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Blackhawk Bank & Trust Review

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

Overview

Started in 1961, Blackhawk Bank & Trust has assets totaling $1 billion along with deposits totaling $945 million, making the institution a medium-size bank. Blackhawk Bank & Trust, whose headquarters are in Milan, Illinois, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. We gave Blackhawk Bank & Trust a 4.4 out of 5 stars, which means it is a solid pick to be your bank. Blackhawk Bank & Trust has a choice of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Blackhawk Bank & Trust has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Blackhawk Bank & Trust offers an option without a monthly fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is your best bet for returning the most income from your deposits alongside convenient 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

Blackhawk Bank & Trust features a savings rate of 0.20%, which is fair compared to other U.S. banks. Its CD rates are 2.00% and 2.75% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.40%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Blackhawk Bank & Trust's Savings Rates Compare

Blackhawk Bank & Trust Savings 0.20 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

Blackhawk Bank & Trust charges its customers low fees as compared against the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who frequent the ATM, it is good because it has an out-of-network ATM fee of $1.00, which is good in comparison to the national average. Blackhawk Bank & Trust doesn't refund out-of-network ATM charges, which means you will be required to find a Blackhawk Bank & Trust ATM or eat 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 bank locations in Illinois and Iowa. With mobile and web apps, Blackhawk Bank & Trust makes account access easy, even on the go. Blackhawk Bank & Trust's online and mobile banking platforms get positive scores from users. The Blackhawk Bank & Trust mobile app scored a 4.7 out of 5 (out of 26 ratings on Apple and Android) compared to the national average of 3.8. Blackhawk Bank & Trust's mobile app allows you to manage your funds by looking at monthly statements, sending and receiving money and reaching support representatives. Blackhawk Bank & Trust gets an outstanding consumer satisfaction rating based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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%, denoting that Blackhawk Bank & Trust is in outstanding financial condition and far from 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 0.2% APY $100
Checking Account 0.1% APY $500
Certificates of Deposit
  • 12 Month: 2.00% APY
  • 24 Month: 2.25% APY
  • 48 Month: 2.60% APY
  • 60 Month: 2.75% APY
$500 for all terms
Money Market Accounts 0.3% APY 0.4% APY $10000 $15000

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

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Find a Blackhawk Bank & Trust Near Me

Blackhawk Bank & Trust has 17 physical locations across the U.S.

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