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Hickory Point Bank and Trust Review

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Hickory Point Bank and Trust Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1979, Hickory Point Bank and Trust has assets totaling $631 million and $561 million in deposits, which makes the institution a medium-size bank. Hickory Point Bank and Trust, whose headquarters are in Decatur, Illinois, has above-average customer service access with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.3 stars out of 5, Hickory Point Bank and Trust is a great bank that you should seriously consider. Hickory Point Bank and Trust has a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Hickory Point Bank and Trust has a fair savings rate compared to the average savings account. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is the best bet for getting the most income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.07%, Hickory Point Bank and Trust ranks poorly as compared against the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.40% and 1.55%, respectively, while its highest-yielding money market account earns at an APY of 0.35%. Given Hickory Point Bank and Trust's below average savings rate, you should think about other options to earn more on your deposits.

How Hickory Point Bank and Trust's Savings Rates Compare

Hickory Point Bank and Trust Savings 0.07 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Hickory Point Bank and Trust generally has extremely low fees in comparison to the average U.S. bank. For those who regularly visit the ATM, Hickory Point Bank and Trust is ideal because it has no out-of-network ATM fees. Hickory Point Bank and Trust unfortunately doesn't reimburse out-of-network ATM charges, which means you will be required to find a Hickory Point Bank and Trust ATM or accept the cost of withdrawal.

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

4.3
SmartAsset Average: 3.7

Hickory Point Bank and Trust is a brick-and-mortar bank, with nine total branches in Illinois. It also offers access to mobile and web apps for easy access and banking on the go. Additionally, Hickory Point Bank and Trust customers can access live chat for customer service questions, an alternative customer service tool if you can't call in during business hours. Hickory Point Bank and Trust receives reasonably decent scores from customers for its online presence. The Hickory Point Bank and Trust mobile app has an overall rating of 4.2 out of 5 (out of 13 customer reviews on Apple and Android) compared to the national average of 3.8. Hickory Point Bank and Trust's mobile app allows you to manage your accounts by looking at account balances, sending and receiving money and accessing support representatives. Hickory Point Bank and Trust receives a superb consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

5.0
SmartAsset Average: 4.8

Hickory Point Bank and Trust is a medium-size bank with assets totaling $631 million and $561 million in deposits. Its Texas Ratio is 1.46%, indicating a negligible likelihood of failure. Additionally, Hickory Point Bank and Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Hickory Point Bank and Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.07% APY $200
Checking Account 0.03% APY $1
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.80% APY
  • 36 Month: 1.05% APY
  • 48 Month: 1.40% APY
  • 60 Month: 1.55% APY
$1000 for all terms
Money Market Account 0.35% APY $2500

Hickory Point Bank and Trust has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Hickory Point Bank and Trust does not have the best savings rate, which means you should think about other options 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. Hickory Point Bank and Trust's CD rates are fair in comparison to the average U.S. bank.

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Find a Hickory Point Bank and Trust Near Me

Hickory Point Bank and Trust has nine physical locations across the U.S.

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