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Summit State Bank Review

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Summit State Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Summit State Bank was founded in 1982 and its headquarters are located in Santa Rosa, California. Summit State Bank handles assets of $611 million as well as deposits totaling $534 million, ranking 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 conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset has rated the bank 3.6 out of 5 stars, suggesting Summit State Bank is a decent bank that leaves room for improvement. Summit State Bank offers a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs and IRAs. Summit State Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking account has a monthly fee of $4.00, which places it at the higher end of monthly fees. Finding a checking account with no monthly fee and a savings account with a high APY at the same bank is the best option for gaining the most income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.10%, Summit State Bank ranks poorly compared to the national average. Summit State Bank's one-year and five-year term lengths CDs earn at a rate of 2.00% and 2.25%, respectively, while its highest-yielding money market account has an APY of 0.20%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Summit State Bank's Savings Rates Compare

Summit State Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Summit State Bank typically has high fees in comparison to other U.S. banks. Its checking account has a monthly fee of $4.00, ranking it fair for anyone looking for a simple account. Summit State Bank doesn't refund out-of-network ATM fees, meaning you'll be required to locate a Summit State Bank ATM or eat the withdrawal 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
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Service Quality

SmartAsset Average: 3.7

Summit State Bank is a brick-and-mortar bank, with five total branches in California. With mobile and web apps, Summit State Bank makes account access easy, even on the go. Summit State Bank's mobile app allows you to control your accounts by reviewing current statements, transferring money as well as reaching support representatives. Summit State Bank gets a superb consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Summit State Bank is currently a medium-size bank owning $611 million in assets as well as deposits totaling $534 million. Summit State Bank's Texas Ratio is 3.91%, indicating a minute likelihood of 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

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 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 Account 0.2% APY $10000

Summit State Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Summit State Bank 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. Summit State Bank's CD rates are fair compared to other U.S. banks.

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Find a Summit State Bank Near Me

Summit State Bank has five physical branches in the U.S.

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