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The State Bank Review

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


Founded in 1898, The State Bank has $783 million in assets and $673 million in deposits, which makes it a medium-size bank. The State Bank, whose headquarters are in Fenton, Michigan, has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Overall, The State Bank is a solid contender in your bank search, with a rating of 4.2 out of 5 stars from the SmartAsset team. The State Bank has a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The State Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's most basic checking account does not have a monthly maintenance fee. Finding a bank with free checking as well as a high savings APY is the best option for getting the highest income on your deposits while maintaining easy access to your funds.

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 0.05%, The State Bank ranks poorly in comparison to the national average. The State Bank's one-year and five-year term lengths CDs earn at a rate of 0.10% and 0.65%, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How The State Bank's Savings Rates Compare

The State Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

The State Bank generally has extremely low fees in comparison to the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. The State Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you'll have to find a The State Bank ATM or accept the ATM charge.

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

SmartAsset Average: 3.7

The State Bank is a brick-and-mortar bank, with 16 total branches in Michigan. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Additionally, The State Bank customers can access live chat for help, an alternative customer service tool if you can't call in during business hours. The State Bank receives average feedback from users for its online presence. Out of 31 ratings across both Apple and Android platforms, the The State Bank mobile app has an overall rating of 3.5 out of 5 (compared to the national average of 3.8). The State Bank's mobile app lets you control your accounts by looking at account balances, transferring money and reaching support representatives. The State Bank gets an outstanding consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

SmartAsset Average: 4.8

The State Bank is currently a medium-size bank owning assets totaling $783 million as well as $673 million in deposits. The State Bank's Texas Ratio is 0.95%, signifying that The State Bank is in terrific financial health and far from failure. Additionally, The 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 State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.15% APY
  • 36 Month: 0.35% APY
  • 48 Month: 0.35% APY
  • 60 Month: 0.65% APY
$1000 for all terms
Money Market Account 0.01% APY $10001

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

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Find a The State Bank Near Me

The State Bank has 16 locations across the U.S.

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