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Central Bank Illinois 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
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
Central Bank Illinois Savings
0.30% APY

Overview

Our Rating: 4.4/5 How we calculated this rating

Central Bank Illinois first started operating in 1907 and has its headquarters in Geneseo, Illinois. It manages assets totaling $862 million along with $681 million in deposits, classifying it as a medium-size bank. Central Bank Illinois lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.4 stars out of 5, Central Bank Illinois should be solidly in contention for your choice of bank. 

Central Bank Illinois has a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Central Bank Illinois offers a savings account with a moderate interest rate, suitable if you need a place to store your money. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly maintenance charge. Why have checking and savings accounts with the same bank? Seamless transferring between both accounts translates to better interest rates in your savings account with the ability to spend from your checking.

Service Quality

Central Bank Illinois is a brick-and-mortar bank, with 11 total bank locations in Illinois. It also offers access to mobile and web apps for a simple mobile-banking experience.  

Central Bank Illinois receives reasonably high praise from customers for its mobile banking services: out of 48 customer reviews on Apple and Android platforms, the Central Bank Illinois mobile app rates a 4.0 out of 5 (compared to the national average of 3.8). Central Bank Illinois's mobile app allows you to manage your bank accounts by monitoring current statements, sending and receiving money as well as accessing customer service. Central Bank Illinois receives an exceptional consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.30% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month 1.15% APY
  • 60 Month: 1.91%
$1,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.25% APY
  • 25K tier: 0.30% APY
  • $5,000
  • $25,000
Compare Offers
Checking Accounts 0.15% APY $1,000 Compare Offers

Central Bank Illinois has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, giving you 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. Central Bank Illinois's CD rates are competitive in comparison to the average U.S. bank. 

Rates

With a savings rate of 0.30%, Central Bank Illinois ranks around the mean compared to other U.S. banks. Its CDs feature a rate of 1.15% and 1.91% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.30%. With a fair APY, Central Bank Illinois's savings account can be used especially for a crucial life event like retirement.

Compare Central Bank Illinois to Other Competitive Offers

Fees

Central Bank Illinois has generally extremely low fees in comparison to the average U.S. bank. Central Bank Illinois's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Central Bank Illinois reimburses their ATM charges (with conditions), which gives convenient access to cash at any time.

Financial Health

Central Bank Illinois is a medium-size bank with assets totaling $862 million as well as $681 million in deposits. It has an excellent Texas Ratio of 2.24%, signifying that Central Bank Illinois is in excellent financial well-being and exceedingly far from failure. Additionally, Central Bank Illinois is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Central Bank Illinois Near Me

Central Bank Illinois has 11 physical locations across the U.S.

 

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