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Banterra Bank 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
Banterra Bank Savings
0.05% APY

Overview

Our Rating: 3.7/5 How we calculated this rating

Banterra Bank first started operating in 1955 and has its headquarters in Marion, Illinois. Banterra Bank has assets totaling $2 billion along with $1 billion in deposits, which makes it a large bank. Banterra Bank does not have the customer service bells and whistles of other banks. It is a conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. Overall, Banterra Bank is a decent bank that leaves room for improvement at a rating of 3.7 out of 5 stars from the SmartAsset experts. 

Banterra Bank has a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate, which means other popular banks have higher rates. The bank's standard checking account carries a monthly fee of $5.00, which is not too bad in comparison to other U.S. banks. Why have checking and savings accounts with one bank? Seamless transferring between both accounts translates to better interest rates in your savings account with the flexibility of spending from your checking.

Service Quality

Banterra Bank is a brick-and-mortar bank, with 39 total bank locations in Illinois, Indiana, Kentucky and Missouri. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 7:30 a.m. to 5:30 p.m. CT; Saturday, 8:00 a.m. to 12:00 p.m. CT. 

Banterra Bank's online and mobile banking services get reasonably decent scores from users: out of 58 ratings on Apple and Android platforms, the Banterra Bank mobile app is scored at 3.0 out of 5 (compared to the national average of 3.8). Banterra Bank's mobile app allows you to manage your accounts by checking monthly statements, sending and receiving money and accessing customer service. Banterra Bank receives an excellent consumer satisfaction rating due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Accounts Compare Offers
  • 0.05% APY
$100
Certificates of Deposit Compare Offers
  • 12 Month: 0.25% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.65% APY
  • 48 Month: 0.75% APY
  • 60 Month: 1.05% APY
$1,000 for all tiers
Money Market Accounts Compare Offers
  • 10K tier: 0.05% APY
$2,500
Checking Accounts Compare Offers
  • 0.05% APY
$2,500

It has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Banterra Bank does not have the best savings rate, which means you should consider 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. Banterra Bank's CD rates are competitive as compared against the national average. 

Rates

With a savings rate of 0.05%, Banterra Bank ranks below the mean in comparison to the national average. Its one-year CD earns at a rate of 0.25% and the five-year CD has a rate of 1.05%, while its highest-yielding money market account earns at a rate of 0.05%. Banterra Bank has a fair savings rate, which means you can find higher rates with other banks. Think about taking a look at other banks for savings accounts.

Compare Banterra Bank to Other Competitive Offers

Fees

Banterra Bank has typically high fees compared to other U.S. banks. At $5.00/month, Banterra Bank's checking account is not the best option for people who need a hassle-free banking experience. For those who often withdraw money from the ATM, it is not ideal because it has ATM fee of $3.00, which is less than the best option compared to the average U.S. bank. Additionally, at $35, it has a lower overdraft fee compared to the average overdraft fee charged by U.S. banks. Banterra Bank unfortunately doesn't refund ATM fees meaning you will need to locate a Banterra Bank ATM or accept the fee.

Financial Health

Banterra Bank ranks as a large bank owning $2 billion in assets and deposits totaling $1 billion. Banterra Bank has an excellent Texas Ratio of 4.32%, denoting a very low likelihood of failure. Additionally, Banterra Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Banterra Bank Near Me

Banterra Bank has 39 physical branches across the U.S.

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