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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

Started in 1912, First National Bank of Waterloo has assets totaling $461 million and deposits totaling $381 million, which makes 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. SmartAsset experts rated First National Bank of Waterloo 3.4 out of 5 stars, suggesting it is a satisfactory bank that does not stack up to some of the other banks. First National Bank of Waterloo provides customers with a full choice 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 product has a $5.00 monthly fee, which places it at the higher end of monthly fees. Obtaining a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best bet for gaining the most income on your deposits alongside convenient access to your money.

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. First National Bank of Waterloo's one-year CD earns at a rate of 0.35% and the five-year CD has 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 think about other options to earn more on your deposits.

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

First National Bank of Waterloo charges customers high fees compared to other U.S. banks. First National Bank of Waterloo's checking account has a monthly fee of $5.00, which makes it fair for anyone looking for a hassle-free account. First National Bank of Waterloo unfortunately does not refund out-of-network ATM fees, meaning you'll be required to find a First National Bank of Waterloo ATM or eat the cost of withdrawal.

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 a straightforward mobile-banking experience. First National Bank of Waterloo's mobile app allows you to manage your bank accounts by checking account balances, transferring funds and reaching support representatives. First National Bank of Waterloo gets an exceptional consumer satisfaction rating due to comparatively few complaints filed with 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 manages $461 million in assets as well as $381 million in deposits. First National Bank of Waterloo's Texas Ratio is 6.15%, indicating that the bank is in good financial well-being and unlikely to fail. 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 Accounts 0.25% APY 0.3% APY $10000 $15000

First National Bank of Waterloo offers 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 average U.S. bank.

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Find a First National Bank of Waterloo Near Me

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

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