Stockman Bank Review: Is it the Best Choice?
Founded in Montana in 1944, Stockman Bank has grown to become one of the leading banks in the state and the region, offering a wide range of services and products that meet the banking needs of its customers. In this review, we will take a look at the features of Stockman Bank and see how it compares to other banks in the area.
How Did We Analyze Stockman Bank?
When conducting our analysis of the Stockman Bank, we looked at five key areas:
- The checking account options offered by the bank
- The savings account options offered by the bank
- The investment options offered by the bank, such as CDs
- The retirement accounts offered by the bank
- Any other services, such as mobile banking
Range Of Checking Accounts
Stockman Bank offers three different types of checking accounts, each with its own unique features and benefits. These include:
406 Checking Account
The 406 checking account is a great base option and is the most basic checking account offered by the bank.
Customers can enjoy access to a free Visa check card, free online or paper statements, and a good range of tools to help manage their accounts. In addition, there is no minimum balance required to maintain, and you need just $100 to open an account.
Overall, this is the best option if you are looking for a basic checking account with no frills.
Investment Checking Account
The Investment Checking Account is an excellent choice for customers who want to make their money work for them. This account offers a competitive interest rate on a daily balance of $1000 or more and requires a minimum balance of $250 to maintain – if you go below, this, you will incur a fee of $6.95 per statement.
Customers also benefit from a free Visa check card, access to Stockman Bank wallet checks per year, and a discount on the first year of investing in a Safe Deposit box with the bank.
To open an Investment Checking account, you will need a minimum of $100 and can enjoy the benefits of using Stockman Bank’s online banking and bill pay services.
Elite 50 Checking Account
The Elite 50 checking account offers a range of benefits for customers aged 50 or over. With this account, you can enjoy all the same features as the 406 and Investment Checking accounts, without the minimum balance required to maintain this account – though you will need to meet the $100 minimum opening balance.
Choosing The Best Checking Account
As you can see, Stockman Bank offers a range of checking accounts that can meet the needs of most customers. The choice you make will depend on your individual circumstances and what you are looking for from a bank account. If you need a basic account with no minimum balance to maintain, then the 406 account is the best choice for you.
However, if you are looking for an account with competitive interest rates and other benefits, then the Investment Checking or Elite 50 checking accounts could be a better fit.
Good Choice Of Savings Accounts
We are not really a fan of the savings account product, as we explain in depth here. We don’t use savings accounts, but we know many people do, so we describe the options you have at Stockman below.
If you are looking for a reliable savings option, Stockman Bank offers a choice of three accounts; Savings, Premier Money Market, and a Health Savings Account. Each offers different benefits and features, so it is important to understand which one is right for you.
The basic Savings account is the perfect introductory savings account, with just $100 needed to open your account – this is waived for those under 18s – and a minimum balance requirement of just $100; once again, this is waived for those under the age of 18.
Failure to maintain this balance will incur a $2 fee per monthly statement cycle. Customers can also make up to six free withdrawals in any month, with a fee of just $ for any additional withdrawals made.
Overall, this is the perfect choice for anyone looking for a basic savings account, with low minimum balance requirements and no monthly fees.
Premier Money Market Account
The Premier Money Market account is a perfect choice if you are looking to make your money work harder. This account offers access to a range of features, including higher interest rates than the Savings account, tiered interest rates that reward customers for maintaining a higher balance, as well as unlimited withdrawals.
The minimum opening balance for this account is $2,500, but you will need to maintain a minimum daily balance of $2,500 or pay a fee of $10 per statement cycle.
Health Savings Account
Finally, the Health Savings Account is ideal for customers looking to save for their medical expenses. This account offers tax-free savings and withdrawals and can be linked to your Visa check card, making it easy and convenient to pay for medical bills.
The minimum opening balance is $100, with a minimum daily balance of $250 needed to maintain the account; failure to maintain this balance will incur a fee of $6.95 per statement cycle. All withdrawals from this account must be used to pay for qualified medical expenses, and this can be done either through the bill pay service or by debit card.
Array Of CDs And Retirement Accounts
In addition to savings accounts, Stockman Bank also offers a range of Certificates of Deposits (CDs) and retirement accounts. With the CDs, customers can choose from a range of terms, from 1 month to 5 years, with competitive interest rates offered on each.
What Are Certificates Of Deposits?
Certificates of Deposit (CDs) are a type of savings account that offers customers the opportunity to earn higher interest rates than a traditional savings account. CDs require a minimum deposit, and the customer can choose from a range of terms, ranging from one month up to five years.
Once the term has been chosen, the customer is required to leave their money in the account until it matures, at which point they can withdraw their funds or roll over into another CD. The interest rates offered on CDs are generally higher than those of a savings account and the longer the term, the higher the rate.
This means that CDs are an OK way to save for short to medium-term goals, such as an emergency fund or a vacation. We prefer to invest our money in higher returning assets, like stocks and real estate, but CDs can be an ok-but-not-great option for beginners or extremely risk-averse investors.
CDs At Stockman Bank
Stockman offers three main options when it comes to Certificates of Deposits:
One of the most popular options for many customers is Term CDs – these offer terms of 24, 36, or 48 months, and interest earned will be based on your account balance, offering a great incentive to save. For a term of under 60 months, a $500 minimum deposit is required, and this increases to $5000 for a term of 60 months or more.
This is an account designed to help you save, so it is important to note that any early withdrawals will be subject to a financial penalty
Flex CD Plans
The next option is the Flex CD Plans – this is perfect for those looking to save more, but have a fluctuating income. Terms range from 30 days, 3 months, 6 months, or 12 months, and the minimum opening deposit depends on the length of your term; this will be $10,000 for a 30-day term and $500 for terms greater than this.
Your interest rate will depend on the opening balance, and additional deposits can be made throughout the length of the term for the ultimate convenience.
Other CD Plans
There are also a host of other plans, ranging from a month to 60 months, and these vary in terms of interest and minimum balance requirements. All of these do charge a penalty fee for the early withdrawal of funds.
Good Choice Of Retirement Accounts
For those looking to save for the long term, Stockman Bank also offers a range of retirement accounts. These offer tax-advantaged growth opportunities and are available in a variety of types.
For instance, Traditional IRAs and Roth IRAs are both available, both offering tax benefits depending on your individual circumstances. 401(k)s and SEP IRAs are also available, making Stockman Bank a great choice for those looking to save for retirement.
As well as the savings and CD accounts, Stockman Bank also offers a range of other services, such as loan products and investments. They also have a number of convenient online banking features, making it easy to manage your finances from the comfort of your own home.
The Money Management Service means that customers can be sure that their finances are taken care of – this service offers budgeting and debt management advice, allows you to keep all of your financial data in one place, and set goals for your savings.
Overall, Stockman is a ok banking options
Overall, Stockman Bank offers a wide range of banking services, from classic checking accounts to a myriad of savings accounts and CDs, to investments and loan products.
The Money Management Service is a great way to keep your finances in check, and the competitive rates on their CDs make them an attractive option for customers looking to save for short to medium-term goals.
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John has always been fascinated by money, wealth, and investing. He got a front row seat into how Ultra High Net Worth individuals, families, and entities manage their money while working for years in Goldman Sachs’ Private Bank.
He learned a great deal about personal finance and wealth management from some of the most experienced professionals in the industry.
Now he enjoys helping all kinds of people grow their wealth and achieve their financial goals.
When he’s not advising clients, Cody enjoys playing golf and spending time with family and friends.