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The First State Bank Review

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The First State Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1956, The First State Bank has assets totaling $407 million and deposits totaling $369 million, making the institution a small bank. The First State Bank, whose headquarters are in Louise, Texas, lacks premium access to customer service, 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 apps. Coming in at a superb 4.5 stars out of 5, The First State Bank is among the top banks, and should be given serious consideration. The First State Bank provides customers with a full array of product offerings, including 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 most basic checking account does not have a monthly charge. Banks that offer free checking, in addition to a high savings APY are the best bet for getting the highest income from your deposits while maintaining 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 0.05%, The First State Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD earns at a rate of 0.90% and the five-year CD has a rate of 1.66%, while its highest-yielding money market account earns at a rate of 0.10%. Given its below average savings rate, you should consider looking at the competition to open savings accounts.

How The First State Bank's Savings Rates Compare

The First State Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, The First State Bank charges its customers extremely low fees in comparison to the average U.S. bank. The First State Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. The First State Bank unfortunately doesn't refund out-of-network ATM charges, which means you will need to find a The First State Bank ATM or pay the withdrawal 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 branches in Texas. It also offers access to mobile and web apps for straightforward access and banking on the go. The First State Bank's online and mobile banking services receive high marks from users. The The First State Bank mobile app rates a 5.0 out of 5 (with 5 reviews on Apple and Android) compared to the national average of 3.8. The First State Bank's mobile app lets you control your funds by reviewing current statements, transferring money and reaching support representatives. The First State Bank receives an excellent consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 with $407 million in assets as well as deposits totaling $369 million. It has an excellent Texas Ratio of 0.67%, indicating that the bank is in terrific financial well-being and far from failure. 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 0.05% APY $50
Checking Account 0.05% APY $1500
Certificates of Deposit
  • 12 Month: 0.90% APY
  • 24 Month: 1.05% APY
  • 36 Month: 1.10% APY
  • 48 Month: 1.41% APY
  • 60 Month: 1.66% APY
$1000 for all terms
Money Market Account 0.1% APY $2500

The First State Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The First 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. The First State Bank's CD rates are fair in comparison to other U.S. banks.

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Find a The First State Bank Near Me

The First State Bank has 10 locations across the U.S.

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