Lone Star Financial institution is a privately owned, FDIC-insured group financial institution with 4 branches in Houston. Nevertheless, the financial institution is not restricted to residents of Area Metropolis. Its on-line banking platform lets you open an account wherever within the US, and its cellular app is offered for Android and iPhone units and contains cellular examine deposit. 

Whereas most of its deposit accounts earn comparatively low annual share yields in contrast with on-line checking and high-yield financial savings accounts at different banks, Lone Star affords aggressive charges for 3 of its CD phrases — six-month, 11-month and 13-month — every at 3.50% APY. Furthermore, this small group financial institution affords one important benefit for high-net-worth people: entry to multimillion-dollar FDIC safety (though brokered CDs are an alternative choice to securing prolonged FDIC protection on massive balances).

In the event you’re a Houston resident eager about investing in shorter-term CDs and wish prolonged financial institution insurance coverage protection, it may be price contemplating this financial institution. In any other case, you will most likely profit extra from nationwide banks with aggressive deposit accounts.

What we like

• Minimal charges: Lone Star’s financial savings account and a few of its checking accounts both do not cost month-to-month charges or have cheap steadiness minimums to keep away from charges.
• No ATM charges: All ATM charges are reimbursed.
• Cellular app: Lone Star’s app helps examine deposits and is offered for Android and iPhone. 

What we do not like

• Restricted bodily branches: There are solely 4 branches within the Houston space.
• No ATM community: Lone Star Financial institution does not take part in a third-party ATM community or reimburse ATM charges charged by distributors.

Who’s Lone Star Financial institution suited to? 

Lone Star Financial institution is right for Houston residents with deposit accounts of greater than $250,000 — the restrict for traditional FDIC protection — who can profit from additional insurance coverage protection by means of such companies as Insured Money Sweep service (for cash market accounts) or Certificates of Deposit Account Registry Service (for CD accounts). These prolonged FDIC protection applications break up your increased balances amongst a community of FDIC-insured banks into accounts with a most steadiness of $250,000. Lone Star Financial institution turns into your single level of entry to the networked accounts and the supply for all file holding.

Checking account evaluate

Lone Star Financial institution has three checking accounts, every with cheap preliminary deposits starting from $100 to $250. The LSB Private Curiosity and Senior Curiosity Checking accounts earn an APY above the nationwide common, nevertheless, you will discover higher-yielding checking accounts at different banks. The LSB Private Curiosity Checking account fees a $10 month-to-month charge, which is waived by sustaining a minimal steadiness of $500 within the account or a median collected steadiness of $1,000 month-to-month. All three accounts reimburse all ATM charges. 

Charges as of March 8, 2023.

What we like

• Free checking choices: There are not any month-to-month service charges or minimal steadiness necessities for 2 checking accounts.
• Handy cellular app: Lone Star’s app permits cellular examine deposits.
• Low preliminary deposit: The best minimal deposit to open a checking account is $250.
• Overdraft safety: The service is offered and decided on a case-by-case foundation.

What we do not like

• Overdraft charges: A department supervisor will decide your overdraft charge primarily based in your account historical past. The charges aren’t disclosed on Lone Star’s web site.
• Curiosity checking: Though two accounts earn above-average APYs, aggressive checking accounts can be found elsewhere.

Financial savings account evaluate

The LSB Private Financial savings account earns an APY that is above the nationwide common however is comparatively low in comparison with many high-yield financial savings accounts at different banks. In the event you’re not in Houston, you will use Lone Star’s on-line banking options. Furthermore, you will discover higher charges at banks that do not cost month-to-month charges. Lone Star Financial institution fees a $6 quarterly charge in case your account steadiness drops beneath $200 or is not linked to a CD with a steadiness of not less than $1,000. 

• APY: 0.40%
• Minimal steadiness to open: $200
• Quarterly upkeep charge: $6

What we like

• Low preliminary deposit: The minimal deposit to open a financial savings account is $200.

What we do not like

• Low charges: Excessive-yield financial savings accounts, with greater than six instances increased charges, can be found elsewhere.
• Upkeep charges: This account fees $6 per quarter if the typical collected steadiness falls beneath $200 or is not linked to a CD with a minimal steadiness of $1,000. There’s additionally a $2 charge per transaction for every withdrawal that exceeds six per quarter.

CD account evaluate

The Lone Star Financial institution affords an ordinary CD with phrases that vary from seven days to 5 years. The minimal deposit required to open a CD is $1,000. Whereas a lot of the phrases earn comparatively low APYs, the six-month, 11-month and 13-month phrases earn aggressive yields, every at 3.50% APY. In the event you desire a greater diversity of phrases with aggressive yields, this checklist of higher-yielding CDs highlights banks with nice charges. 

Charges as of March 8, 2023.

What we like

• Vast number of phrases: CDs can be found in a wide selection of phrases, from seven days to 5 years.
• On-line banking entry: You possibly can open a CD by means of Lone Star’s web site or cellular app.
• Aggressive charges out there: The six-month, 11-month and 13-month CDs earn aggressive charges every at 3.50% APY.
• Cheap preliminary deposit: The $1,000 preliminary deposit requirement makes a CD inexpensive for individuals with restricted financial savings.

What we do not like

• Restricted CD varieties: Lone Star Financial institution solely affords normal CDs. It does not supply specialty CDs similar to no-penalty or step-up CDs. 

Cash market account options

The LSB Excessive Yield Cash Market account has a tiered rate of interest construction starting from 0.25% for balances beneath $25,000 to 1.75% for balances over $500,000. This account has a comparatively low minimal deposit requirement of $250, making it broadly accessible. The month-to-month charge of $10 may be waived by sustaining a median collected steadiness of $2,500 or a minimal steadiness of $1,500.

Furthermore, the high-yield account affords check-writing privileges and debit card entry. A $10 charge per withdrawal is charged for greater than six transactions in a press release cycle.

Charges as of March 8, 2023.

What we like

• Low minimal deposit: The minimal deposit for a cash market account is decrease than for many banks. 
• Aggressive APYs: Though the charges provided are aggressive with some banks, you will discover increased charges for cash market accounts at different banks.

What we do not like

• Upkeep charges: This account fees $10 per transaction for every withdrawal that exceeds six per assertion cycle. It additionally fees $10 per 30 days if the steadiness falls beneath $1,500 or the typical collected steadiness is lower than $2,500.
• Overdraft charge: A department supervisor determines your overdraft charge primarily based in your account historical past. Whereas overdraft safety is offered, it is decided on a case-by-case foundation.

Banking expertise

Lone Star Financial institution is a group financial institution with 4 branches within the Houston space. The cellular app and on-line banking instruments with options like cellular examine deposit, on-line invoice pay and peer-to-peer digital cash transfers make it easy to entry your accounts 24/7, particularly if you happen to reside outdoors the Houston space. Nevertheless, the financial institution’s obscure coverage for establishing overdraft charges, that are set on the department degree, may be a problem for some individuals. 

Overdraft charges

The overdraft charge is set individually by a department supervisor and primarily based in your particular account historical past. There’s an overdraft safety program, however protection varies.

Customer support

Lone Star Financial institution affords in-person or phone buyer assist Monday by means of Friday from 9 a.m. to five p.m. CT. Go to their web site for a cellphone quantity for the native department. You may also submit questions on-line.  

About Lone Star Financial institution

Lone Star Financial institution is an impartial and privately owned financial institution established in 2006 that primarily engages in business banking. It affords SBA loans, actual property loans and standard enterprise banking merchandise. Though business banking is the principle focus, Lone Star Financial institution additionally gives a full suite of private deposit accounts.

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