Bank of Springfield (IL) Review

Bank of Springfield Savings

0.25% APY

Started in 1965, Bank of Springfield has assets totaling $1.59 billion as well as deposits totaling $1.33 billion, ranking it as a medium-size bank. Bank of Springfield, whose headquarters are in Springfield, Illinois, lacks premium access to support representatives, with no options of live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated the bank 4 stars out of 5, indicating that Bank of Springfield is a good bank that you should consider. 

Bank of Springfield has a full choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, brokerage accounts and mortgage products. It offers a moderate savings account interest rate, appropriate if you need a better place to store your money than a checking account. If you're looking for a checking account for everyday use, the bank's standard checking does not carry a monthly maintenance fee. Using one bank for checking and savings can be perfect for getting the highest interest rates on your income while maintaining access to your funds without getting penalized for withdrawing.

Service Quality

Bank of Springfield is a brick-and-mortar bank, with 16 total branches in Illinois and Missouri. It also offers access to mobile and web apps for straightforward access and banking on the go.  

Bank of Springfield receives reasonably high marks from customers for its mobile platform: the Bank of Springfield mobile app is rated at 4.0 out of 5 (out of 40 ratings on Apple and Android) compared to the national average of 3.8. Bank of Springfield's mobile app allows you to control your finances by looking at account balances, sending and receiving money and accessing customer service. Bank of Springfield receives an excellent consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Bank of Springfield has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. It does not have the best savings rate, which means you should think about other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bank of Springfield's CD rates are fair in comparison to other U.S. banks.

Rates

Bank of Springfield has a savings rate of 0.25%, which is moderate in comparison to the average U.S. bank. Bank of Springfield's CD rates is 0.41% and 1.41% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.35%. With a fair savings rate, Bank of Springfield's savings account can be used especially for an important milestone such as sending your kids to college.

Fees

Bank of Springfield charges its customers extremely low fees compared to the national average. Bank of Springfield's checking account has no monthly fee, making it excellent for anyone looking for a simple account. For those who withdraw money frequently, it is ideal because it has no ATM fees. 

Financial Health

Bank of Springfield is currently a medium-size bank and manages $1.59 billion in assets as well as $1.33 billion in deposits. Bank of Springfield has a good Texas Ratio of 13.75%, denoting that the bank is in considerable financial health. Additionally, Bank of Springfield is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Bank of Springfield Near Me

Bank of Springfield has 16 physical locations in the U.S.