Byline Bank Review

Byline Bank Savings

0.15% APY

Established in 1972, Byline Bank has $9.4 billion in assets and deposits totaling $7.38 billion, which makes the institution a large bank. Byline Bank, whose headquarters are in Chicago, Illinois, has above-average access to customer service with all-day support available, great for getting help during the work week. It is a traditional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile apps. Overall, Byline Bank is a solid pick to be your bank at a score of 4.4 out of 5 stars from our experts. 

Byline Bank offers a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Byline Bank has a fair savings rate, which means you can find higher rates with other banks. Perfect for basic banking needs, Byline Bank's standard checking account does not carry a monthly fee. Why use checking and savings accounts with one bank? Quick transferring between both accounts means you can still get better interest rates in your savings account but still spend your money from your checking.

Service Quality

Byline Bank is a brick-and-mortar bank, with 60 total bank locations in Illinois and Wisconsin. It also offers access to mobile and web apps for a simple mobile-banking experience. It provides all-day customer service. 

Byline Bank gets great ratings from customers for its mobile platform: out of 640 customer reviews across both Apple and Android platforms, the Byline Bank mobile app is scored at 4.5 out of 5 (compared to the national average of 3.8). You can use Byline Bank's app to control your funds by monitoring account balances, sending and receiving funds as well as accessing customer service. Byline Bank receives a superb consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Byline Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider taking a look elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Byline Bank's CD rates are competitive compared to the national average. 

Rates

With a savings rate of 0.15%, Byline Bank ranks below the mean as compared against the national average. Its one-year CD earns at a rate of 0.50% and the five-year CD earns at a rate of 1.50%, while its online money market account earns at an APY of 4.25%. It has a fair savings rate, which means other popular banks have higher rates. Think about other options to earn more on your deposits.

Fees

Byline Bank generally has extremely low fees as compared against the national average. With no monthly fee, Byline Bank's checking account is ideal for those who want an easy checking account. For those who withdraw money routinely, it is perfect because it offers no ATM fees. Also, at $30, Byline Bank has a markedly lower overdraft fee compared to that of other U.S. banks. Byline Bank reimburses any incurred ATM charges (with conditions), making ATM withdrawals a free and simple process.

Financial Health

Byline Bank is currently a large bank and manages assets totaling $9.4 billion as well as $7.38 billion in deposits. It has a very good Texas Ratio of 4.92%, signifying that the bank is in fine financial well-being and improbable to fail. Additionally, Byline Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Byline Bank Near Me

Byline Bank has 60 physical locations in the U.S.