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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

Founded in 1997, Crystal Lake Bank and Trust Company has $965 million in assets and $818 million in deposits, ranking the institution as 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 access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.1 out of 5 stars, Crystal Lake Bank and Trust Company should be solidly in contention for your choice of bank. Crystal Lake Bank and Trust Company has a complete array of product offerings, 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; you can find higher rates with other banks. If you're interested in stress-free personal checking, Crystal Lake Bank and Trust Company's standard checking account does not carry a monthly fee. Locating a bank with no-fee checking as well as a high savings APY is the best option for gaining the highest income on your deposits while maintaining easy access to your money.

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 has a savings rate of 0.20%, which is poor in comparison to the average U.S. bank. Its CD rates are 0.20% and 0.80% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.30%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.

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 typically has extremely low fees in comparison to the national average. With no monthly fee, Crystal Lake Bank and Trust Company is perfect for those who want a basic checking account. Crystal Lake Bank and Trust Company unfortunately doesn't reimburse out-of-network ATM charges, meaning you'll have to find a Crystal Lake Bank and Trust Company ATM or accept the cost of withdrawal.

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. It also offers access to mobile and web apps for a simple mobile-banking experience. Crystal Lake Bank and Trust Company gets poor feedback from users for its mobile banking services. The Crystal Lake Bank and Trust Company mobile app has been given a 2.7 out of 5 (out of 23 customer reviews on iOS and Android) compared to the national average of 3.8. Crystal Lake Bank and Trust Company's mobile app lets you manage your funds by reviewing current statements, transferring funds as well as reaching support representatives. Crystal Lake Bank and Trust Company receives an exceptional consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed 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 owning $965 million in assets as well as $818 million in deposits. Crystal Lake Bank and Trust Company's Texas Ratio is 3.01%, signifying a minute probability of failure. 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 Accounts 0.3% APY 0.3% APY $10000 $15000

Crystal Lake Bank and Trust Company has several deposit products like 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 other U.S. banks.

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Find a Crystal Lake Bank and Trust Company Near Me

Crystal Lake Bank and Trust Company has seven physical locations across the U.S.

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