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Busey 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
Busey Bank Everyday Savings Account
0.01% APY

Busey Bank, founded in 1868, offers a wide variety of accounts to its customers, including several savings accounts and checking accounts as well as money market options and certificate of deposit (CD) accounts with a range of term lengths.

You are able to open and maintain many of these accounts online, but if you prefer to bank in person, you’re going to want to live in Illinois. All of Busey Bank’s branches are in the state.

Interest rates may vary depending on the branch you visit. For the purposes of this article, we'll be referring to the current rates at Busey Bank headquarters in Urbana, Illinois.

Read on to learn the ins and outs of Busey Bank's account offerings and the overall health of the financial institution to find out if it's the right fit for you.

Products Offered

Product Key Details
Savings Accounts
  • $100 minimum to open
  • Low, easily waivable monthly fees
  • Low interest rates
Money Market Accounts
  • $100 minimum to open
  • $2,500 balance required to waive fee
Certificates of Deposit
  • Seven terms from six months to five years
  • Excellent rates on longer term lengths
Checking Accounts
  • Four different account options
  • Interest-bearing and non-interest-bearing options

Busey Bank Interest Rate Comparison

Everyday Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $3 monthly service fee, which can be waived by daily minimum balance of $300
Current Terms and Rates 0.01% APY

The Everyday Savings account is aptly named, as it is the most conventional savings option at Busey Bank. The $100 minimum deposit is very achievable for just about anyone, and if you have at least $300 in the account, you can waive the monthly fee as well. The biggest drawback is the 0.01% APY, which is miles beneath the best savings accounts out there today.

In-person and ATM withdrawals are unlimited with this account, but preauthorized transfers (online bill payments, online banking transfers, etc.) are limited to six per statement cycle. If you regularly exceed this limit, you face the risk that your account will either be closed or converted into a non-interest-bearing checking account.

Minor Savings Account

Key Features Details
Minimum Deposit $25
Access to Your Savings Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee
Current Terms and Rates 0.01% APY

The Minor Savings account is designed for younger bankers, hence the $25 minimum opening balance. Once the account holder turns 21, the account will effectively become an Everyday Savings account, and a $300 monthly minimum balance will take effect.

Like the Everyday account, in-person and ATM withdrawals are unlimited, but preauthorized transfers are limited to six per statement cycle.

Compare Busey Bank to Other Competitive Offers

Money Market Account

Key Features Details
Minimum Deposit $100
Access to Your Money Market Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $15 monthly service fee, which can be waived with minimum daily balance of $2,500
Current Terms and Rates
  • Account balances below $2,500: 0.01% APY
  • Account balances of $2,500 - $14,999.99: 0.03% APY
  • Account balances of $15,000 - $49,999.99: 0.05% APY
  • Account balances of $50,000 and above: 0.10% APY

Although the minimum opening balance is just $100 like the other savings options, the Money Market account is better suited for much larger deposits. Your interest rate rises in tiers depending on the account balance, and the minimum daily balance required to waive the monthly fee is $2,500. You're also limited to six pre-authorized transfers per statement cycle, and you'll be charged $6 for every transaction beyond that limit.

Certificates of Deposit

Key Features Details
Minimum Deposit $1,000
Access to Your CD Account Online and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees None, but a penalty will apply for early withdrawal
Current Terms and Rates
  • 6 Month: 0.10% APY
  • 12 Month: 0.20% APY
  • 18 Month: 0.25% APY
  • 24 Month: 0.30% APY
  • 36 Month: 0.40% APY
  • 48 Month: 0.50% APY
  • 60 Month: 2.50% APY

The certificate of deposit (CD) rates available at Busey Bank vary from mediocre to outstanding, depending on the term length you choose. While the best two rates are also the two longest term lengths, it’s not always the case that longer is better. The third highest rate is the 18-month term, which means you’d make more in interest by purchasing two back-to-back 18-month CDs than you would purchasing one 36-month CD. You are able to open your account online, and the minimum deposit of $1,000 is pretty standard.

Portfolio Certificate of Deposit

Key Features Details
Minimum Deposit $7,500, divided equally among the three terms
Access to Your CD Account Online and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee, but a penalty may apply for early withdrawal
Current Terms and Rates 2.15% APY

The Portfolio CD option is available only to bankers who have a Pillar Banking Checking account or a Capstone checking account. The bank will divide your $7,500 investment equally between one, two and three-year CDs, and all three will accrue interest with a 2.50% APY.

The bank is essentially constructing a CD Ladder for you with this option, and that has some added benefits like regular payouts to you each year.

Foundation Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees
  • $5 monthly service fee, which can be waived with an average monthly balance of $100 or an attached direct deposit
  • $2 fee for paper statements

This is the standard checking account option at Busey Bank, so you won’t find many surprises. You’ll be able to waive the monthly fee by either having a direct deposit attached to your account or by having a monthly balance of at least $100. You’ll also have a Debit Mastercard at your disposal.

Capital Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $10 monthly service fee, which can be waived with five processed transactions per statement cycle and a minimum daily balance of $1,000
Current Terms and Rates
  • Account balances below $15,000: 0.01% APY
  • Account balances of $15,000 and above: 0.10% APY

The Capital Checking account is for those who want to earn interest but don’t necessarily want all the bells and whistles. To waive the monthly fee, you’ll need at least $1,000 in the account and five processed transactions in each statement cycle. Your interest will compound daily and be credited to your account monthly.

Pillar Banking Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $12 monthly service fee, which can be waived with a daily minimum balance of $3,000 or a combined balance of $10,000 in any other Busey accounts
Current Terms and Rates 0.01% APY

The Pillar Banking Checking account by itself isn’t necessarily better than the Capital Checking account. In fact, it comes with a higher monthly fee that’s harder to waive. However, opening this account means you’ll be eligible for the Portfolio CD account and other more exclusive products at the bank.

The Pillar Banking Checking account means that you’ll also be enrolled in the bank’s Pillar Club, which offers educational seminars and travel opportunities to members along with discounts on things like safe deposit box rentals.

Capstone Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $12 monthly service fee, which can be waived with a daily minimum balance of $3,000 or a combined balance of $10,000 in any other Busey accounts
Current Terms and Rates
  • Account balances below $100,000: 0.01% APY
  • Account balances of $100,000 and above: 0.10% APY

The Capstone Checking account is essentially the Pillar account but a little bit better. You have the chance to earn interest at a higher rate if you invest more than $100,000 in the account (although if you’re looking to stow that much away, you’d be much better off looking at a CD or even a mutual fund), and you’ll have access to even higher discounts for other products at the bank like specialty checks or safe deposit box rentals.

Branch Locations

Busey Bank operates 40 different branch locations throughout Illinois. While the bank doesn’t have branches in any other state, customer will have access to a network of ATMs across the country.

Financial Statistics and Bank Health Rating

Busey Bank has $7.11 billion in assets and $5.21 billion in loans. Its customers currently hold $5.68 billion in deposits.

An important factor when deciding whether you should trust a bank with your deposits is its Texas ratio. The Texas ratio indicates how risky the bank’s current credit situation is. It’s calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. Ratios nearing 100% indicate a precarious credit situation for the bank. Busey Bank’s ratio is 2.59%, which is considered excellent.

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