State Bank of Texas Review: Checking, Savings, CD and Money Market Accounts

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Updated on Tuesday, September 1, 2020

State Bank of Texas Checking Account Options

State Bank of Texas Regular Checking Account

A basic checking account with a moderate balance requirement, but finding free-access ATMs could be a challenge.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (waived if average daily balance is at least $800).
  • ATM fees: None if using a State Bank of Texas ATM.
  • ATM fee refunds: None.
  • Overdraft fees: $32 per transaction, up to three items per day.

The regular checking account offers basic services, including  online and telephone banking, a debit card, free withdrawals at State Bank of Texas ATMs and the ability to order checks — but it doesn’t offer much beyond that.

This account does not earn interest. In addition, State Bank of Texas only has ATMs at its five physical bank locations. Since it’s a small, regional bank, it may be difficult to access your money for free unless you happen to live close to a branch.

This account charges a $10 monthly maintenance fee, which is waived if your average daily balance is at least $800. The fee and average balance requirement are fairly high for an account that offers very few perks.

You can open a regular checking account at a bank branch or by calling the bank to have them send you a new account form, which you return by mail or email. You must fill out the form with your basic personal information, provide proof of identification and submit your initial deposit by check or money wire.

SEE DETAILS Secured

on State Bank Of Texas (SBT)’s secure website

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How State Bank of Texas’ checking account compares

State Bank of Texas’ checking account is about as basic as it comes. It offers a debit card and online banking, but not much else, and doesn’t pays interest.

The biggest drawback on this account is the limited free ATM access. With only five locations, State Bank is not part of any national network of ATMs. So unless you live close to one of its five branches, it may cost you to get convenient access to your money.

There are better checking accounts on the market that are free, available for a small deposit and provide easier access to your money than State Bank of Texas.

State Bank of Texas Savings Account Option

State Bank of Texas Regular Savings Account

Earns interest but if you make more than six transactions per month, it’ll cost you.

APY

Minimum Balance Amount to Earn APY

0.05%

All accounts, no minimum balance amount

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $7 (waived if average daily balance is over $200.)
  • ATM fees: None if using a State Bank of Texas ATM.
  • ATM fee refunds: None.
  • Overdraft fees: $32 per transaction, up to three items per day.

The regular savings account doesn’t offer much. The below-market interest rate is the same regardless of how much you deposit. There’s a monthly maintenance fee of $7, which can be avoided if you keep an average monthly balance of at least $200. And since this is a savings account, holders are limited to up to six certain transactions or withdrawals per four-week period. If you make any more than that, State Bank of Texas charges a $1 per debit transaction item.

You can open a regular savings account at a bank branch or by calling the bank to have them send you a new account form, which you return by mail or email. You must fill out the form with your basic personal information, provide proof of identification and submit your initial deposit by check or money wire.

SEE DETAILS Secured

on State Bank Of Texas (SBT)’s secure website

Member FDIC

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How State Bank of Texas’ savings account compares

The State Bank of Texas savings account offers a very low interest rate, especially compared to the country’s top savings accounts. However, it might be worth considering for someone who wants to open a small account of only a few hundred dollars.

The account has a low balance requirement of only $200 to waive the monthly maintenance fee, and it also earns the same interest rate regardless of how much you deposit. This is good for smaller accounts but bad for larger balances, as other banks typically bump up your rate if you keep more money in the account.

State Bank of Texas Money Market Account

State Bank of Texas Jumbo Money Market Account

Please contact the State Bank of Texas directly to obtain their current money market rates.
  • Minimum opening deposit: $100,000
  • Monthly account maintenance fee: $20 (waived for average monthly balance of at least $25,000).
  • ATM fees: None if using a State Bank of Texas ATM.
  • ATM fee refunds: None.
  • Overdraft fees: $32 per transaction, up to three items per day.

If you have at least $100,000 to open the account, State Bank’s jumbo money market option may be a good option for you.

But maintaining that minimum balance is important: fall below below $100,000 and you’ll stop earning interest until you get back above the threshold. Even more stringent, if your account balance falls below $25,000, State Bank will charge a $20 monthly maintenance fee. Finally, this market account also only allows you to make six pre-authorized debit transactions total, so it’s not designed to give you regular access to your money.

You can open a jumbo money market account at any bank branch or by calling the State Bank of Texas for a new account form, which you return by mail or email. You must fill out the form with your basic personal information, provide proof of identification and submit your initial deposit by check or money wire.

SEE DETAILS Secured

on State Bank Of Texas (SBT)’s secure website

Member FDIC

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How State Bank of Texas’ money market account compares

If you can meet the high deposit requirements, the jumbo money market account could be an excellent choice.

For a smaller deposit, you could get a money market account with fewer restrictions elsewhere. Still, for a deposit of more than $100,000, State Bank of Texas is worth serious consideration.

State Bank of Texas Certificates of Deposit

State Bank of Texas’ CD Rates

Please contact the State Bank of Texas directly to obtain their current CD rates.

The CDs require a minimum deposit of $25,000 and there are only four term options, from 12 months to 36 months.

As well, an early withdrawal will cost you:

  • 30 days interest for early withdrawal on a 12-month CD
  • 90 days interest for terms of 18 and 24 months
  • 120 days interest for term of 36 months

You can open a State Bank of Texas CD at a bank branch or by calling the bank to have them send you a new account form, which you return by mail or email. You must fill out the form with your basic personal information, provide proof of identification and submit your initial deposit by check or money wire.

SEE DETAILS Secured

on State Bank Of Texas (SBT)’s secure website

Member FDIC

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How State Bank of Texas’ CDs compare

The high minimum deposit requirement of $25,000 means this isn’t the place to look for a small account. Their early withdrawal penalties are also quite steep, especially for the longer CD terms. Before you sign up, make sure you can commit for the full length or it will cost you.

Overall review

Since you can open an account from any state, you can take advantage of these accounts no matter where you live, provided you can meet the high deposit requirements. You’ll need to reach out directly to the Bank itself for current rates on its CDs and money market accounts.

On the other hand, the checking and savings accounts are disappointing. They offer very few benefits. The miniscule number of free ATMs in the bank’s network makes it hard to access your money with minimal cost, unless you live close to a physical branch. If you want a convenient checking or savings account, State Bank of Texas is probably not for you. But if you meet the minimum deposit for its high minimum balance accounts, this bank could be worth a look.

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