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BankOrion Review

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BankOrion Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1890, BankOrion has $442 million in assets as well as $369 million in deposits, which makes it a medium-size bank. BankOrion, whose headquarters are in Orion, Illinois, lacks premium access to support representatives, with no options for 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. With a score of 4.2 out of 5 stars, BankOrion should be solidly in contention for your choice of bank. BankOrion offers a mixture of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same bank is the best option for returning the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.4
SmartAsset Average: 3.5

With a savings rate of 0.10%, BankOrion ranks poorly compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 1.00% and 2.22%, respectively, while its highest-yielding money market account has a rate of 0.20%. Given its noncompetitive savings rate, you should think about other options to earn more on your deposits.

How BankOrion's Savings Rates Compare

BankOrion Savings 0.10 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on BankOrion's fees to provide a full SmartAsset rating.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.4
SmartAsset Average: 3.7

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's online and mobile banking platforms get great feedback from users. Out of 45 ratings on both 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 utilize BankOrion's app to control your finances by reviewing monthly statements, sending and receiving funds and accessing customer service. BankOrion receives a superb consumer satisfaction rating based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

BankOrion is currently a medium-size bank with assets totaling $442 million and $369 million in deposits. Its Texas Ratio is 3.42%, denoting that BankOrion is in terrific financial well-being and far from 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

3.42%
High Risk 75% 50% 20% 10% Low Risk

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.

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Compare BankOrion to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $2500
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.21% APY
  • 36 Month: 1.61% APY
  • 48 Month: 2.12% APY
  • 60 Month: 2.22% APY
$10000 for all terms
Money Market Account 0.15% APY $2500

BankOrion has several deposit products including 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 think about looking 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 the average U.S. bank.

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Find a BankOrion Near Me

BankOrion has nine physical locations across the U.S.

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