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The First State Bank Review

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

Overview

Started in 1956, The First State Bank has $407 million in assets as well as $369 million in deposits, which makes the institution a small bank. The First State Bank, whose headquarters are in Louise, Texas, lacks premium access to customer service, 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 offerings. With a score of 4.5 out of 5 stars, The First State Bank should be solidly in contention for your choice of bank. The First State Bank has a full choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. The First State Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, The First State Bank's most basic checking does not carry a monthly maintenance charge. Locating 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 bet for accruing the most income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

With a savings rate of 0.10%, The First State Bank ranks poorly compared to the national average. Its one-year CD has a rate of 1.16% and the five-year CD earns at a rate of 1.66%, while its highest-yielding money market account has a rate of 0.20%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How The First State Bank's Savings Rates Compare

The First State Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The First State Bank charges its customers extremely low fees in comparison to the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. The First State Bank unfortunately doesn't refund out-of-network ATM fees, meaning you'll be required to search for a The First State Bank ATM or eat the fee.

Monthly Fee $0 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

4.5
SmartAsset Average: 3.7

The First State Bank is a brick-and-mortar bank, with 10 total bank locations in Texas. It also offers access to mobile and web apps for an easy mobile-banking experience. The First State Bank receives positive ratings from customers for its mobile platform. Out of 5 customer reviews across iOS and Android platforms, the The First State Bank mobile app is scored at 5.0 out of 5 (compared to the national average of 3.8). You can utilize The First State Bank's app to control your accounts by looking at monthly statements, sending and receiving money as well as reaching customer service. The First State Bank receives a superb consumer satisfaction rating based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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

5.0
SmartAsset Average: 4.8

The First State Bank ranks as a small bank and has assets totaling $407 million as well as deposits totaling $369 million. The First State Bank's Texas Ratio is 0.67%, suggesting that the bank is in outstanding financial shape and unlikely to fail. Additionally, The First 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.

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Compare The First 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 $1500
Certificates of Deposit
  • 12 Month: 1.16% APY
  • 24 Month: 1.36% APY
  • 36 Month: 1.41% APY
  • 48 Month: 1.41% APY
  • 60 Month: 1.66% APY
$1000 for all terms
Money Market Account 0.2% APY $2500

The First 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. The First State Bank 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. The First State Bank's CD rates are fair compared to the national average.

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Find a The First State Bank Near Me

The First State Bank has 10 physical branches across the U.S.

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