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Beneficial State Bank Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 4 |
| Money market account | 3.5 |
| CD | 3.5 |
| Trustworthiness | 4 |
| Total | 3.75 |
Beneficial State Bank Pros and Cons
| Pros | Cons |
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Review
The could be a good option if you're a service member, a student, or over the age of 55 — the monthly service fee is automatically waived for you. Otherwise, you'll have to maintain an average monthly balance of $200 or more in your account to waive the fee.
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You may like the if you're looking to avoid bank fees. There are . You may also get free overdraft protection if you link your checking account to a savings account.
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Beneficial State Bank might be worthwhile if you'd like to open a CD with a low minimum opening deposit. The bank pays high rates on 3-, 6-, 12-, and 24-month terms, but the best CD rates are still at online banks.
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The has a much higher monthly service fee than the savings account, and the minimum monthly average balance to waive the fee is $3,000. But you'll also have more access to your money with checks and a debit card, whereas with the savings account, you'll only get an ATM card.
About Beneficial State Bank
Beneficial State Bank is a socially responsible bank with seven branches in California, Oregon, and Washington.
The bank is a part of the following organizations for its social and environmental impact:
- Global Alliance for Banking on Values
- Community Development Bankers Association
- B Corporation
- National Community Investment Fund
- US Department of Treasury's Community Development Financial Institutions Fund
Customers have access to over 70,000 surcharge-free ATMs through the MoneyPass ATM network.
The Customer Care Center is available over the phone from 8 a.m. to 6 p.m. PT on weekdays and 10 a.m. to 2 p.m. PT on Saturdays.
The bank has poor mobile app ratings. In the Google Play store, it's rated 3.1 out of 5 stars. In the Apple store, it has 2.4 out of 5 stars.
Beneficial State Bank is FDIC insured, so up to $250,000 is protected in individual bank accounts and $500,000 in joint accounts.
Is Beneficial State Bank Trustworthy?
Beneficial State Bank hasn't been involved in any recent public controversies.
The Better Business Bureau rates companies based on responses to customer complaints, honesty in advertising, and transparency about business practices. Beneficial State Bank has an NR (No Rating) from the BBB because the bank is in the process of responding to customer complaints that had already been closed.
The Role of Community Development Financial Institutions
Community development financial institutions, or CDFIs, serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
Beneficial State Bank has a mission-aligned loans policy. A minimum of 75% of Beneficial State Bank lending goes to businesses that focus on at least one of the following areas:
- Have products or services that help communities and address affordable housing, arts, education, environmental justice, healthy food, or social justice
- Have corporate practices that hire underserved groups or source ethically made materials
- Are non-profit organizations, social purpose corporations, tribal government entities, or worker-owned cooperatives
- Are companies owned by individuals of underserved communities
The bank also will not provide lending to companies leading projects on pollution, resource extraction, incarceration, weapons, or discrimination.
Beneficial State Bank FAQs
Is Beneficial State Bank legit?
Yes, Beneficial is a legitimate bank. It has FDIC insurance and is certified as a community development financial institution.
What is the interest rate at Beneficial State Bank?
The interest rate depends on which Beneficial State Bank account you open. You'll earn on savings, on the money market account, and on CDs.
Is Beneficial State Bank FDIC-insured?
Yes, Beneficial State Bank has FDIC insurance. This means that even if the bank shut down, your insured money would still be safe.
How big is Beneficial State Bank?
Beneficial State Bank has seven locations: one in Washington, three in Oregon, and three in California.
Methodology: How We Reviewed Beneficial State Bank
We used our bank account methodology to review Beneficial State Bank's savings, checking, and money market accounts. For its CDs, we use our certificate of deposit methodology. We give each account a rating between 0 and 5.
We evaluate ethics, customer service, and the mobile app when rating each account. Other categories considered depend on which type of account we're reviewing. For example, we look at overdraft protection and monthly fees for checking accounts, but early withdrawal penalties for CDs.
How Beneficial State Bank Compares
Beneficial State Bank vs. Bank of the West
Beneficial State Bank and Bank of the West are financial institutions that support environmental sustainability and are available in the same states. But Bank of the West has branches in even more states, so if you don't live close to a Beneficial State Bank location, Bank of the West could be the clear choice.
You may prefer Beneficial State Bank if your priority is avoiding monthly services fees. It has a free checking account, and the savings account offers more ways to waive the monthly service fee.
But you might like Bank of the West if a mobile app is important to you. Its app has received many more reviews than Beneficial State Bank's app, and the ratings are better.
Beneficial State Bank vs. Atmos Financial
Atmos Financial is another great environmentally friendly bank. It has multiple green practices; for example, when you open the , Atmos calculates the carbon impact of your account balance, which you'll be able to see on the platform's mobile app.
Atmos is a good option if you want an eco-friendly bank with a high-yield savings account. It pays APY if you choose to make monthly donations of at least $1 to a non-profit organization partnered with Atmos.
However, Atmos is an online-only institution, so you're better off with Beneficial State Bank if you want to bank in person. Atmos also doesn't offer CDs or a money market account.
from All Content from Business Insider https://www.businessinsider.com/personal-finance/beneficial-state-bank-review
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