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Wellington State Bank Review

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Wellington State Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Wellington State Bank was founded in 1906 and has its headquarters in Wellington, Texas. Wellington State Bank manages $397 million in assets along with deposits totaling $347 million, which makes it a small bank. Wellington State Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a commendable 4.4 stars out of 5, Wellington State Bank proves it is a solid contender in your bank search. Wellington State Bank offers a mixture of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. Finding an institution with no-fee checking and a high interest rate savings account is the best option for returning the highest income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

With a savings rate of 0.20%, Wellington State Bank ranks poorly as compared against the national average. Wellington State Bank's one-year CD earns at a rate of 1.55% and the five-year CD earns at a rate of 2.30%, while its highest-yielding money market account has a rate of 0.20%. Given Wellington State Bank's poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Wellington State Bank's Savings Rates Compare

Wellington State Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Wellington State Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

4.4
SmartAsset Average: 3.7

Wellington State Bank is a brick-and-mortar bank, with 10 total branches in Texas. With mobile and web apps, Wellington State Bank makes mobile banking convenient, even on the go. Wellington State Bank's online and mobile banking services receive great scores from customers. The Wellington State Bank mobile app has an overall rating of 4.9 out of 5 (with 7 ratings on iOS and Android) compared to the national average of 3.8. Wellington State Bank's mobile app lets you manage your finances by checking account balances, sending and receiving money as well as reaching customer service. Wellington State Bank gets an excellent consumer satisfaction rating based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Wellington State Bank ranks as a small bank with assets totaling $397 million as well as deposits totaling $347 million. Its Texas Ratio is 3.35%, indicating that Wellington State Bank is in outstanding financial condition and unlikely to fail. Additionally, Wellington 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

3.35%
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 Wellington State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.2% APY $1000
Certificates of Deposit
  • 12 Month: 1.55% APY
  • 60 Month: 2.30% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Wellington State Bank offers several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. Wellington State Bank does not have the best savings rate, which means you should consider 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. Wellington State Bank's CD rates are fair in comparison to the national average.

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Find a Wellington State Bank Near Me

Wellington State Bank has 10 locations in the U.S.

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