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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

Started in 1906, Wellington State Bank has assets totaling $397 million as well as deposits totaling $347 million, making the institution a small bank. Wellington State Bank, whose headquarters are in Wellington, Texas, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 4.4 out of 5 stars, Wellington State Bank should be solidly in contention for your choice of bank. Wellington State Bank offers a choice of banking products, including 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. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same bank is your best option for getting the most income on your deposits while having easy access to your funds.

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

Wellington State Bank features a savings rate of 0.20%, which is fair compared to other U.S. banks. Wellington State Bank's CDs feature a rate of 1.55% and 2.30% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.20%. Given Wellington State Bank's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

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 bank locations in Texas. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Wellington State Bank gets great scores from users for its mobile app. The Wellington State Bank mobile app scored a 4.9 out of 5 (with 7 ratings on Apple and Android) compared to the national average of 3.8. You can use Wellington State Bank's app to control your funds by monitoring account balances, sending and receiving money as well as reaching support representatives. Wellington State Bank gets an excellent consumer satisfaction score based on comparatively few complaints filed 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 and has assets totaling $397 million as well as $347 million in deposits. Wellington State Bank has an excellent Texas Ratio of 3.35%, denoting a low possibility of failure. 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 Account 0.2% APY $2500

Wellington State Bank offers several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Wellington State Bank does not have the best savings rate, which means you should think about 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. Wellington State Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Wellington State Bank Near Me

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

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