Supporting family-owned banks: Our partnership with The State Exchange Bank

As national chains and online vendors continue to dominate the retail market, many consumers have chosen to push back by spending more money at local businesses. That spirit has also led to a resurgence in local banking.

Trusting your money with a local bank is about more than just supporting a small community. Independent community banks offer a high level of customer service, tailored to the specific needs of their area.

Raisin has chosen to partner with The State Exchange Bank to bring high-yield savings products to our savers, while supporting an independent community bank.

Founded in Salt Fork, Oklahoma, on October 1, 1901, The State Exchange Bank has survived the Great Depression and multiple recessions. As a locally-owned independent community bank, their focus on customer service remains a key element of their success.

The bank has been owned by the Muegge family since its inception and is still run by the family to this day.

As one of the few independent community banks in Oklahoma, every dollar you deposit into the bank is like a dollar invested back in the community’s future.

The State Exchange Bank not only provides typical checking and savings accounts for consumers, but it is also dedicated to supporting the local farming community through agricultural and small business loans.

Many of their bankers have personal experience in the agriculture industry and understand the complexities and challenges these businesses face.

Although The State Exchange Bank is a community bank, it is FDIC-insured just like most national and regional banks. This means consumers can rest assured that even if the bank closes or goes bankrupt that their deposited funds will still be insured by the power of the U.S. government.

FDIC insurance covers up to $250,000 worth of assets per depositor, per insured bank for each account ownership category.

Opening a bank account with an FDIC-insured bank means your money stays safe at all times.

The State Exchange Bank is offering a competitive selection of certificates of deposit (CDs) exclusively on Raisin. Terms currently range from 4 to 9 months and provide rates that are much higher than the national average. Check out the current rates here.

What’s the benefit of investing your money into a short-term CD? Unlike traditional savings accounts, where rates fluctuate with the market, CDs allow you to lock in an interest rate for the full term you select. This means even if interest rates go down, you’ll still be earning the higher interest rate you signed up for from the start.

The best part is that there are no fees in exchange for locking into a high-yield CD with Raisin, so there’s no reason not to get started.

If you’re interested in working with a locally-owned, community-focused bank while earning more on your money, then click here to start saving with The State Exchange Bank through Raisin today.