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Lone Star Bank Review 2022

Published May 2022 by Libby Wells

AT A GLANCE
4.4

Bankrate Score

bank-logo

ATM fee refunds

Free Checking

Highly Rated App

Lone Star Bank is a good fit for individual customers and businesses in the Houston area. It's also suited for people looking for competitive rates on deposits and those with supersize deposits who need extra FDIC coverage.

  • Savings
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    4.8
  • Checking
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    4.4
  • CDs
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    4.2
  • MMAs
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    3.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Bask Bank

    Member FDIC

    Savings account

    1.61 % APY

    $ 0

    Min. balance for APY

    CIT Bank

    Member FDIC

    Savings account

    1.35 % APY

    $ 0

    Min. balance for APY

    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    Overall

    4.4

    Bankrate Score

    Based in Houston, Lone Star Bank is a federally insured community bank serving individual consumers and businesses, small and large.

    What we like

    • It has a highly rated mobile app for Android and iOS devices.

    • Customers can make mobile deposits, pay bills online and make person-to-person payments.

    What we don't

    • Lone Star Bank does not have an ATM network.

    • It has only four branches.

    Savings accounts

    4.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Bask Bank

    Member FDIC

    Savings account

    1.61 % APY

    $ 0

    Min. balance for APY

    Lone Star Bank has a Personal Savings account that pays a competitive APY, and provides access to online banking and bill pay and mobile banking. A $6 quarterly service charge applies unless you keep $200 in the account or link it to a $1,000 CD at the bank.

    What we like

    • The APY is competitive.

    • The account comes with access to online and mobile banking.

    • The service charge, should you incur it, is only $6 per quarter.

    What we don't

    • A $200 deposit is required to open the account.

    • With only four branches, customers who prefer ATMs and branch banking will find the account harder to access.

    Checking accounts

    4.4

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Citi

    Member FDIC

    Checking account

    0.01 % APY

    $ 50,000

    To open

    $ 50000

    To avoid fees

    Lone Star Bank's LSB Free Checking requires an opening deposit of $100, but has no balance requirements and no monthly service charge. The account comes with a Visa debit card, access to mobile deposits, online banking and bill pay. ATM fees are refunded. The bank has two other interest-bearing checking accounts, including one for customers 55 and older, but for this review, Bankrate looked at the LSB Free Checking.

    What we like

    • The account offers access to online banking and bill pay and mobile deposits.

    • ATM fees are refunded.

    • No minimum balance requirements or monthly service charges.

    What we don't

    • LSB free checking does not earn interest, regardless of balance.

    CD rates

    4.2

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.50 % APY

    18mo

    Term

    $ 0

    Min. deposit

    Lone Star Bank offers 15 terms of CDs ranging from as little as seven days to as long as 60 months. Rates are competitive, and the minimum deposit to open is $1,000. It also offers jumbo CDs in 15 term lengths for deposits of $100,000 and more.

    What we like

    • Lone Star pays a competitive APY.

    • A wide selection of CD terms is available.

    What we don't

    • At least $1,000 is required to open a CD.

    • The APY on a 60-month CD of at least $100,000 is no higher than a $1,000 CD with the same term.

    • Higher yields can be found elsewhere, especially at online banks.

    Money market accounts

    3.6

    Bankrate Score

    Lone Star Bank offers a Personal Money Market account that requires a minimum $250 deposit to open. The APYs are competitive, but some online banks pay more, and you must have $250,000 or more in the account to earn the highest yield. There is a $10 monthly service charge unless you maintain a $2,500 average collected balance or $1,500 minimum balance. It comes with access to online and mobile banking.

    What we like

    • The tiered yields are competitive.

    • The account comes with access to online and mobile banking.

    What we don't

    • You must have at least $250,000 in the account to get the top APY.

    • A high balance is required to avoid a $10 monthly service fee.

    • You can find higher yields at online banks.

    Bank experience

    Lone Star Bank has a highly rated mobile app, so customers can easily manage their accounts from anywhere. It also offers access to multimillion-dollar FDIC protection for depositors who need it. To contact the bank, customers fill out a form on the website and submit it. There is a phone number, but it is not listed prominently on the site.

    About Lone Star Bank

    Lone Star Bank is a community bank that was established in Houston in 2006. Most of its business is in commercial banking, but it also offers a full slate of personal banking products. It is insured by the Federal Deposit Insurance Corp. Lone Star Bank has a mobile app and offers online banking, as well as electronic bill payment and person-to-person electronic payments. It has four branches, all in Texas.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.