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Blackhawk Bank & Trust Review

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Blackhawk Bank & Trust Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Blackhawk Bank & Trust first started operating in 1961 and is headquartered in Milan, Illinois. Blackhawk Bank & Trust handles $1 billion in assets as well as $945 million in deposits, ranking it as a medium-size bank. Blackhawk Bank & Trust lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We ranked the bank at a 4.4 stars out of 5, which means Blackhawk Bank & Trust is a solid contender in your bank search. Blackhawk Bank & Trust provides customers with a mixture of banking products, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Blackhawk Bank & Trust has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's most basic checking does not carry a monthly maintenance fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best bet for accruing the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

With a savings rate of 0.15%, Blackhawk Bank & Trust ranks poorly compared to the national average. Its one-year CD earns at a rate of 1.59% and the five-year CD has a rate of 2.75%, while its highest-yielding money market account earns at a rate of 0.20%. Given Blackhawk Bank & Trust's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Blackhawk Bank & Trust's Savings Rates Compare

Blackhawk Bank & Trust Savings 0.15 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

Blackhawk Bank & Trust typically has low fees in comparison to other U.S. banks. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. For those who often frequent the ATM, it is solid because it has an out-of-network ATM fee of $1.00, which is solid in comparison to the national average. Blackhawk Bank & Trust unfortunately does not refund out-of-network ATM fees, which means you will have to search for a Blackhawk Bank & Trust ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.00 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

Blackhawk Bank & Trust is a brick-and-mortar bank, with 17 total branches in Illinois and Iowa. It also offers access to mobile and web apps for an easy mobile-banking experience. Blackhawk Bank & Trust gets high praise from customers for its mobile app. The Blackhawk Bank & Trust mobile app has an overall rating of 4.7 out of 5 (out of 26 customer reviews on iOS and Android) compared to the national average of 3.8. You can access Blackhawk Bank & Trust's mobile app to control your funds by checking current statements, transferring money and accessing customer service. Blackhawk Bank & Trust receives an outstanding consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.7/5
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

Blackhawk Bank & Trust is a medium-size bank with $1 billion in assets as well as deposits totaling $945 million. Its Texas Ratio is 3.37%, suggesting a minute probability of failure. Additionally, Blackhawk Bank & Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.37%
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 Blackhawk Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.1% APY $500
Certificates of Deposit
  • 12 Month: 1.59% APY
  • 24 Month: 2.20% APY
  • 48 Month: 2.60% APY
  • 60 Month: 2.75% APY
$500 for all terms
Money Market Account 0.15% APY $10000

Blackhawk Bank & Trust has several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. Blackhawk Bank & Trust 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. Blackhawk Bank & Trust's CD rates are fair in comparison to the average U.S. bank.

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Find a Blackhawk Bank & Trust Near Me

Blackhawk Bank & Trust has 17 locations in the U.S.

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