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The Friendship State Bank Review

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

Overview

The Friendship State Bank started in 1912 and has its headquarters in Friendship, Indiana. It manages $363 million in assets along with deposits totaling $322 million, ranking it as a small bank. The Friendship State Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a commendable 4.2 out of 5 stars, The Friendship State Bank is a great choice and should warrant serious consideration. The Friendship State Bank offers a mixture of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking does not have a monthly maintenance fee. Institutions that offer free checking and a high savings APY are your best bet for gaining the highest income from your deposits while having easy access to your money.

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

The Friendship State Bank has a savings rate of 0.10%, which is fair compared to other U.S. banks. The Friendship State Bank's one-year CD earns at a rate of 0.45% and the five-year CD earns at a rate of 2.04%, while its highest-yielding money market account has a rate of 0.15%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

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

The Friendship State Bank has generally extremely low fees compared to the average U.S. bank. With no monthly fee, The Friendship State Bank's checking account is ideal for those who need an easy checking account. Also, it has an overdraft fee of $26.00, which is noticeably lower than the average U.S. overdraft fee. The Friendship State Bank doesn't reimburse out-of-network ATM fees, which means you'll have to find a The Friendship State Bank ATM or pay the fee.

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 bank locations in Indiana. It also offers access to mobile and web apps for straightforward access and banking 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's online and mobile banking platforms get fair feedback from customers. Out of 23 customer reviews across Apple and Android platforms, the The Friendship State Bank mobile app is scored at 3.9 out of 5 (compared to the national average of 3.8). You can use The Friendship State Bank's mobile app to control your bank accounts by reviewing account balances, transferring money as well as accessing support representatives. The Friendship State Bank gets an exceptional consumer satisfaction score based on comparatively few consumer complaints registered with 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 is a small bank and manages $363 million in assets as well as $322 million in deposits. Its Texas Ratio is 2.06%, signifying that the bank is in terrific financial health 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 Account 0.1% APY $1

The Friendship State Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you 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 in comparison to other U.S. banks.

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Find a The Friendship State Bank Near Me

The Friendship State Bank has eight branches in the U.S.

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