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Wallis State Bank Review

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Wallis State Bank Savings
0.35% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Wallis State Bank was founded in 1972 and its headquarters are located in Wallis, Texas. Wallis State Bank handles $626 million in assets along with deposits totaling $528 million, classifying it as a medium-size bank. Wallis 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 in-person service, in addition to its online and mobile apps. Overall, Wallis State Bank is an excellent bank that warrants a serious look, with a score of 4.5 out of 5 stars from the SmartAsset experts. Wallis State Bank has a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Wallis State Bank's standard checking account does not carry a monthly fee. Using a bank with free checking, in addition to a high interest rate savings account is your best bet for gaining the highest income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

4.2
SmartAsset Average: 3.5

With a savings rate of 0.35%, Wallis State Bank ranks poorly in comparison to the average U.S. bank. Wallis State Bank's one-year CD has a rate of 1.55% and the five-year CD has a rate of 2.06%, while its highest-yielding money market account earns at a rate of 0.75%. Given Wallis State Bank's poor savings rate, you should consider looking at the competition to open savings accounts.

How Wallis State Bank's Savings Rates Compare

Wallis State Bank Savings 0.35 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Wallis State Bank charges its customers extremely low fees in comparison to other U.S. banks. Wallis State Bank's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Wallis State Bank unfortunately does not reimburse out-of-network ATM fees, meaning you'll have to locate a Wallis 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

Wallis State Bank is a brick-and-mortar bank, with 11 total branches in California and Texas. It also offers access to mobile and web apps for simple access and banking on the go. Wallis State Bank gets inferior reviews from users for its mobile platform. With 15 customer reviews across both Apple and Android platforms, the Wallis State Bank mobile app has an overall rating of 3.3 out of 5 (compared to the national average of 3.8). You can use Wallis State Bank's app to manage your bank accounts by checking current statements, transferring money and reaching support representatives. Wallis State Bank receives an exceptional consumer satisfaction rating due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Wallis State Bank is a medium-size bank with $626 million in assets as well as deposits totaling $528 million. It has an excellent Texas Ratio of 1.50%, denoting a low likelihood of failure. Additionally, Wallis 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 Wallis State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.35% APY $1
Checking Account 0.3% APY $1500
Certificates of Deposit
  • 12 Month: 1.55% APY
  • 24 Month: 1.81% APY
  • 36 Month: 1.91% APY
  • 48 Month: 1.96% APY
  • 60 Month: 2.06% APY
$2500 for all terms
Money Market Account 0.75% APY $2500

Wallis State Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Wallis 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. Wallis State Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Wallis State Bank Near Me

Wallis State Bank has 11 physical branches in the U.S.

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