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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

The State Exchange Bank

Rachel Morey Rachel Morey Last update:

 

The State Exchange Bank provides CDs with four, seven, and nine-month terms in addition to more traditional 1-year, 3-year, and 5-year terms. They also offer individual retirement account (IRA) CD and interest-bearing savings accounts.
The Exchange Bank was founded in 1890 and has headquarters in Santa Rosa, California. 21 bank branches are located throughout northern California.
The bank offers a full range of business and personal accounts as well as some investment choices. Here, we’ll focus on their CDs and savings options. Known for its exceptional customer service, The Exchange Bank also offers mobile apps for on-the-go money management.

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The State Exchange Bank Account Types

The State Exchange Bank offers three savings vehicles. You can choose from their savings account, a CD, or an IRA.

Savings Account Type Key Features
Savings account: Regular Savings

 

  • Variable interest rates paid quarterly
  • Online and mobile banking is free
  • $100.00 minimum opening balance
  • Maximum of nine fee-free withdrawals per month
  • $3.00 monthly maintenance fee
Savings account: Signature-Plus Savings

 

  • Must have a Premier Signature Plus Checking account to be eligible for the Signature-Plus Savings account
  • $500.00 minimum opening balance
  • $25.00 monthly maintenance fee

 

Certificates of Deposit (CDs)

 

  • CD maturities 91 days to five years
  • $1,000 minimum amount to open CD
  • Penalties for early withdrawal may apply

 

 

Individual Retirement Account (IRA) CDs

 

 

  • Interest rates vary according to the balance in the account
  • $1,000 minimum to open an IRA CD
  • Penalties for early withdrawal may apply

The Exchange Bank Regular Savings Account

The Exchange Bank offers a straightforward savings account with a $100 required opening deposit. You must maintain a balance of at least $100 in the account, as well.

All accounts through The Exchange Bank include online and mobile banking at no extra charge. With a savings account through The Exchange Bank, you get nine fee-free withdrawals each month. If you exceed nine withdrawals during the month, The Exchange Bank charges a $1 fee for each additional withdrawal. You’ll also pay a $3 monthly maintenance fee for a regular savings account with The Exchange Bank. If you maintain a minimum balance of at least $300 or your average daily balance is $500 or more in your linked checking account and your savings account, The Exchange Bank waives the monthly maintenance fee.

The Exchange Bank Signature-Plus Savings Account

Customers of The Exchange Bank who have a Premier Plus Checking account can choose a Signature-Plus Savings account with a slightly higher interest rate than the regular checking account.

To open a Signature-Plus Savings account with The Exchange Bank, you’ll need a minimum opening balance of $500. The monthly maintenance fee is $25, which The Exchange Bank waives when your combined average daily balance in the checking and linked savings accounts is at least $50,000.

The Exchange Bank CD

To open a certificate of deposit (CD) with The Exchange Bank, you must own an Exchange Bank checking account. All CDs with The Exchange Bank require $1000.00 to open the account.

There are early withdrawal penalties if you take money out of a CD before the maturity date. The Exchange Bank does not disclose the details of those fees on its website.

The Exchange Bank IRA CD

The Exchange Bank offers a number of Individual Retirement Account (IRA) options. You can choose from a traditional IRA, Roth IRA, Education IRA, or Simplified Employee Pension Plan (SEP) account.

A $250 initial deposit is required to open the account for terms of six months to two years. For terms of two to three years, a $1,000 opening deposit is required.

There is a $15.00 annual account maintenance fee charged each December if the IRA has a balance of less than $20,000.

The Exchange Bank APY

If you are shopping for a high-yield savings account, CD, or IRA CD, The Exchange Bank may fall short. A few large banks offer double or even triple the interest paid by The Exchange Bank. Here’s what to expect in the way of interest when you open a savings account or CD with The Exchange Bank.

The Exchange Bank Regular Savings Account

Interest compounds daily and is credited to your savings account balance monthly. The Exchange Bank pays regular savings account holders 0.03% interest.

The Exchange Bank Signature-Plus Savings Account

The Exchange Bank pays 0.04% interest on balances less than $25,000.

Account Balance Interest Rate (APY)
$25,000 – $99,999.99 0.06%
$100,000 – $249.999.99 0.07%
$250,000 – $499,999.99 0.08%
$500,000 + 0.10%

The Exchange Bank CD

Interest rates vary according to the term of the CD and are compounded daily and added to the account balance monthly.

Personal CD Interest Rate on Balances up to $100,000

APY

Interest Rate on Balances of $100,000 or greater

APY

3 Month 0.10% 0.11%
6 Month 0.11% 0.12%
12 Month 0.12% 0.13%
18 Month 0.14% 0.15%
2 Year 0.15% 0.16%
3 Year 0.17% 0.18%
4 Year 0.25% 0.26%
5 Year 0.30% 0.31%

 

The Exchange Bank IRA CD

The interest rate on The Exchange Bank’s 12 month to 18 month IRA CDs is variable. All other IRA CD rates are fixed.

IRA CD Minimum opening balance Interest rate (APY)
12-18 Month $250.00 0.04%
6 Month $250.00 0.12%
1 Year $250.00 0.13%
2 Year $1000.00 0.16%
3 Year $1000.00 0.18%
4 Year $1000.00 0.26%

 

What is The Exchange Bank Savings Account Best For?

The Exchange Bank offers competitive interest rates on some of their CDs, but it’s possible to find savings vehicles that pay more interest. If you already have an account with The Exchange Bank and need a convenient place to park your cash, a CD with The Exchange Bank may meet your needs.
Their savings accounts through The Exchange Bank pay a fraction of the interest you’d get with competing banks paying up to 0.50% APY.

Opening an Account at The State Exchange Bank

It’s just as easy to open an account at The Exchange Bank as it is at nearly any other financial institution in the United States. The bank uses the Save Better platform to facilitate opening an account. You’ll need a government-issued form of ID with a photo, your social security number, current address, birth date, and access to your opening balance.

You can open an account online in just a few minutes and fund the account by providing the routing number and account number of your bank account. You must be at least 18 years old and a US citizen or permanent resident.

If you live in California and are in close proximity to a physical bank branch, you may find it easier to open an account in person.

The Exchange Bank CD Pros and Cons

Pros:

  • State Exchange Bank CDs require a low minimum opening balance of $250
  • Interest is compounded daily, while many competitors provide interest that’s compounded monthly
  • Short-term CDs available

Cons:

  • CD rates aren’t competitive with some of the highest-paying CDs at competing banks
  • Must open a CD through the SaveBetter platform, which means that you’ll have to work with the SaveBetter customer support team, available during business hours Monday through Friday.

Comparison to Similar CDs and Savings Accounts

The Exchange Bank Capital One Marcus: by Goldman Sachs
2 Year CD: 0.15% APY

5 Year CD: 0.03% APY

2 Year CD: 0.70% APY

5 Year CD: 1.00% APY

2 Year CD: 0.70% APY

5 Year CD: 1.00% APY

$250 minimum deposit $0 minimum deposit $500 minimum deposit
  • Interest compounded daily
  • Short-term CDs available
  • Interest paid monthly, annually, or at the end of the term
  • Short-term CDs available

 

  • No-fee transfers
  • Short-term CDs available
  • Customer service is available seven days a week

 

Comparison to Similar Savings Accounts

The Exchange Bank Marcus: by Goldman Sachs Synchrony
$100 minimum balance $0 minimum balance $0 minimum balance
0.04% APY on balances less than $25,000 0.05% APY 0.05% APY
  • Monthly maintenance fees are waived when minimum balance requirements met
  • Nine free withdrawals per month

 

  • No minimum deposit
  • No transaction fees
  • Easy online access
  • No minimum deposit
  • Competitive interest rates

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Disclaimer: 

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Rachel Morey Rachel Morey
Rachel Morey is a journalist specializing in finance content. She has written for some of the major lenders in the online personal and business finance industry. She has been writing professionally for nearly a decade and has projects in print and broadcasting. A native Iowan, Rachel has a special fondness for the open roads of rural America.
This review is based on the writer's personal opinion.