The State Exchange Bank Reviews

Regular Checking Account 

This is the most basic type of checking account at The State Exchange Bank and allows you to conduct most daily transactions. It costs $100 to open this account with a $1.50 monthly maintenance fee in place. You will also need to pay a $2 minimum balance fee if the average daily balance drops below $1,000.

NOW Checking Account 

The Negotiable Order of Withdrawal (NOW) account is an option for people who want to earn some interest on their money while having the flexibility to make regular withdrawals. It costs $1,000 to open an account of this kind, with a $5 fee charged if your balance falls below $1,000 during a statement cycle. You need to keep at least $1,000 in the account to get the APY.

Super NOW Checking Account 

The Super Now account allows you to earn a better APY on your money. It will cost $2,500 to open and there is a $5 fee if your balance falls below $2,500 in a statement cycle. The State Exchange Bank has not disclosed the APY for this account option.

Premier Money Market Account 

This is another interest-bearing account option that has some withdrawal capabilities. It costs $25,000 to open and you face fees if you do not keep a minimum balance of $25,000. You also need to meet the minimum balance requirement to earn interest. 

Student Checking Account 

The student account option allows people who are in school to make regular payments and deposits without having to worry about any extra fees. There is no minimum balance requirement in place or any per item fees. It will cost a $100 deposit to open and is open to full-time students who are younger than 25. 

Senior Checking Account 

There’s no minimum balance requirement in place for a senior account and no per item fees are in place. It will cost $100 to open and the minimum age to open this type of account will be 62 years old.

Savings Account 

There is only one type of savings account available at The State Exchange Bank. It offers an APY of 3.6% and the interest is paid quarterly on the daily balance. It costs $0 to open this account and you can make up to nine free withdrawals a month.

Certificates of Deposit (CD)

 There are CDs available at The State Exchange Bank covering a range of different term lengths. The shortest term is 91 days and the longest is 5 years. You will need to deposit at least $1,000 if you wish to proceed and there are usually early withdrawal penalties in place. The State Exchange Bank does not disclose the APYs for CDs.