsset Average: 4.4

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.

Monthly Fee $4.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
Back to Overview

Service Quality

2.5
SmartAsset Average: 3.7

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.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.9
SmartAsset Average: 4.8

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

3.91%
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.

Back to Overview

Compare Summit State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $200
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 2.00% APY
  • 24 Month: 2.25% APY
  • 36 Month: 2.25% APY
  • 48 Month: 2.25% APY
  • 60 Month: 2.25% APY
$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
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
As of
Marketing Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
As of
Marketing Disclosure