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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

West Texas State Bank started in 1937 with headquarters located in Odessa, Texas. West Texas State Bank handles $399 million in assets along with deposits totaling $353 million, making it a small bank. West Texas State Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With an average 3.6 out of 5 stars, West Texas State Bank is an average bank that leaves room for improvement. West Texas State Bank offers a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs and IRAs. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, West Texas State Bank offers an option without a monthly fee. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best option 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

With a savings rate of 0.05%, West Texas State Bank ranks poorly compared to the national average. Its one-year CD earns at a rate of 0.60%, while its highest-yielding money market account has an APY of 0.05%. Given its below average savings rate, you should consider choosing another bank to earn more on your deposits.

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 typically has extremely low fees compared to the average U.S. bank. With no monthly fee, West Texas State Bank's checking account is ideal for people who want a hassle-free banking experience. West Texas State Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you will need to find a West Texas State Bank ATM or pay the 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 straightforward, even on the go. West Texas State Bank's mobile app allows you to manage your accounts by reviewing current statements, transferring funds as well as reaching customer service. West Texas State Bank gets a superb consumer satisfaction rating based on relatively few consumer 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 is currently a small bank and manages $399 million in assets as well as $353 million in deposits. Its Texas Ratio is 24.57%, signifying that the bank is in satisfactory financial well-being. 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 has several deposit products including 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 other options 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 branches across the U.S.

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