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

Overview

The State Bank started in 1898 with headquarters in Fenton, Michigan. It owns $783 million in assets and deposits totaling $673 million, ranking it as a medium-size bank. The State Bank has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.2 out of 5 stars, The State Bank should be solidly in contention for your choice of bank. The State Bank provides customers with a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, 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 account does not have a monthly fee. Institutions that offer free checking as well as a high savings APY are the best bet for gaining the most income from your deposits while maintaining 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

2.8
SmartAsset Average: 3.5

The State Bank features a savings rate of 0.05%, which is poor in comparison to other U.S. banks. 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 has an APY of 0.15%. Given The State Bank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How The State Bank's Savings Rates Compare

The 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 State Bank charges customers extremely low fees as compared against the national average. With no monthly fee, The State Bank's checking account is perfect for people who need a hassle-free checking account. The State Bank doesn't refund out-of-network ATM charges, meaning you will have to find a The State Bank ATM or accept 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

3.9
SmartAsset Average: 3.7

The State Bank is a brick-and-mortar bank, with 16 total branches in Michigan. With mobile and web apps, The State Bank makes account access convenient, even on the go. Additionally, The State Bank customers can access live chat for their banking questions or needs, key for getting quick access to customer service. The State Bank's online and mobile banking services get moderate marks from customers. The The State Bank mobile app has been given a 3.5 out of 5 (out of 31 reviews on iOS and Android) compared to the national average of 3.8. You can utilize The State Bank's mobile app to control your accounts by looking at current statements, sending and receiving money and accessing support representatives. The State Bank receives a superb consumer satisfaction rating based on comparatively few consumer complaints registered 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

5.0
SmartAsset Average: 4.8

The State Bank is a medium-size bank and handles $783 million in assets as well as deposits totaling $673 million. The State Bank has an excellent Texas Ratio of 0.95%, signifying a minute probability of 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
$500 for all terms
Money Market Accounts 0.01% APY 0.15% APY $10000 $15000

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 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 State Bank's CD rates are fair compared to the average U.S. bank.

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Find a The State Bank Near Me

The State Bank has 16 physical branches in the U.S.

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