State Bank of Cross Plains Review 2020: Is It the Right Bank for You?

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State Bank of Cross Plains is based in Cross Plains, Wisconsin, near the city of Madison. The bank has been around since 1908, mainly servicing residents of Madison’s surrounding areas. Potential customers who live in and around Madison should consider State Bank of Cross Plains. With a variety of account types, a strong online presence and numerous lending, investment and banking options, the 112-year-old institution is worth researching. Read on to see if State Bank of Cross Plains meets your particular needs and how it matches up against other banks across the country.

Who State Bank of Cross Plains May Be Best For?

There are many factors to consider when choosing a bank. Among them are if you’ll be banking in person or mainly using online or mobile devices, what annual percentage yield and interest you can expect and how many financial services are offered. Every bank has its upsides and downsides; read on to see the strengths and weaknesses of State Bank of Cross Plains.

Pros and Cons of Banking With State Bank of Cross Plains
Pros Cons
A bevy of financial services can be accessed online  The best-served customers are most likely residents near Madison, Wisconsin 
Five types of retirement accounts available  No affiliated ATMs across the country 
No initial minimum deposits for checking and savings accounts  Several accounts have fees that cannot be reasonably waived 
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This bank would be best for customers who live in the Madison, Wisconsin, area or those with low liquidity. The lack of minimum opening balances on several savings and checking accounts make it a solid option for younger customers starting their banking experience. 

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Who May Want To Skip State Bank of Cross Plains?

Those who may want to skip banking here are those who prefer in-person banking and live outside Wisconsin. The bank has many services that are best suited for in-person consultation. Customers who are seeking higher-risk, higher-yield accounts will also want to consider skipping State Bank of Cross Plains. 

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Types of Accounts Available

State Bank of Cross Plains offers a variety of account types. Depending on your account balance and other financial preferences, some account types are more worthy of your consideration.

Consider the account types, features, fees and rates before choosing to bank with State Bank of Cross Plains.

Types of Available State Bank of Cross Plains Accounts
Account Type Features Rates Fees Comparative Rates
Basic Checking 
  • Bonus Checking: For students through age 24
  • Direct Checking: Basic everyday checking with no fee for seniors ages 62 and up
  • Custom Rewards Checking: Debit card rewards 
These accounts do not accrue interest  Ranges from $0 to $10 monthly fee, with no minimum opening balance Wells Fargo offers an everyday checking account with a $10 monthly fee that is easily waived. 
Interest Checking 
  • Prestige Checking: High overdraft privilege 
1.76% APY up to $20,000 balance  Must meet specifications to waive $15 monthly fee  TIAA Bank offers APY between 0.25% and 0.55% on its interest checking accounts. 
Savings Accounts
  • Health Savings Account (HSA): To save for healthcare expenses
  • Personal Savings
  • Youth Savings: For customers under the age of 18 
0.05% APY  $2 fee each time account balance falls below $750 with no deposit made during statement period  Ally Bank offers a 1.50% APY.
Money Market Account
  • Premium Plus Money Market 
0.08% to 0.25% APY  $11.95 monthly fee waived by keeping average daily balance of $2,500 TIAA Bank has both a higher minimum and higher maximum APY.
  • Fixed Rate CDs: 3-month to 5-year terms 
0.20% to 0.90% depending on term length  CDs require a $2,500 minimum deposit to open. Checking is included with no monthly fee to qualifying customers.  Bank of the West has CD accounts with APY range of 0.03% to 0.40%.
Individual Retirement Accounts  Traditional, Roth, variable rate, money market and certificate of deposit IRAs  This depends on your investments and other factors unique to your financial situation  Early withdrawal fees may apply.  N/A
Investment (Nonbank) Options 
  • Investment management
  • Estate planning
  • Retirement planning
  • Other financial services 
N/A Fees vary based on your unique financial situation.  N/A
  • Home equity line of credit: Fixed-rate loan option 
  • Mortgage and refinancing: Fixed-rate and adjustable-rate mortgages available 
  • Personal loans: iHelp student loans, auto loans and more 
  • Construction loans 
Rates vary based on unique customer situations and market factors. Fees vary based on your unique plan and repayment agreements.  N/A
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Checking/Interest Checking

State Bank of Cross Plains offers four types of checking accounts — three basic, and one interest-bearing. None of them requires a minimum initial deposit, two of them include debit card rewards and all but one include monthly fees.


  • Online banking with bill pay and account alerts 
  • Refund of State Bank of Cross Plains fees for using nonaffiliated ATMs 
  • Overdraft privileges 


  • No minimum initial deposits 
  • For students under 25 years of age, a great starter checking account with no monthly fee 
  • Very high APY with Prestige Checking


  • Basic checking account has $5 monthly fee that cannot be waived 
  • Difficult-to-waive monthly fees for both Prestige and Custom Rewards

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Savings/Online Savings

State Bank of Cross Plains offers three types of basic savings accounts, including a classic health savings account and two other interest-bearing accounts. Weigh your options against some of the best savings accounts out there.


  • All savings accounts are interest-bearing
  • Online banking, mobile banking and mobile deposit 


  • No minimum initial deposit on any account 
  • All accounts are interest-bearing


  • APY is comparatively low 
  • Monthly maintenance fees, though avoidable, can come into play.

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Money Market Account

For those looking for higher yields from their savings account, State Bank of Cross Plains has a Premium Plus Money Market. With three other interest-bearing offerings in the savings category, consider the money market account if you seek higher returns with your larger balance.

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  • Easy access through online and mobile banking
  • Check imaging and limited Advantage Check Card usage 


  • No minimum initial deposit 
  • Monthly maintenance fee can be waived easily with attainable average daily balance


  • Monthly fee, though avoidable, still exists
  • Low APY compared to top-performing money market accounts

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State Bank of Cross Plains offers a fixed-rate CD, which pays interest quarterly. Like all CD accounts, it is insured by the Federal Deposit Insurance Corp. and is a great low-risk option for growing your money. For more information, read up on the benefits and features of CDs.


  • Variable term lengths
  • Automatic renewal terms 


  • Competitive rates, especially for maximum-term CDs 
  • Checking is included with no monthly fee for qualifying customers


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Individual Retirement Accounts (IRAs)

State Bank of Cross Plains offers several different types of IRAs, including the usual traditional and Roth IRAs, as well as a money market IRA, CD IRA and variable rate IRA. Contact State Bank of Cross Plains to learn how they can service your unique retirement needs.


  • Tax-free growth on Roth IRAs 
  • Tax-deferred growth on traditional IRAs


  • Only a $50 minimum initial deposit to open money market IRA 
  • “Catch-up” contributions for customers over 50 years of age 


  • As with other IRA accounts nationwide, penalties can be incurred upon early account closure 
  • No mention of the ability to roll over IRAs 
A Better Way to Bank

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Investment (Nonbank) Options

State Bank of Cross Plains offers wealth management through investing and retirement income management, estate planning and other financial services. While customers outside of Wisconsin can choose State Bank of Cross Plains for their wealth management, many prefer in-person meetings, and there is only one location for these services, in Madison, Wisconsin. The bank has offered these services for more than 35 years, claims $300+ million in assets under management and calls itself “a community bank.” If you are a resident of Madison, Wisconsin, or the surrounding area, get in touch with State Bank of Cross Plains to see if their financial services are a fit for your unique situation. 

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There are a variety of lending options for customers interested in State Bank of Cross Plains. Mortgage, student and other personal loans are all offered, as well as a home equity line of credit. Dig a little deeper into any potential loan before making a commitment, from auto loans to construction borrowing.

Features, Pros and Cons

  • Personal Loans 
    • Pro: Offers debt consolidation and loans specifically for recreation and travel
    • Con: If you have good credit, you may be able to qualify for a balance transfer credit card with 0% intro APR, a better rate than any personal loan offered at State Bank of Cross Plains.
  • Auto Loans 
    • Features: Online or in-person applications available, online loan calculator
  • Mortgages 
    • Pro: Offer both conventional and jumbo loans
    • Con: Set up to mainly benefit residents of Madison, Wisconsin
  • Student Loans
    • Pro: No origination or prepayment fees 
    • Con: APR and interest rates are not competitive compared to other loan servicers.
  • Construction Loans
    • Features: Local handling, monthly interest-only payments, designed for customers who want to build their own homes
  • Home Equity Line of Credit 
    • Pro: Offers the option of a fixed-rate loan as well as the standard variable-rate.
    • Con: As with any home equity line of credit, your house provides the backing for the loan. If you do not repay your loan, you may lose your home.
A Better Way to Bank

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How To Bank With State Bank of Cross Plains

State Bank of Cross Plains offers online banking and a mobile app. In addition, there is the option of in-person banking for some Wisconsin residents. The three main ways to get started with State Bank of Cross Plains are:

  1. Mobile app and online banking
  2. Call a customer service representative at 855-256-7328. 
  3. For Madison, Wisconsin, residents, there are 15 nearby branches available for in-person banking.


A mobile app and online banking are fairly standard features without which many prospective customers will not bank. State Bank of Cross Plains has these features, but its most interesting use of technology comes in the form of the online calculators. Whether it is for savings accounts, personal loans, debt consolidation or retirement, they have a calculator made specifically to show you how much your money can earn over a period of time. You can select your account type, enter in your information, then view the custom graph that shows the progress of your money over time, whether it be accrual or repayment.


Fees at State Bank of Cross Plains range from $0 to $11.95 per month, depending on the account type. 


  •  Direct Checking
    • $5 monthly fee
    • Only waived for seniors over age 62
  • Bonus Checking
    • No monthly fee
  • Custom Rewards Checking
    • $10 monthly fee
    • Waived by utilizing four qualifying services with the bank or holding combined $20,000 account balances
  • Prestige Checking
    • $15 monthly fee
    • Waived by utilizing five qualifying services with the bank or holding combined $50,000 account balances


  • Personal Savings Account
    • No monthly fee
    • $2 fee for each occurrence where balance drops below $750
  • Junior Savings
    • No monthly fee
  • Health Savings Account (HSA)
    • No monthly fee
  • Premium Plus Money Market
    • $11.95 monthly fee
    • Maintain an average daily balance of $2,500

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Availability of Funds

The availability of funds depends on how, when and how much you deposit into your account and what type of account you own.

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In Conclusion: State Bank of Cross Plains

For a local bank with only 16 brick and mortar locations, State Bank of Cross Plains has a surprisingly robust offering of account types and online tools for potential customers. For those looking into mortgages, personal loans and retirement, it’s best to be a Madison, Wisconsin, resident in order to choose State Bank of Cross Plains. If you have low liquidity and usually maintain a low balance in your savings or checking accounts, consider this bank; the lack of minimum initial deposits across the board for the majority of standard accounts make State Bank of Cross Plains an attractive option. If you fall into that category, you’ll most likely enjoy many of the other financial services offered. If you have more liquidity, are looking for higher-yield money market or CD accounts, or desire in-person banking outside of Wisconsin, seek out better alternatives.

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Rates are subject to change. Information on accounts is accurate as of March 25, 2020.

This content is not provided by State Bank of Cross Plains. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved or otherwise endorsed by State Bank of Cross Plains.


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