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Tioga State Bank Review

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Tioga State Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1884, Tioga State Bank has $471 million in assets and deposits totaling $366 million, which makes the institution a medium-size bank. Tioga State Bank, whose headquarters are in Spencer, New York, lacks premium access to support representatives, 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. With a commendable 4.1 out of 5 stars, Tioga State Bank is a good bank that gets the job done. Tioga State Bank provides customers with a diversity of banking products, including savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Tioga State Bank's most basic checking account does not carry a monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best bet for getting the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.03%, Tioga State Bank ranks poorly in comparison to the average U.S. bank. Tioga State Bank's one-year and five-year term lengths CDs earn at a rate of 0.70% and 1.51%, respectively, while its highest-yielding money market account has a rate of 0.08%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Tioga State Bank's Savings Rates Compare

Tioga State Bank Savings 0.03 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Tioga State Bank generally has extremely low fees as compared against the national average. With no monthly fee, Tioga State Bank's checking account is perfect for those who want a hassle-free checking account. Tioga State Bank doesn't reimburse out-of-network ATM fees, which means you'll be required to locate a Tioga 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

3.6
SmartAsset Average: 3.7

Tioga State Bank is a brick-and-mortar bank, with 11 total bank locations in New York. With mobile and web apps, Tioga State Bank makes account access straightforward, even on the go. Tioga State Bank receives unsatisfactory marks from users for its online presence. Out of 36 customer reviews across both iOS and Android platforms, the Tioga State Bank mobile app rates a 3.4 out of 5 (compared to the national average of 3.8). Tioga State Bank's mobile app lets you control your accounts by looking at current statements, sending and receiving money as well as accessing customer service. Tioga State Bank receives an exceptional consumer satisfaction rating based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Tioga State Bank is a medium-size bank owning $471 million in assets as well as $366 million in deposits. Its Texas Ratio is 5.02%, indicating that the bank is in good financial shape and far from failure. Additionally, Tioga 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

5.02%
High Risk 75% 50% 20% 10% Low Risk

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 Tioga State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $250
Checking Account 0.03% APY $2500
Certificates of Deposit
  • 12 Month: 0.70% APY
  • 24 Month: 0.88% APY
  • 36 Month: 1.10% APY
  • 48 Month: 1.41% APY
  • 60 Month: 1.51% APY
$1000 for all terms
Money Market Accounts 0.03% APY 0.08% APY $10000 $15000

Tioga State Bank offers several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Tioga State Bank does not have the best savings rate, which means you should think about taking a look 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. Tioga State Bank's CD rates are fair as compared against the national average.

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Find a Tioga State Bank Near Me

Tioga State Bank has 11 physical locations across the U.S.

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