Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

Lone Star National Bank Review: Overall Rating

FeatureInsider rating (out of 5)
Savings3.25
Checking3
CD3.25
Money market account2.75
Trustworthiness5
Total3.5

Lone Star National Bank Pros and Cons

ProsCons
  • Hispanic American-owned bank

  • 38 branches in South Texas

  • Decent savings and CD rates compared to other banks

  • Only available in South Texas
  • Limited to three withdrawals per month from your savings account
  • Online banks have higher savings and CD rates
  • Lackluster mobile app ratings

About Lone Star National Bank

Lone Star National Bank is a Hispanic American-owned brick-and-mortar institution with 38 locations in South Texas. The institution has locations in:

  • Brownsville
  • Edinburg
  • Harlingen
  • Hidalgo
  • Mcallen
  • Mission
  • Pharr
  • Rio Grande City
  • Roma
  • San Antonio
  • South Padre Island
  • Weslaco

The bank has free ATMs in Texas and is a member of the Allpoint ATM network, with free machines around the US. 

The mobile app has 3.3 out of 5 stars on the Google Play store but just 1.6 out of 5 stars on the Apple store. However, there aren't many reviews of the app on either marketplace. 

You can reach Lone Star customer service by phone Monday through Friday, 7:45 a.m. to 6:30 p.m. CT, and on Saturday from 9 a.m. to 1 p.m. CT. 

Your deposits are FDIC-insured for up to $250,000 for an individual account and $500,000 for a joint account.

The Role of Hispanic American-led Financial Institutions

Hispanic American-owned financial institutions are integral to providing products and services to underserved communities. These institutions also help address banking gaps among Hispanic American communities.

Lone Star National Bank has an ATM truck to make ATM services accessible to the community.

Is Lone Star National Bank Trustworthy?

The Better Business Bureau gives Lone Star National Bank an A+ rating. A great BBB grade means a company advertises truthfully, is open about business practices, and responds effectively to consumer complaints.

However, a solid BBB rating doesn't ensure you'll have a good relationship with a bank. You might want to read online customer reviews or reach out to family and friends to hear about their experiences with Lone Star. 

Lone Star doesn't have any recent public controversies.

Between its top-notch BBB grade and sparkling history, you might determine that Lone Star is the right bank for you. 

Lone Star National Bank FAQs

Is Lone Star National Bank legit? 

Lone Star National Bank is a legitimate financial institution. It is FDIC-insured, which means your insured deposits are secure if the bank fails. Up to $250,000, per depositor, per category is secure in Lone Star National Bank accounts.

Is Lone Star National Bank a good bank?

Lone Star National Bank may be a good option if you live in South Texas and prefer local brick-and-mortar financial institutions over national banks. Lone Star National Bank also might be worth considering if you appreciate banking with a Hispanic American-owned financial institution.

What is the monthly fee for Lone Star National Bank?

The Lone Star National Bank Personal Savings Account - Product Name Only has a Lone Star National Bank Personal Savings Account - Fees Display, the Lone Star National Bank Smart Choice Checking Account - Product Name Only has a Lone Star National Bank Smart Choice Checking Account - Fees Display, and the Lone Star National Bank Premium Star Money Market Account - Product Name Only has a Lone Star National Bank Premium Star Money Market Account - Fees Display. The savings and money market accounts allow you to waive fees if you meet certain requirements. Lone Star National Bank also has other checking accounts that let you waive fees, but you need to maintain a certain minimum balance to avoid the fee.

Lone Star National Bank Reviews

Lone Star National Bank Savings Account

You might like the Lone Star National Bank Personal Savings Account if you can keep a $300 balance, because then you'll waive the Lone Star National Bank Personal Savings Account - Fees Display

TheLone Star National Bank Personal Savings Account pays Lone Star National Bank Personal Savings Account - APY APY, which is decent savings rate. However, if you want to snag a high APY, you can get a better interest rate with one of the best high-yield savings accounts.

Lon Star National Bank Checking Account

The Lone Star National Bank Smart Choice Checking Account is a solid option if you want an account with a low minimum opening deposit. It also offers unique perks, like roadside assistance and up to $10,000 in accidental death insurance. The checking account has a Lone Star National Bank Smart Choice Checking Account - Fees Display that can't be waived, though.

You can also choose from two other checking accounts, including one that will pay you tier-based interest rates on your balance, but keep in mind these accounts have higher monthly service fees (unless you qualify to waive them).

Lon Star National Bank CD 

Lone Star pays average CD rates for most terms, but the rates are lower than what you'll earn with many of the best online banks. If you want a term shorter than six months or longer than five years, you'll have to consider another bank.

Lon Star National Bank Money Market Account

The Lone Star National Bank Premium Star Money Market Account requires you to put a lot of money down upfront — Lone Star National Bank Premium Star Money Market Account - Minimum Deposit.  The Lone Star National Bank Premium Star Money Market Account - Fees Display is also higher than at other banks, so this account may not be the best choice for you. 

How Lone Star National Bank Compares 

Lone Star National Bank vs. Falcon International Bank

Lone Star National Bank will probably be a better option if you value having a robust branch network. It has more branch locations and ATM access than Falcon International Bank. 

However, Falcon International Bank may be more suitable if you prioritize free checking and savings accounts. Lone Star National Bank checking and savings accounts have monthly service fees. Most of the Lone Star National bank accounts allow you to waive monthly service fees, but you'll typically need to meet certain minimum balance requirements. 

Falcon International Bank Review

Lone Star National Bank vs. Rio Bank

Lone Star National Bank has 38 locations while Rio Bank only has 15 branches. If you're searching for a bank with branches close to home, Lone Star National Bank might be the better choice between the two banks.

For strong checking account options, you might prefer Rio Bank. At Rio Bank, the Rio Bank Bonus Checking Account - Product Name Only has a Rio Bank Bonus Checking Account - Fees Display, which is lower than any Lone Star National Bank checking accounts. You may also be able to waive the fee on the Rio Bank Bonus Checking Account - Product Name Only if you keep a minimum of $250 in your account. To waive monthly service fees at Lone Star National Bank, you'll have to maintain a higher account balance on checking accounts.

Rio Bank Review 

Why You Should Trust Us: How We Reviewed Lone Star National Bank 

At Personal Finance Insider, we rate savings, checking, CDs and money market accounts using a banking methodology and CD methodology.

Each account receives a rating between 0 and 5. We evaluate a bank's ethics, customer service, and mobile app for all accounts. We'll also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.

Read the original article on Business Insider