CenterState Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

CenterState Bank’s checking account options

eChecking

CenterState’s eChecking account offers a variety of free services and fairly easy ways to avoid the monthly account fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5.95; $0 with one or more ACH deposits totaling $500 or more or 15 or more point-of-sale transactions using debit card
  • ATM fee: $0; $2 for non-CenterState ATMs; $3 for non-customers
  • ATM refund: none
  • Overdraft fee: $35; $10 with overdraft protection

CenterState’s basic checking account is called eChecking, but it functions like a standard checking account. After a modest opening deposit requirement, the account charges a fairly high monthly fee, but it can be avoided with monthly ACH deposits or debit card transactions. Standard features that are included with the eChecking account include the following:

  • Unlimited check writing
  • Free debit card
  • Free withdrawals from Center-State ATMs
  • Free online banking with bill pay
  • Mobile banking with mobile deposit
  • Free email and text alerts
  • Free eStatements
  • Free 24/7 automated telephone banking

Customers can opt for paper statements for a $2 monthly fee. Overdrafts are pricey with eChecking, even with overdraft protection. Account holders who are age 65 or older qualify for additional perks, including free cashier’s checks, free paper statements, free gift cards, free notary services, and one free custom order of checks. This applies for all standard checking accounts.

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on CenterState Bank’s secure website

Interest Checking

With some small differences, this account is essentially the interest-bearing version of CenterState’s basic eChecking account.
APYMinimum Balance to Earn APY
0.05%
$0
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7.95, $0 with $2,500 average daily balance
  • ATM fee: $0; $2 for non-CenterState ATMs; $3 for non-customers
  • ATM refund: none
  • Overdraft fee: $35; $10 with overdraft protection

Interest Checking shares many of the same characteristics as eChecking; the ATM fee structure is identical, as is the overdraft fee and minimum opening deposit. You’ll also get the same basic account services, from free online and mobile banking, bill pay, mobile deposit, unlimited check writing, email and text alerts and free eStatements.

The monthly account maintenance fee is higher, however, and requires a different set of circumstances to avoid it. Here, direct deposits or debit card transactions won’t help; only a higher average daily balance is sufficient to waive the fee. The interest payout is not tiered, but the payout rate is low for any amount deposited.

As with all standard CenterState Bank checking accounts, account holders who are age 65 or older qualify for additional perks, such as free paper statements, free cashier’s checks, free notary services, free gift cards, and one free custom order of checks.

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on CenterState Bank’s secure website

Member FDIC

Fresh Start Checking

If you’ve had financial problems in the past, the Fresh Start Checking account might be your only checking account option at CenterState Bank.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12.95
  • ATM fee: $0; $2 for non-CenterState ATMs; $3 for non-customers
  • ATM refund: none
  • Overdraft fee: $35; $10 with overdraft protection

Fresh Start Checking is CenterState Bank’s version of a “second-chance” checking account. Specifically, the target customers for this bank account are those who may have been reported to ChexSystems for prior banking problems. If you’re having trouble opening a standard bank account, Fresh Start checking has a more lenient approval process. However, the privilege will cost you.

Although this account carries the same basic benefits as CenterState’s other checking accounts, the monthly maintenance fee is quite high, and there’s no way to avoid it. No matter how much money you deposit, how many debit card transactions you have, or how many direct deposits you make, you’ll still pay the high monthly fee.

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on CenterState Bank’s secure website

Relationship Checking

Relationship Checking is CenterState’s premier checking account, with added bells and whistles in exchange for a higher monthly fee.
APYMinimum Balance to Earn APY
0.05%
$0
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $9.95; $0 with $25,000 combined total of all related CenterState Bank balances, including all personal deposit and loan products, on an average daily balance basis
  • ATM fee: $0; $2 for non-CenterState ATMs; $3 for non-customers
  • ATM refund: One free Non-CSB ATM fee a month
  • Overdraft fee: $35; first overdraft free with overdraft protection, then $10 each thereafter

If you’re looking for a full-featured checking account, Relationship Checking is your best option at CenterState Bank. In addition to all of the basic features provided on all CenterState checking accounts, such as mobile and online access, a free debit card, and unlimited check writing, Relationship Checking adds the following:

  • Free cashier’s checks
  • Free notary services
  • A 25 percent discount on a safe deposit box
  • One free non-CSB ATM withdrawal per month
  • One free overdraft protection transfer per month

The Relationship Checking account also pays interest, although it’s at the same low rate as the Interest Checking account.

These additional features come at a cost, as the monthly fee is the highest for CenterState checking account (with the exception of the Fresh Start checking account). The fee can be waived, but it takes a high minimum average daily balance across all CenterState accounts.

Account holders who are age 65 or older qualify for additional perks, including free cashier’s checks, paper statements, gift cards, notary services, and one free custom order of checks, as with all standard CenterState checking accounts.

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on CenterState Bank’s secure website

Member FDIC

Community Hero Checking

Community Hero Checking is a unique account providing special benefits to qualifying local citizens.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $2 for non-CenterState ATMs; $3 for non-customers
  • ATM refund: none
  • Overdraft fee: $35; $10 with overdraft protection; one free overdraft protection transfer per month

The Community Hero checking account is restricted to citizens commonly referred to as “heroes.” Specifically, to qualify for this account at CenterState Bank an applicant must be one in of the following categories:

  • Military and veterans
  • Healthcare providers
  • Law enforcement
  • Education professionals
  • Rescue services
  • Non-profit employees

In exchange for their service, qualifying applicants gain access to a host of additional benefits with this checking account, including:

  • No monthly maintenance fee or minimum ongoing balance requirements
  • Free Community Hero checks
  • One free overdraft protection transfer per month
  • 0.25% interest rate discount on auto loans
  • $250 off closing costs for a first mortgage
  • 0.25% interest rate bump on two CDs annually

Additionally, the Community Hero checking account carries all the basic benefits of other CenterState checking accounts, such as mobile and online checking, mobile deposit, a free debit card, and free online bill pay. Account holders who are age 65 or older qualify for additional perks, such as free cashier’s checks, notary services, gift cards, paper statements, and one free custom order of checks.

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on CenterState Bank’s secure website

Member FDIC

Future Leaders Checking

The Future Leaders checking account is a youth-oriented account, designed for customers as young as 15 up to and including college students.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $2 for non-CenterState ATMs; $3 for non-Customers
  • ATM refund: none
  • Overdraft fee: $35; $10 with overdraft protection; one free overdraft protection transfer per year

The Future Leaders checking account is essentially a student account, but it comes with more features than most traditional youth accounts. In addition to having no monthly maintenance fee, the Future Leader checking account allows for one free overdraft transfer per year. This is on top of more standard account features, such as mobile banking with mobile deposit, free eStatements, and a free debit card. Customers who open a Future Leader checking account are also granted access to a fee-free savings account, although a minimum balance of $300 must be maintained.

Although Future Leader account holders can be as young as age 15, those under age 18 must have a parent or legal guardian as an additional signer. Once account holders reach age 26, the account automatically converts to a CenterState Bank eChecking account.

How to get CenterState Bank’s checking accounts

As mentioned above, all of CenterState Bank’s checking accounts, with the exception of the Future Leaders account, can be opened online. For a Future Leaders account, minors will have to call or visit a branch with a parent or legal guardian to act as a legal signer.

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on CenterState Bank’s secure website

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How CenterState’s checking accounts compare

CenterState Bank offers a wide range of checking accounts, from eChecking and student checking to interest-bearing accounts and special accounts for community leaders and those with troubled financial histories. However, beyond the broad scope of the accounts, the financial details aren’t particularly compelling.

The only strictly “free” accounts are the Community Hero and Future Leaders checking accounts; all other accounts have monthly fees, though some allow the fees to be waived with qualifying activity. The accounts that pay interest are not competitive with the national average and fall far below the best rates for checking accounts available nationally.

CenterState Bank’s savings account options

Savings Account

This account is a standard account, and the only traditional savings account available to CenterState customers.
APYMinimum Balance to Earn APY
0.05%
$0
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $3; $0 with $300.00 minimum daily balance
  • ATM fee: $0; $2 for non-CenterState ATMs; $3 for non-customers
  • ATM refund: none
  • Overdraft fee: $35; $10 with overdraft protection
CenterState’s savings account pays interest on all balances, with no tiered step-up available. The required opening deposit is minimal, and the modest monthly account fee can be easily waived with a small sustaining balance. Certain withdrawals are limited to six per month, per Federal Regulation D — but while many financial institutions levy a fee for withdrawals in excess of six per month, CenterState slaps a $2 fee on each transaction in excess of three per month.

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on CenterState Bank’s secure website

Member FDIC

Savings Account for Minors

CenterState Bank offers a dedicated savings account for minors with lower minimums and fees.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM refund: n/a
  • Overdraft fee: n/a
The savings account for minors at CenterState Bank is mostly a carbon-copy of the bank’s standard savings account, with a few slight modifications. Both accounts pay the same interest rate, but the minor savings account has a lower minimum opening deposit and no monthly maintenance fee. There is also no ATM card access with this account, and accounts are not allowed to be overdrawn.

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on CenterState Bank’s secure website

Member FDIC

Health Savings Account

CenterState’s Health Savings Account, like all HSAs, allows customers to put away tax-advantaged money for qualified health expenses.
APYMinimum Balance to Earn APY
0.25%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM refund: n/a
  • Overdraft fee: n/a

To qualify for CenterState’s HSA, applicants must meet certain requirements, including participation in a high-deductible health plan. Account holders earn interest in their CenterState HSA from the first dollar deposited, once the minimum opening deposit has been met. The account has no monthly fee and allows unlimited debit card transactions to pay qualifying medical expenses. However, there is no ATM access with this account.

How to get CenterState Bank’s savings accounts

As mentioned above, with the exception of the minor savings account, all other CenterState Bank savings accounts can be opened online, including the Health Savings account. Customers can also call or visit a branch.

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on CenterState Bank’s secure website

Member FDIC

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How CenterState Bank’s savings account compares

CenterState Bank’s savings account options are not particularly inspiring. The bank only offers a single traditional savings account, and the yield it pays is far below both the national average and the best available savings rates nationally.

Although a health savings account and a savings account for minors are available, there are no particularly outstanding features available on any of CenterState’s savings accounts.

CenterState Bank’s CD account options

Regular CD

CenterState Bank’s line of regular CDs form the core CD offerings of the bank, offering standard terms and traditional maturity dates.
TermAPYMinimum Balance to Earn APY
3 months0.25%
$500
6 months0.50%
$500
9 months0.75%
$500
12 months1.00%
$500
15 months2.28%
$500
18 months1.11%
$500
24 months1.26%
$500
36 months2.03%
$500
48 months2.12%
$500
60 months2.27%
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: 90 days’ interest for terms of 11 months or less; 180 days’ interest for terms of 12 to 24 months; 270 days’ interest for terms of 25 to 35 months; 540 days’ interest for terms of 36 months or greater

Customers can choose from a wide variety of regular CD maturities at CenterState Bank, ranging from three months to five years. Rates are fixed for the duration of the term. Interest is compounded and credited monthly and can be withdrawn at any time without penalty. Withdrawals of principal, however, are subject to early withdrawal penalties. Customers are sent maturity notices at the end of a term, given the option to withdraw the money or renew the CD. All CDs carry FDIC insurance in the amount of $250,000.

Rates on CenterState’s regular CDs generally increase with longer terms, but some maturities offer bumps in APY. For example, the 15-month CD currently pays a higher rate than the 18-month CD; however, rates are subject to change at any time.

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on CenterState Bank’s secure website

Member FDIC

5-Month Special CD

A variation of CenterState Bank’s regular CDs, the 5-month special allows withdrawals at certain times before maturity.
TermAPYMinimum Balance to Earn APY
5 months1.36%
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: none (see below for details)
CenterState Bank’s 5-month special CD has the same characteristics of the bank’s regular CDs, but with an added benefit. With certain restrictions, you can withdraw money from this CD before maturity without paying an early withdrawal penalty. Specifically, no withdrawals are permitted within six days of buying the CD, but after seven days, you can take out both principal and interest at any time, as long as the withdrawals are not within seven days of one another. You can only buy this CD in one, 5-month maturity.

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Member FDIC

Bump-Up CD

The Bump-Up CD is the second special type of CD in CenterState Bank’s lineup, offering the chance for customers to kick their rates higher under certain conditions.
TermAPYMinimum Balance to Earn APY
24 months2.02%
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: 180 days’ interest

CenterState Bank’s Bump-Up CD is available in a single maturity, of 24 months. The rate on this CD is above-average to begin with, but customers have the option to “bump-up” the rate to the then-current rate one time during the 24-month maturity of the CD. In a rising interest rate environment, this could be an attractive option; otherwise, terms on this CD are the same as with the bank’s regular CDs.

How to get CenterState Bank’s CDs

Customers can open all of CenterState Bank’s CDs online. You can also visit a branch or email the bank for additional information.

SEE DETAILS Secured

on CenterState Bank’s secure website

Member FDIC

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How CenterState Bank’s CD rates compare

CenterState Bank CDs are somewhat of a mixed bag. For the bank’s line of regular CDs, rates are generally below the national average for shorter maturities, but above the national average for longer maturities. Although the best rates are decent, there are still better options available from competitor banks that offer the very best national CD rates.

Still, certain maturities offer better rates than others, and the two “novelty” CD options, the 5-month special and the Bump-Up CD, could be attractive choices.

CenterState Bank’s money market account options

Money Market Account

CenterState’s Money Market account is the bank’s only entry into this category, and it carries standard money market account features.
APYMinimum Balance to Earn APY
0.05%
$2,000
0.05%
$10,000
0.05%
$25,000
0.05%
$50,000
0.10%
$100,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $12; $0 with $2,000 minimum daily balance or $5,000 average daily balance
  • ATM fee: $0; $2 for non-CenterState ATMs; $3 for non-customers
  • ATM refund: none
  • Overdraft fee: n/a

CenterState’s Money Market account has a low minimum opening deposit but a high monthly fee. However, the fee can be avoided by meeting balance requirements. The account pays interest across five tiers, based on the the amount deposited. However, rates currently only increase for deposits of $100,000 or more. As with the bank’s savings accounts, certain withdrawals are limited to six per month, per Federal Regulation D. For the money market account, a $10.00 fee is charged for each withdrawal in excess of six.

How to get CenterState Bank’s money market account

Customers can open a CenterState Bank money market account online or by visiting a branch.

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on CenterState Bank’s secure website

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How CenterState Bank’s money market accounts compare

CenterState Bank’s money market options are limited to a single account, whereas many competitors offer at least two. The rates paid on CenterState’s money market are tiered, but the rates are quite low. Even at the $100,000+ level, rates are about one-third of the national average, and are nowhere near the best available money market rates nationwide.

CenterState Bank’s IRA account options

IRA CDs

CenterState’s IRA CDs follow the same pattern as the bank’s non-IRA CDs, in terms of minimum deposits, maturity dates, and rates.
TermAPYMinimum Balance to Earn APY
3 months0.25%
$500
6 months0.50%
$500
9 months0.75%
$500
12 months1.00%
$500
15 months2.28%
$500
18 months1.11%
$500
24 months1.26%
$500
36 months2.03%
$500
48 months2.12%
$500
60 months2.27%
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: 90 days’ interest for terms of 11 months or less; 180 days’ interest for terms of 12 to 24 months; 270 days’ interest for terms of 25 to 35 months; 540 days’ interest for terms of 36 months or greater
IRA CDs at CenterState Bank are a carbon copy of the bank’s non-IRA CDs. The only distinction is that these CDs are in an IRA wrapper, meaning various IRA restrictions and tax ramifications apply. Maturities range from three months to five years and fixed for the duration of the term. Interest is compounded and credited monthly. While withdrawals of principal before maturity are subject to penalties, interest can be withdrawn at any time. Customers are given the option to withdraw the money or renew the CD at maturity. IRA CDs also carry FDIC insurance in the amount of $250,000.

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on CenterState Bank’s secure website

Member FDIC

IRA Variable-Rate CDs

The IRA Variable-Rate CD is a product not available in non-IRA format at CenterState Bank.
TermAPYMinimum Balance to Earn APY
18 months 1.11% Variable
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: 180 days’ interest
The Variable-Rate IRA CD at CenterState Bank is a bit of an odd duck. It currently offers the same starting APY as the non-variable IRA CD, but the bank reserves the right to alter the rate at any time after purchase. Theoretically, this could result in a higher rate in a rising-rate environment; however, since the bank is the one that gets to decide when to change the rate, customers could actually end up with a lower rate at any time. Beyond this quirk, the CD is essentially the same as the bank’s regular IRA CDs, although it is restricted to a single, 18-month maturity.

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on CenterState Bank’s secure website

Member FDIC

IRA Bump-Up CD

The IRA Bump-Up CD at CenterState mirrors the bank’s non-IRA CD of the same type.
TermAPYMinimum Balance to Earn APY
24 months2.02%
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: 180 days’ interest

CenterState Bank’s Bump-Up CD is the same as the bank’s regular CDs, but with a twist. Available in a single maturity, of 24 months, the CD allows customers to “bump-up” the rate to the then-current rate on one occasion during the 24-month maturity of the CD. If rates continue to rise as they have in 2017 and 2018, this could be an attractive option going forward. Even if this doesn’t prove to be the case, the rate on this CD is already above-average to begin with.

How to get CenterState Bank’s IRA accounts

As mentioned above, customers can get CenterState Bank’s IRA products online or by visiting a branch.

SEE DETAILS Secured

on CenterState Bank’s secure website

Member FDIC

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How CenterState Bank’s IRA accounts compare

CenterState Bank offers a nice variety of CD products in its IRAs. In addition to a typical range of regular CD maturities, the bank offers customers a bump-up option and a variable rate option; however, the latter puts you at the mercy of the bank’s rate-setting department. Although rates across the board can’t reach the best available national IRA CD rates, many of the rates are above-average. The Bump-Up CD in particular might prove to be a good option, as interest rates across the board are currently rising.

Overall review of CenterState Bank’s products

CenterState’s line of checking accounts is broad and diverse, but most options carry fees that require qualifying activity to waive. Interest rates on the accounts that do pay fall far short of average. The broad offerings in the bank’s checking account line thin considerably in the savings and money market categories, with just a single traditional account in each category. Here, the rates are also notably low.

Things perk up with the bank’s CD offerings, however. In addition to providing numerous interesting options, such as Special CDs and Bump-Up CDs, some of the bank’s CD rates are competitive. Those looking for decent CD rates from a local bank might consider CenterState as an option. However, those seeking the absolute top CD rates — or even modestly competitive rates in other account categories — can find better options elsewhere.

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