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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.