Chelsea State Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.25% | 5-year CD | 60 Month CD 2.50% - Ally Bank High Yield 5 Year CD |
| 0.30% | 1-year CD | 12 Month CD |
| 0.05% | Savings | Regular Statement Savings |
Chelsea State Bank is headquartered in Chelsea and is the 46th largest bank in the state of Michigan. It is also the 2,306th largest bank in the nation. It was established in 1897 and as of December of 2017, it had grown to 50 employees at 3 locations. Chelsea State Bank has an A health rating.
Convenient, but could do a whole lot better!
I've banked with this bank for over 50 years. It was the only bank in town when I was a child, and I started my first savings account there. The same couple of families still run the bank. So, it has history in a small town. People still "know" people. I still use this bank because it's convenient, and I don't need many "extras" with my banking. But it's quite dismaying to see it go the way of many bigger banks, in that the focus no longer seems to be on the customer, but in making a profit. There have been multiple times I had to correct something they did, and one time, was told that it happened because of something I had not done. I didn't appreciate the blame being cast on me, simply because someone didn't do their job. It required multiple calls, until I got the right person to fix things. It wasn't a lot of money, but it was MY money, and it really ticked me off. If I had a larger amount to invest in a bank, or was moving larger amounts of money, I would look at other options.
Typical bank
I've banked with this bank for over 45 years. It is a very small town - under 6,000 - and the bank has pretty stayed in the same families' ownership. It's convenient, and a place where everyone knows who you are. I personally know some of the tellers, and went to school with them.
That said, mistakes have been made with my account - transferring no fee checking/deposit because of direct deposit for one -
that until I really demanded and followed up on it, would not have been corrected. It was a tiny amount of money, but the fact that it wasn't done right, and took two follow-ups to get it straightened out was irritating.
One teller - a manager, no less, tried to shift the blame onto me because I wasn't doing a paperless account, which she said I needed for direct deposit.
I replied that no one had ever told me that. And the subject was dropped.
The second time I had to call, because my refund of fees still had not be credited to my account, I skipped the manager, and went to bookeeping. And that person finally fixed it for me, commenting, yes, you've got to keep after it to get it done.
For me, that was inexcusable. It wasn't the money, it was that it was MY money, and if I hadn't kept after it, I would NOT have gotten it back. It definitely soured me on ever keeping any large amounts of money with this bank. If they can't take care of such a simple thing, I don't trust them with much, and I constantly keep an eye on my accounts.
There is no credit card associated with this bank - only a debit card that is through another institution.
Also, I would much prefer to have a two-step verification to sign into your account online. I think it's much safer, and it's used by many big businesses. I don't know why they haven't incorporated it into their online business.
Overdraft fees are horrendous. Unless you qualify for overdraft protection, in which they take money from your savings to cover checking/debit, you are stuck.
Data as of Q4 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 14009 |
| Year Established | 1897 |
| Employees | 50 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.62% |
| Return on Equity - YTD | 14.37% |
| Annual Interest Income | $10.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2017vs Q4 2016 | $284.0MM$277.2MM |
| Loans | Q4 2017vs Q4 2016 | $166.3MM$164.6MM |
| Deposits | Q4 2017vs Q4 2016 | $250.2MM$244.7MM |
| Equity Capital | Q4 2017vs Q4 2016 | $32.2MM$31.0MM |
| Loan Loss Allowance | Q4 2017vs Q4 2016 | $3.6MM$3.9MM |
| Unbacked Noncurrent Loans | Q4 2017vs Q4 2016 | $426.00K$1.7MM |
| Real Estate Owned | Q4 2017vs Q4 2016 | $599.00K$599.00K |
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Chelsea State Bank Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.20%* | $100k* | - | Combined Statement Savings | ||
| OTHER TIERS: 0.10% → Up to $100k | |||||
| 0.05% | - | - | Regular Statement Savings | ||
Chelsea State Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.20%* | $100k* | - | Premier Money Market Savings | ||
| OTHER TIERS: 0.10% → Up to $50k | 0.15% → $50k - $100k | |||||
| 0.20%* | $50k* | - | Combined Money Market Savings | ||
| OTHER TIERS: 0.10% → Up to $25k | 0.15% → $25k - $50k | |||||
| 0.10%* | $2,500* | - | Money Market Savings | ||
| OTHER TIERS: 0.05% → Up to $2,500 | |||||
Chelsea State Bank Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.20%* | $100k* | - | Premier Interest Checking | ||
| OTHER TIERS: 0.05% → Up to $25k | 0.10% → $25k - $50k | 0.15% → $50k - $100k | |||||
| 0.05% | - | - | Regular Interest Checking | ||
Chelsea State Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.25% | $500 | - | 60 Month CD | |
| 1.00% | $500 | - | 48 Month CD | |
| 0.75% | $500 | - | 36 Month CD | |
| 0.60% | $500 | - | 30 Month CD | |
| 0.50% | $500 | - | 24 Month CD | |
| 0.35% | $500 | - | 18 Month CD | |
| 0.30% | $500 | - | 12 Month CD | |
| 0.25% | $5k | - | 182 Days CD |
Chelsea State Bank IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.25% | $500 | - | 60 Month IRA | |
| 1.00% | $500 | - | 48 Month IRA | |
| 0.75% | $500 | - | 36 Month IRA | |
| 0.60% | $500 | - | 30 Month IRA | |
| 0.50% | $500 | - | 24 Month IRA | |
| 0.35% | $500 | - | 18 Month IRA | |
| 0.30% | $500 | - | 12 Month IRA | |
| 0.25% | $5k | - | 182 Days IRA |
| Chelsea State Bank Locations | ||
|---|---|---|
| Chelsea State Bank | 1010 South Main Street | Chelsea, MI 48118 |
| Downtown Branch | 305 South Main | Chelsea, MI 48118 |
| Dexter Branch | 7101 Dexter-Ann Arbor Road | Dexter, MI 48130 |