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BankFinancial Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
BankFinancial Savings
0.15% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

BankFinancial started in 1924 with its headquarters in Olympia Fields, Illinois. BankFinancial handles assets totaling $2 billion as well as $1 billion in deposits, making it a large bank. BankFinancial lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Our experts rated BankFinancial a 4.3 out of 5 stars, BankFinancial should be solidly in contention for your choice of bank. 

BankFinancial has a diverse array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's most basic checking account does not carry a monthly charge. Why keep checking and savings accounts with the same bank? Seamless transferring between the two accounts translates to better interest rates in your savings account with the ability to spend from your checking.

Service Quality

BankFinancial is a brick-and-mortar bank, with 20 total branches in Illinois. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 8:00 p.m. CT; Saturday, 8:00 a.m. to 3:00 p.m. CT. 

BankFinancial receives positive feedback from customers for its mobile app: the BankFinancial mobile app has been given a 4.5 out of 5 (with 420 reviews on iOS and Android) compared to the national average of 3.8. You can use BankFinancial's mobile app to control your funds by looking at account balances, transferring funds as well as accessing customer service. BankFinancial receives an outstanding consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.15% APY $50 Compare Offers
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 2.30% APY
  • 36 Month: 2.50% APY
  • 48 Month: 2.55% APY
  • 60 Month: 2.60% APY
$1,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.30% APY
  • 25K tier: 0.40% APY
  • $10,000
  • $25,000
Compare Offers

BankFinancial 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 looking elsewhere 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. BankFinancial's CD rates are relatively competitive compared to the national average.

Rates

BankFinancial has a savings rate of 0.15%, which is poor in comparison to other U.S. banks. BankFinancial's CDs feature a rate of 1.50% and 2.60% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.40%. Given BankFinancial's noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

Compare BankFinancial to Other Competitive Offers

Fees

BankFinancial generally has average fees as compared against the national average. BankFinancial's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who will need cash in a pinch, it is less than the best option because it has an ATM fee of $5.00, which is less than the best option in comparison to the average U.S. bank. Additionally, it has an overdraft fee of $35, which is on par with the national average, making it good for those who don't check their balance often. 

Financial Health

BankFinancial is a large bank with assets totaling $2 billion as well as $1 billion in deposits. Its Texas Ratio is 2.41%, signifying that the bank is in excellent financial well-being and exceedingly far from failure. Additionally, BankFinancial is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a BankFinancial Near Me

BankFinancial has 20 branches in the U.S.

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