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

Overview

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.

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

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

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 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.

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 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

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: 1.41% APY
  • 24 Month: 1.61% APY
  • 36 Month: 1.81% APY
  • 48 Month: 2.12% APY
  • 60 Month: 2.53% APY
$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.

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Find a BankOrion Near Me

BankOrion has nine physical locations in the U.S.

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