First State Bank of Colfax Rates & Review

First State Bank of Colfax Review

Founded in 1933, First State Bank of Colfax has grown to over $69 million in assets as of 2010 while maintaining a single branch in Colfax, Iowa.

Checking account choices

At First State Bank of Colfax, customers choose among low- and no-fee checking accounts, plus interest bearing checking accounts and a money market account requiring a $1,000 minimum monthly balance. The bank's free checking account features no per-item or monthly maintenance fees and no limit to transactions per month. A Visa debit card is available.

The bank's free checking account provides an ATM card for a monthly fee. The regular account is free with a minimum balance. The NOW account and the money market account pay interest and are free with a minimum balance.

Savings account selections

Savings accounts include standard, student, and money market account options, The bank's highest savings interest rates come with the highest balances in its cash management account. Customers choose from regular CD accounts with terms ranging from 3 to 72 months, or IRA CD accounts with two term choices: 18 or 48 months.

Insurance

In addition to its banking products, First State Bank of Colfax offers multiple peril crop insurance, life insurance and credit life insurance through United Mutual of Omaha.

Loans

The bank offers consumer loans as well as real estate, commercial, agricultural, and airplane loans.

Deposit insurance

First State Bank of Colfax is a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.

Compare savings account rates from First State Bank of Colfax and more than 400 other banks at SavingsAccounts.com.