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Beverly Bank & Trust Company Review

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Beverly Bank & Trust Company Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 2004, Beverly Bank & Trust Company has $1 billion in assets along with $1 billion in deposits, making the institution a medium-size bank. Beverly Bank & Trust Company, whose headquarters are in Chicago, Illinois, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Beverly Bank & Trust Company is a solid contender in your bank search, with a rating of 4.3 stars out of 5 from the SmartAsset experts. Beverly Bank & Trust Company provides customers with a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Beverly Bank & Trust Company has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Beverly Bank & Trust Company's ordinary checking account does not have a monthly fee. Banks that offer free checking, in addition to a high savings APY are your best bet for getting the highest income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

Beverly Bank & Trust Company has a savings rate of 0.20%, which is fair in comparison to the average U.S. bank. Its one-year CD earns at a rate of 0.30% and the five-year CD earns at a rate of 0.95%, while its highest-yielding money market account earns at a rate of 0.20%. Given its below average savings rate, you should consider other options to earn more on your deposits.

How Beverly Bank & Trust Company's Savings Rates Compare

Beverly Bank & Trust Company Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Beverly Bank & Trust Company charges its customers extremely low fees in comparison to other U.S. banks. Beverly Bank & Trust Company's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Beverly Bank & Trust Company does not reimburse out-of-network ATM charges, which means you will be required to find a Beverly Bank & Trust Company ATM or accept the cost of withdrawal.

Monthly Fee $0 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

4.0
SmartAsset Average: 3.7

Beverly Bank & Trust Company is a brick-and-mortar bank, with seven total bank locations in Illinois. It also offers access to mobile and web apps for simple access and banking on the go. Beverly Bank & Trust Company's online and mobile banking services receive moderately high ratings from users. The Beverly Bank & Trust Company mobile app rates a 4.0 out of 5 (with 29 customer reviews on Apple and Android) compared to the national average of 3.8. You can use Beverly Bank & Trust Company's app to control your accounts by reviewing current statements, sending and receiving funds and accessing customer service. Beverly Bank & Trust Company receives an exceptional consumer satisfaction rating due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Beverly Bank & Trust Company ranks as a medium-size bank with assets totaling $1 billion and $1 billion in deposits. It has an excellent Texas Ratio of 1.07%, indicating a low probability of failure. Additionally, Beverly Bank & Trust Company 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.

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Compare Beverly Bank & Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.55% APY
  • 48 Month: 0.65% APY
  • 60 Month: 0.95% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Beverly Bank & Trust Company offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Beverly Bank & Trust Company does not have the best savings rate, which means you should consider other options 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. Beverly Bank & Trust Company's CD rates are fair compared to the national average.

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Find a Beverly Bank & Trust Company Near Me

Beverly Bank & Trust Company has seven physical locations across the U.S.

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