Started in 1890, BankOrion has $442 million in assets and deposits totaling $369 million, classifying the institution as a medium-size bank. BankOrion, whose headquarters are in Orion, Illinois, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, BankOrion is a great choice and should warrant serious consideration, with a score of 4.2 out of 5 stars from the SmartAsset team. BankOrion offers a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is the best bet for gaining the most income from your deposits alongside easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
BankOrion features a savings rate of 0.10%, which is poor in comparison to the national average. BankOrion's CDs feature a rate of 1.41% and 2.53% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.20%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.
How BankOrion's Savings Rates Compare
There is insufficient data on BankOrion's fees to provide a full SmartAsset rating.
BankOrion is a brick-and-mortar bank, with nine total branches in Illinois and Iowa. It also offers access to mobile and web apps for a straightforward mobile-banking experience. BankOrion receives high praise from users for its online presence. With 45 customer reviews on Apple and Android platforms, the BankOrion mobile app rates a 4.9 out of 5 (compared to the national average of 3.8). You can use BankOrion's app to control your funds by looking at current statements, transferring funds and reaching customer service. BankOrion receives a superb consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
BankOrion is a medium-size bank and handles assets totaling $442 million as well as $369 million in deposits. BankOrion's Texas Ratio is 3.42%, denoting a minute likelihood of failure. Additionally, BankOrion is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.Back to Overview
Compare BankOrion to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.1% APY||$2500|
|Checking Account||0.1% APY||$1000|
|Certificates of Deposit|| ||$10000 for all terms|
|Money Market Accounts||0.15% APY 0.2% APY||$10000 $15000|
BankOrion has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. BankOrion does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. BankOrion's CD rates are fair compared to other U.S. banks.Back to Overview
Find a BankOrion Near Me
BankOrion has nine physical locations in the U.S.Back to Overview