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The Friendship State Bank Review

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

Overview

Started in 1912, The Friendship State Bank has $363 million in assets and deposits totaling $322 million, classifying the institution as a small bank. The Friendship State Bank, whose headquarters are in Friendship, Indiana, lacks premium access to support representatives, 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 apps. On the whole, The Friendship State Bank is a solid pick to be your bank, with a rating of 4.2 stars out of 5 from our experts. The Friendship State Bank offers a variety of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's standard checking account does not have a monthly maintenance fee. Institutions that offer free checking and a high interest rate savings account are your best option for accruing the most income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

With a savings rate of 0.10%, The Friendship State Bank ranks poorly compared to other U.S. banks. The Friendship State Bank's one-year and five-year term lengths CDs earn at a rate of 0.45% and 2.04%, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given The Friendship State Bank's poor savings rate, you should think about choosing another bank to earn more on your deposits.

How The Friendship State Bank's Savings Rates Compare

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

5.0
SmartAsset Average: 4.4

On average, The Friendship State Bank charges customers extremely low fees as compared against the national average. With no monthly fee, The Friendship State Bank's checking account is perfect for people who need a hassle-free checking account. Additionally, it has an overdraft fee of $26.00, which is noticeably less than the average U.S. overdraft fee. The Friendship State Bank doesn't reimburse out-of-network ATM charges, meaning you will have to search for a The Friendship State Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $26.00 National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

The Friendship State Bank is a brick-and-mortar bank, with eight total branches in Indiana. With mobile and web apps, The Friendship State Bank makes account access straightforward, even on the go. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Thursday, 7:30 a.m. to 5:00 p.m. ET; Friday, 7:30 a.m. to 6:00 p.m. ET; Saturday, and 7:30 a.m. to 12:05 p.m. ET. The Friendship State Bank receives fair reviews from users for its mobile banking services. The The Friendship State Bank mobile app has been given a 3.9 out of 5 (out of 23 customer reviews on Apple and Android) compared to the national average of 3.8. The Friendship State Bank's mobile app allows you to manage your funds by looking at account balances, sending and receiving funds as well as accessing customer service. The Friendship State Bank receives a superb consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

The Friendship State Bank ranks as a small bank and manages $363 million in assets as well as deposits totaling $322 million. The Friendship State Bank has an excellent Texas Ratio of 2.06%, signifying that the bank is in outstanding financial shape and unlikely to fail. Additionally, The Friendship 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 Friendship State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.45% APY
  • 24 Month: 1.58% APY
  • 36 Month: 1.68% APY
  • 48 Month: 1.78% APY
  • 60 Month: 2.04% APY
$500 for all terms
Money Market Accounts 0.1% APY 0.15% APY $10000 $15000

The Friendship 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 Friendship 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 Friendship State Bank's CD rates are fair compared to other U.S. banks.

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Find a The Friendship State Bank Near Me

The Friendship State Bank has eight physical branches across the U.S.

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