Blackhawk Bank & Trust Review

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.

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

Blackhawk Bank & Trust features a savings rate of 0.10%, which is fair compared to other U.S. banks. Its CD rates are 3.50% and 4.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.30%. 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 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.

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.

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

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.

Products Offered

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.

Find a Blackhawk Bank & Trust Near Me

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