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Volunteer State Bank Review

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Volunteer State Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1977, Volunteer State Bank has $622 million in assets along with $474 million in deposits, which makes it a medium-size bank. Volunteer State Bank, whose headquarters are in Portland, Tennessee, lacks premium access to support representatives, with no options for live chat or all-day service. 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. With a commendable 4.2 stars out of 5, Volunteer State Bank proves it is a great bank that you should seriously consider. Volunteer State Bank offers a diverse array of banking products, 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 does not carry a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is your best option for gaining the most income on your deposits while having easy 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

3.8
SmartAsset Average: 3.5

With a savings rate of 0.15%, Volunteer State Bank ranks poorly in comparison to the national average. Its one-year and five-year term lengths CDs earn at a rate of 1.50% and 2.00%, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

How Volunteer State Bank's Savings Rates Compare

Volunteer State Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Volunteer State Bank has typically extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Volunteer State Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will be required to find a Volunteer State Bank ATM or eat 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

3.5
SmartAsset Average: 3.7

Volunteer State Bank is a brick-and-mortar bank, with 10 total branches in Tennessee. It also offers access to mobile and web apps for easy access and banking on the go. Volunteer State Bank receives inferior reviews from users for its mobile banking services. The Volunteer State Bank mobile app is rated at 3.2 out of 5 (with 33 reviews on iOS and Android) compared to the national average of 3.8. Volunteer State Bank's mobile app lets you manage your accounts by reviewing monthly statements, transferring money and reaching support representatives. Volunteer State Bank gets a superb consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Volunteer State Bank is currently a medium-size bank owning $622 million in assets as well as deposits totaling $474 million. Volunteer State Bank has a strong Texas Ratio of 10.44%, indicating a tiny chance of failure. Additionally, Volunteer 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

10.44%
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 Volunteer State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 1.55% APY
  • 36 Month: 1.80% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.00% APY
$1000 for all terms
Money Market Accounts 0.15% APY 0.25% APY $10000 $15000

Volunteer State Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Volunteer 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. Volunteer State Bank's CD rates are fair compared to the national average.

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Find a Volunteer State Bank Near Me

Volunteer State Bank has 10 branches across the U.S.

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