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Nevada State Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
Written By
Updated on Sunday, August 1, 2021
Nevada State Bank’s checking account options
Premium Interest Checking
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0.01 |
| 0.01% | $1,000 |
| 0.01% | $2,500 |
| 0.01% | $5,000 |
| 0.01% | $25,000 |
| 0.01% | $100,000 |
- Minimum opening deposit: $50
- Monthly account maintenance fee: $15 (can be waived)
- ATM fees: None at Nevada State Bank ATMs and ATMs that are part of the Zions Bancorporation network; you get three free transactions a month at out-of-network ATMs, then it’s $2.50 per transaction
- ATM fee refunds: None
- Overdraft fees: $35
You need to deposit at least $50 to open a Premium Interest Checking account. After that, this account charges a $15 monthly fee, unless:
- You have a combined balance of at least $10,000 throughout Nevada State Bank deposit accounts, including checking, savings, money market, certificates of deposit (CD) and IRA accounts
- You have a combined balance of at least $25,000 in deposit and loan accounts (not including mortgages)
This account earns interest on all balances, but the rate is very low, even if you qualify for the highest tier with at least $100,000.
When you’re a Premium Interest Checking customer, Nevada State Bank will waive the monthly fee on savings and money market accounts. You also qualify for higher relationship interest rates on other products. Nevada State Bank also offers a discount for checks and a safety deposit box for customers who have a Premium Interest Checking account.
With the debit card, you can make free withdrawals from Nevada State Bank ATMs, as well as ATMs that are part of the Zions Bancorporation network. You can make three out-of-network transactions a month without owing a fee to Nevada State Bank. If you make more than three, it charges a $2.50 fee for extra transactions. Also, this account does not refund any fees charged by out-of-network ATM owners.
How to get Nevada State Bank’s Premium Interest Checking account
You can open a Premium Interest Checking account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security Number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.
Basic Checking
- Minimum opening deposit: $50
- Monthly account maintenance fee: $9 (can be waived)
- ATM fees: None at Nevada State Bank ATMs and ATMs that are part of the Zions Bancorporation network; $2.50 at other ATMs
- ATM fee refunds: None
- Overdraft fees: $35
The Basic Checking account requires an opening deposit of at least $50. After that, this account charges a $9 monthly maintenance fee, though there are some ways to avoid it. Nevada State Bank waives the fee if you meet any of the following during the month:
- You have an average daily balance of at least $1,500
- You make at least $500 in Automated Clearing House (ACH) direct deposits
- You make at least one purchase using a Nevada State Bank credit card
- You’re a student who is 25 or younger
Also, if you want paper statements, Nevada State Bank charges a $2.50 monthly fee. This account does not earn interest. It comes with online banking, a debit card and the option to order checks.
With the debit card, you can make free withdrawals from Nevada State Bank ATMs, as well as ATMs that are part of the Zions Bancorporation network. If you use an out-of-network ATM, Nevada State Bank charges a $2.50 fee on each transaction. Also, this account does not refund any fees charged by ATM owners.
How to get Nevada State Bank’s Basic Checking account
You can open a Basic Checking account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security Number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.
OnBudget® Banking
- Minimum opening deposit: $50
- Monthly account maintenance fee: $5
- ATM fees: None at Nevada State Bank ATMs and any ATM that’s part of the Zions Bancorporation network. $2.50 at other ATMs.
- ATM fee refunds: None
- Overdraft fees: None
If you’re worried about spending over your balance, Nevada State Bank offers the OnBudget® Banking checking account. This account does not charge overdraft fees. Nevada State Bank says it will deny transactions that go over your limit with this account. If it does pay an overdraft with this account, it still will not charge you a fee.
The downside of this account is that it comes with a $5 monthly fee, and there’s no way to get that waived. The OnBudget® Banking Checking Account also doesn’t earn interest and doesn’t allow you to write checks.
With the debit card, you can make free withdrawals from Nevada State Bank ATMs, as well as ATMs that are part of the Zions Bancorporation network. If you use an out-of-network ATM, Nevada State Bank charges a $2.50 fee on each transaction. Also, this account does not refund any fees charged by ATM owners.
How to get Nevada State Bank’s OnBudget® Banking account
You can open an OnBudget® Banking checking account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security Number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.
Senior Advantage Checking
- Minimum opening deposit: $50
- Monthly account maintenance fee: $6 (can be waived)
- ATM fees: None at Nevada State Bank ATMs and ATMs that are part of the Zions Bancorporation network; one free out-of-network transaction a month, then $2.50
- ATM fee refunds: None
- Overdraft fees: $35
You can only open a Senior Advantage Checking account if you are 62 or older. This account is similar to Basic Checking. It doesn’t earn interest and only comes with a debit card and online banking. If you want paper statements, there’s a $2.50 monthly charge.This account includes discounts for a safety deposit box, as well as when you order checks. It also comes with some extra discounts on the fees. First, the monthly maintenance fee is $6, versus $9 on Basic Checking. Nevada State Bank will waive the fee if you meet either of the following during the month:
- You keep a $500 minimum daily balance in the account
- You make at least $250 in ACH direct deposits
With the debit card, you can make free withdrawals from Nevada State Bank ATMs, as well as ATMs that are part of the Zions Bancorporation network. You can make one out-of-network transaction a month without owing a fee to Nevada State Bank. If you make more than one, it charges a $2.50 fee for extra transactions. Also, this account does not refund any fees charged by ATM owners.
How to get Nevada State Bank’s Senior Advantage Checking account
You can open a Senior Advantage Checking account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security Number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.
How Nevada State Bank’s checking accounts compare
We are not impressed with Nevada State Bank’s checking accounts. Only one of its accounts, Premium Interest Checking, earns interest. The rate is also very low, despite the account’s high balance requirements.
Nevada State Bank’s noninterest-bearing checking accounts come with surprisingly high monthly maintenance fees for when you miss the balance requirements. We also noticed that its accounts do not refund out-of-network ATM fees. Depending on the account, Nevada State Bank tacks on an extra $2.50 charge when you use another bank’s ATM. That could get expensive whenever you aren’t near its branches.
There are so many high-quality online checking accounts with low fees and generous interest rates that there’s really no reason to settle for what’s available at Nevada State Bank.
Nevada State Bank’s savings account options
Personal savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0.01 |
| 0.01% | $1,000 |
| 0.01% | $5,000 |
| 0.01% | $25,000 |
| 0.01% | $50,000 |
| 0.01% | $100,000 |
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.02% | $0.01 |
| 0.02% | $1,000 |
| 0.02% | $5,000 |
| 0.02% | $25,000 |
| 0.02% | $50,000 |
| 0.02% | $100,000 |
- Minimum opening deposit: $50
- Monthly account maintenance fee: $5 (can be waived)
- ATM fees: None at Nevada State Bank ATMs and ATMs that are part of the Zions Bancorporation network; $2.50 at other ATMs
- ATM fee refunds: None
- Overdraft fees: $35
You need to deposit at least $50 to open a Personal Savings account. This account charges a $5 maintenance fee that you can avoid if you meet one of the following each month:
- You keep a $200 minimum daily balance in your account
- You make at least a $25 transfer from a Nevada State Bank checking account into savings
- You have a Premium Interest Checking account and link it to your savings account
If you use paper statements, this account charges another $2.50 monthly fee.
This account earns interest on all balances, but the rates are incredibly low. If you have a Premium Interest Checking account, you qualify for a small bonus and different tier of relationship rates.
Nevada State Bank limits how often you can take out money from the account, a requirement for savings accounts. Each month, you can make six free withdrawals or transfers. If you make more than six, Nevada State Bank charges a $2 fee for each extra transaction.
How to get Nevada State Bank’s Personal Savings account
You can open a Personal Savings account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.
Young Savers
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0.01 |
| 0.01% | $100 |
| 0.01% | $500 |
| 0.01% | $1,000 |
| 0.01% | $10,000 |
| 0.01% | $50,000 |
- Minimum opening deposit: $5
- Monthly account maintenance fee: None
- ATM fees: None at Nevada State Bank ATMs and ATMs that are part of the Zions Bancorporation network; $2.50 at other ATMs
- ATM fee refunds: None
- Overdraft fees: $35
If you are younger than 26, you could open a Young Savers account for a minimum deposit of just $5. This account has a few discounts on fees versus the normal Personal Savings account. First, Young Savers does not charge a monthly maintenance fee. Also, if you want paper statements, Nevada State Bank does not charge its typical $2.50 monthly fee.
Beyond that, Young Savers is pretty much the same as Personal Savings. It has the same interest rates, which are very low. There are no special relationship rates for Young Savers, even if you have a Premium Interest Checking account.
Nevada State Bank limits how often you can take out money from the account, a requirement for savings accounts. Each month, you can make six free withdrawals and transfers. If you make more than six, Nevada State Bank charges a $2 fee for each extra transaction.
How to get Nevada State Bank’s Young Savers account
You can open a Young Savers account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.
How Nevada State Bank’s savings accounts compare
If you’re hoping to grow your money, that won’t happen with Nevada State Bank’s savings account. The interest rates are so low that they may as well be nothing at all. Even if you qualify for the relationship upgrade with a Premium Interest Checking account, you still earn practically zero interest with the savings accounts.
Now, Nevada State Bank does do a good job keeping fees low on its savings accounts. Young Savers does not have a monthly fee, and you can easily avoid the monthly fee on Personal Savings. Also, Nevada State Bank only charges a $2 fee if you go over the monthly withdrawal limit, which is reasonable for a savings account.
But none of this really matters when the interest rates are so low. If you want to grow your savings, try one of these excellent savings accounts instead. Not only do they pay extremely competitive rates, but many of them are free.
Nevada State Bank’s CD rates
Certificates of Deposit
| Tier | Term | APY ($1,000) | APY ($100,000) |
|---|---|---|---|
| 1 month | 28 to 88 days | 0.03% | 0% |
| 3 months | 89 to 179 days | 0.05% | 0% |
| 6 months | 180 to 269 days | 0.05% | 0% |
| 9 months | 270 to 364 days | 0.05% | 0% |
| 1 year | 365 to 544 days | 0.05% | 0% |
| 18 months | 545 to 729 days | 0.05% | 0% |
| 2 years | 730 to 1,094 days | 0.05% | 0% |
| 3 years | 1,095 to 1,459 days | 0.10% | 0% |
| 4 years | 1,460 to 1,824 days | 0.15% | 0% |
| 5 years | 1,825 days and up | 0.25% | 0% |
- Minimum opening deposit: $1,000 ($100,000 for Jumbo)
- Minimum balance amount to earn APY: $1,000 ($100,000 for Jumbo)
- Early withdrawal penalty: The early withdrawal penalty depends on your CD term, amount deposited and amount of interest earned; those determine the penalty at the time of your withdrawal
Nevada State Bank offers CDs that range from one month to five years. It gives you the flexibility to choose the number of days in a range for your CD. For example, the six-month CD range goes from 180 to 269 days. You can set your CD for any number of days in this range and earn the same interest rate.
You must deposit at least $1,000 to open a Nevada State Bank CD and keep this much in the account to earn the APY. Its regular CD rates are incredibly low. It also offers Jumbo CDs, which require at least $100,000 to open and earn the APY. But the rates are identical to the regular CDs.
If you take out money from your Nevada State Bank CD before the end of the term, you will owe an early withdrawal penalty. On Oct. 25, we called customer service to see how its early withdrawal penalty works. It said the penalty depends on your CD term, amount deposited and amount of interest earned. Nevada State Bank determines the penalty at the time of your withdrawal.
How to get Nevada State Bank’s CD
You can open a Nevada State Bank CD by visiting one of its branches. These accounts are not available online or over the phone. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.
Promotional Certificates of Deposit
| Tier | Term | APY |
|---|---|---|
| 15 months | 450 to 480 days | 2.02% |
| 23 months | 693 to 720 days | 2.28% |
| 3 years | 1,095 to 1,459 days | 2.53% |
- Minimum opening deposit: $5,000
- Minimum balance amount to earn APY: $5,000
- Early withdrawal penalty: The early withdrawal penalty depends on your CD term, amount deposited and amount of interest earned; those determine the penalty at the time of your withdrawal
Until Dec. 31, 2018, Nevada State Bank is offering several promotional CDs. These CDs pay the best rates of all its offers by far.
They have a higher balance requirement. You need to deposit at least $5,000 to open a Promotional CD and keep this much in the account to earn the APY. Also, the deposit cannot come from funds already at Nevada State Bank, either in a CD or another deposit account. You can only open a Promotional CD with new funds from outside the bank.
If you take out money from your Promotional CD before the end of the term, you will owe an early withdrawal penalty. On Oct. 25, we called customer service to see how its early withdrawal penalty works. It said the penalty depends on your CD term, amount deposited and amount of interest earned. Nevada State Bank determines the penalty at the time of your withdrawal.
How to get Nevada State Bank’s Promotional CD
You can open a Promotional CD by visiting one of its branches. These accounts cannot be set up online or over the phone. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.
How Nevada State Bank’s CD rates compare
If you want to open a Nevada State Bank CD, we would focus only on its Promotional CDs. They offer by far the best rates. But you can only open these CDs with new funds, money that already isn’t at Nevada State Bank. This could be a headache if you are already an existing customer.
The rest of the Nevada State Bank CDs are much less impressive. Its normal CD rates are dismal, lower than what many checking accounts pay.
If you can qualify for a generous Nevada State Bank CD promotion, it might be worth a look. Otherwise, we recommend using something from this list of the best CD rates from around the country. They pay more than even Nevada State Bank’s top promotions, and there are no strings attached for qualifying.
Nevada State Bank’s money market account option
Money Market
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $1,000 |
| 0.01% | $5,000 |
| 0.02% | $25,000 |
| 0.02% | $100,000 |
| 0.02% | $250,000 |
| 0.02% | $500,000 |
| 0.02% | $1,000,000 |
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $1,000 |
| 0.01% | $5,000 |
| 0.02% | $25,000 |
| 0.04% | $100,000 |
| 0.04% | $250,000 |
| 0.04% | $500,000 |
| 0.06% | $1,000,000 |
- Minimum opening deposit: $500
- Monthly account maintenance fee: $10 (can be waived)
- ATM fees: None at Nevada State Bank ATMs and ATMs that are part of the Zions Bancorporation network; $2.50 at other ATMs
- ATM fee refunds: None
- Overdraft fees: $35
You need to deposit at least $500 to open a Money Market account. This account charges a $10 maintenance fee. Nevada State Bank waives the fee if you meet one of the following each month:
- You have a $1,000 minimum daily balance in your account
- You have a Premium Interest Checking account linked to the Money Market account
This account also charges another $2.50 monthly fee if you request paper statements.
If you have a balance of at least $1,000, you will earn interest through the Money Market account. The rates are very low, even at the highest category with a balance of $1 million. If you have a Premium Interest Checking account, you qualify for improved relationship rates. While these rates are a little better, they are still not very impressive.
Nevada State Bank limits how often you can take out money from the account, a requirement for money market accounts. Each month, you can make six free withdrawals and transfers. If you make more than six, Nevada State Bank charges a $25 fee for each extra transaction.
How to get Nevada State Bank’s Money Market account
You can open a Money Market account online or by visiting one of its branches. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.
How Nevada State Bank’s money market account compares
Money market accounts typically have high balance requirements and monthly maintenance fees. In exchange, you’re supposed to receive a generous interest rate. Nevada State Bank’s money market account only meets half of the bargain: the fees are high but the rates are not.
Its money market rates are so low that there are even online checking accounts that pay more interest. While Nevada State Bank gives slightly better rates if you have a Premium Interest Checking account, even with the bonus you still need a balance of at least $100,000 to earn just an average money market return.
We would stay away from this account. The interest rates are not nearly good enough to make up for the potentially high fees. If you want a money market account with a respectable return, these are the top-paying money market options available today.
Nevada State Bank’s IRA account options
IRA Certificates of Deposit
| Tier | Term | APY ($1,000) |
|---|---|---|
| 1 month | 28 to 88 days | 0.03% |
| 3 months | 89 to 179 days | 0.05% |
| 6 months | 180 to 269 days | 0.05% |
| 9 months | 270 to 364 days | 0.05% |
| 1 year | 365 to 544 days | 0.05% |
| 18 months | 545 to 729 days | 0.05% |
| 2 years | 730 to 1094 days | 0.05% |
| 3 years | 1,095 to 1,459 days | 0.10% |
| 4 years | 1,460 to 1,824 days | 0.15% |
| 5 years | 1,825 days and up | 0.25% |
- Minimum opening deposit: $1,000 ($100,000 for Jumbo)
- Minimum balance amount to earn APY: $1,000 ($100,000 for Jumbo)
- Early withdrawal penalty: The early withdrawal penalty depends on your CD term, amount deposited and amount of interest earned; those determine the penalty at the time of your withdrawal
Nevada State Bank’s regular CDs can be set up through an IRA so that you can save for retirement. They have the same terms, ranging from one month to five years. They also use the same rates, which are extremely low for IRA CDs.
You must deposit at least $1,000 to open an IRA CD and keep this much in the account to earn the APY. Nevada State Bank also offers Jumbo IRA CDs that take $100,000, though they earn the same rates as the normal IRA CDs.
If you take out money from your IRA CD before the end of the term, you will owe an early withdrawal penalty. On Oct. 25, we called customer service to see how its early withdrawal penalty works. It said the penalty depends on your CD term, amount deposited and amount of interest earned. Nevada State Bank determines the penalty at the time of your withdrawal.
How to get Nevada State Bank’s IRA CD account
You can open an IRA CD by visiting one of its branches. These accounts cannot be set up online or over the phone. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.
IRA Money Market
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0.01 |
| 0.01% | $2,000 |
| 0.01% | $10,000 |
| 0.02% | $25,000 |
| 0.02% | $50,000 |
| 0.02% | $100,000 |
| 0.02% | $500,000 |
| 0.02% | $1,000,000 |
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0.01 |
| 0.01% | $2,000 |
| 0.01% | $10,000 |
| 0.02% | $25,000 |
| 0.02% | $50,000 |
| 0.04% | $100,000 |
| 0.04% | $500,000 |
| 0.06% | $1,000,000 |
- Minimum opening deposit: $100
- Monthly account maintenance fee: None
If you want more flexible access to your retirement savings, Nevada State Bank also offers an IRA Money Market account. This account does not lock up your money for a set period, like with an IRA CD. You can take out funds whenever you want without owing an early withdrawal penalty.
The IRA Money Market account does limit you to six free withdrawals and transfers per statement cycle. If you make more than six, Nevada State Bank charges a $25 fee on the extra transactions.
You need to deposit at least $100 to open an IRA Money Market account. This account earns interest on all balances, though the rate is quite low. If you have a Premium Interest Checking account, you qualify for slightly higher relationship rates that still aren’t great.
How to get Nevada State Bank’s IRA Money Market account
You can open an IRA Money Market account by visiting one of its branches. These accounts cannot be set up online or over the phone. You will need to provide your name, contact information, employment information and Social Security number for the application, along with your opening deposit. Nevada State Bank accepts deposits by check, bank transfers and wire transfers.
How Nevada State Bank’s IRA CD rates compare
Nevada State Bank’s IRA CDs use the same subpar rates that you get through the regular CDs. The IRA CD rates are worse because you can’t use any of the CD promotions.
Its IRA Money Market account also earns very little. While it gives you more access to your money, you’re sacrificing too much for the interest rate. Other lenders offer these flexible accounts that still earn a decent return.
We do not recommend any of Nevada State Bank’s IRA CDs because of its low rates. If you’re going to hit your retirement savings target, you’ll need to earn much more. You could do so through these IRA CDs, which are the best in the country.
Overall review of Nevada State Bank’s banking products
While a small organization can’t be perfect at everything, in our experience the typical regional bank has at least a couple of attractive offers. But it’s hard to find anything worth recommending at Nevada State Bank as its personal deposit accounts have problems across the board.
Pretty well all its accounts have extremely low rates and high monthly fees. They are just as bad and perhaps worse than what you’d get at a large, national bank. The only accounts that come close to being competitive are the CD promotions. Everything else earns too little to be worth using.
On Nevada State Bank’s website, it advertises its community outreach programs and customer service. Maybe that’s how it attracts customers in its market. But if it ever wants to find clients in the competitive online marketplace, it’ll need to do a whole lot better with its accounts.
