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First National Bank of Waterloo Review

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First National Bank of Waterloo Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1912, First National Bank of Waterloo has $461 million in assets and deposits totaling $381 million, making it a medium-size bank. First National Bank of Waterloo, whose headquarters are in Waterloo, 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. On the whole, First National Bank of Waterloo is a fair bank that you should further examine to see if it fits your needs, with a rating of 3.4 out of 5 stars from the SmartAsset team. First National Bank of Waterloo has a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First National Bank of Waterloo has a fair savings rate; other popular banks have higher rates. The bank's standard checking account has a monthly fee of $5.00, which places it at the higher end of monthly fees. Using an institution with free checking as well as a high savings APY is the best option for returning the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.4/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

With a savings rate of 0.30%, First National Bank of Waterloo ranks poorly as compared against the national average. Its one-year CD has a rate of 0.35% and the five-year CD earns at a rate of 1.46%, while its highest-yielding money market account earns at a rate of 0.30%. Given its poor savings rate, you should consider looking at the competition to open savings accounts.

How First National Bank of Waterloo's Savings Rates Compare

First National Bank of Waterloo Savings 0.30 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

On average, First National Bank of Waterloo charges its customers high fees compared to the average U.S. bank. Its checking account has a monthly fee of $5.00, ranking it fair for anyone looking for a hassle-free account. First National Bank of Waterloo doesn't reimburse out-of-network ATM fees, which means you'll have to search for a First National Bank of Waterloo ATM or accept the fee.

Monthly Fee $5.00 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

2.5
SmartAsset Average: 3.7

First National Bank of Waterloo is a brick-and-mortar bank, with 10 total branches in Illinois. It also offers access to mobile and web apps for straightforward access and banking on the go. First National Bank of Waterloo's mobile app lets you manage your bank accounts by monitoring monthly statements, transferring money as well as accessing support representatives. First National Bank of Waterloo gets an outstanding consumer satisfaction rating due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

First National Bank of Waterloo is currently a medium-size bank and owns assets totaling $461 million as well as $381 million in deposits. First National Bank of Waterloo has a strong Texas Ratio of 6.15%, indicating that the bank is in good financial shape and far from failure. Additionally, First National Bank of Waterloo is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.15%
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 First National Bank of Waterloo to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $50
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.85% APY
  • 48 Month: 1.21% APY
  • 60 Month: 1.46% APY
$1000 for all terms
Money Market Account 0.25% APY $10000

First National Bank of Waterloo has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First National Bank of Waterloo does not have the best savings rate, which means you should consider 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. First National Bank of Waterloo's CD rates are fair compared to the national average.

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Find a First National Bank of Waterloo Near Me

First National Bank of Waterloo has 10 locations in the U.S.

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