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Crystal Lake Bank and Trust Company Review

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Crystal Lake Bank and Trust Company Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1997, Crystal Lake Bank and Trust Company has $965 million in assets as well as deposits totaling $818 million, which makes the institution a medium-size bank. Crystal Lake Bank and Trust Company, whose headquarters are in Crystal Lake, Illinois, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We ranked the bank at a 4.1 out of 5 stars, which means Crystal Lake Bank and Trust Company is a respectable bank that you should consider. Crystal Lake Bank and Trust Company has a variety of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Crystal Lake Bank and Trust Company has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Crystal Lake Bank and Trust Company's standard checking does not carry a monthly charge. Institutions that offer no-fee checking, in addition to a high savings APY are the best option for returning the highest income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

Crystal Lake Bank and Trust Company features a savings rate of 0.20%, which is fair compared to the national average. Its one-year CD earns at a rate of 0.20% and the five-year CD has a rate of 0.80%, while its highest-yielding money market account has a rate of 0.30%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Crystal Lake Bank and Trust Company's Savings Rates Compare

Crystal Lake Bank and Trust Company Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Crystal Lake Bank and Trust Company charges customers extremely low fees in comparison to the national average. Crystal Lake Bank and Trust Company's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Crystal Lake Bank and Trust Company unfortunately doesn't reimburse out-of-network ATM fees, which means you'll be required to find a Crystal Lake Bank and Trust Company ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.3
SmartAsset Average: 3.7

Crystal Lake Bank and Trust Company is a brick-and-mortar bank, with seven total branches in Illinois. With mobile and web apps, Crystal Lake Bank and Trust Company makes mobile banking convenient, even on the go. Crystal Lake Bank and Trust Company's online and mobile banking services receive poor marks from customers. The Crystal Lake Bank and Trust Company mobile app has been given a 2.7 out of 5 (with 23 ratings on iOS and Android) compared to the national average of 3.8. You can use Crystal Lake Bank and Trust Company's app to control your bank accounts by monitoring current statements, transferring funds and accessing support representatives. Crystal Lake Bank and Trust Company gets a superb consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 2.7/5
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

Crystal Lake Bank and Trust Company ranks as a medium-size bank and has $965 million in assets as well as deposits totaling $818 million. Its Texas Ratio is 3.01%, indicating that the bank is in outstanding financial health and unlikely to fail. Additionally, Crystal Lake Bank and Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.01%
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 Crystal Lake Bank and Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.30% APY
  • 36 Month: 0.50% APY
  • 48 Month: 0.65% APY
  • 60 Month: 0.80% APY
$1000 for all terms
Money Market Account 0.3% APY $10000

Crystal Lake Bank and Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Crystal Lake Bank and Trust Company does not have the best savings rate, which means you should think about taking a look 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. Crystal Lake Bank and Trust Company's CD rates are fair compared to the national average.

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Find a Crystal Lake Bank and Trust Company Near Me

Crystal Lake Bank and Trust Company has seven physical branches in the U.S.

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