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West Texas State Bank Review

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West Texas State Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1937, West Texas State Bank has $399 million in assets along with deposits totaling $353 million, which makes it a small bank. West Texas State Bank, whose headquarters are in Odessa, Texas, 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 in-person service, in addition to its online and mobile apps. On the whole, West Texas State Bank is an acceptable bank choice, but may leave you wanting more, with a rating of 3.6 stars out of 5 from the SmartAsset team. West Texas State Bank has a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs and IRAs. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, West Texas State Bank's ordinary checking account does not have 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 the best bet for returning the most income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.6/5
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

West Texas State Bank has a savings rate of 0.05%, which is poor compared to other U.S. banks. West Texas State Bank's one-year CD has a rate of 0.60%, while its highest-yielding money market account has a rate of 0.05%. Given West Texas State Bank's noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How West Texas State Bank's Savings Rates Compare

West Texas State Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

West Texas State Bank has generally extremely low fees compared to other U.S. banks. West Texas State Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. West Texas State Bank does not reimburse out-of-network ATM charges, meaning you'll need to find a West Texas State Bank ATM or pay 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

2.5
SmartAsset Average: 3.7

West Texas State Bank is a brick-and-mortar bank, with eight total branches in Texas. With mobile and web apps, West Texas State Bank makes mobile banking convenient, even on the go. West Texas State Bank's mobile app allows you to manage your accounts by monitoring current statements, sending and receiving funds and reaching support representatives. West Texas State Bank receives an exceptional consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

3.8
SmartAsset Average: 4.8

West Texas State Bank ranks as a small bank owning assets totaling $399 million as well as $353 million in deposits. It has a good Texas Ratio of 24.57%, denoting that the bank is in satisfactory financial shape. Additionally, West Texas 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

24.57%
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 West Texas State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $200
Checking Account 0.05% APY $1200
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.80% APY
$2500 for all terms
Money Market Account 0.05% APY $2500

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

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Find a West Texas State Bank Near Me

West Texas State Bank has eight physical branches in the U.S.

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