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Hoyne Savings Bank Review

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Hoyne Savings Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Hoyne Savings Bank was founded in 1887 with its headquarters in Chicago, Illinois. Hoyne Savings Bank has $472 million in assets along with deposits totaling $394 million, which makes it a medium-size bank. Hoyne Savings Bank lacks premium access to support representatives, with no options for live chat or all-day service. 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. We gave Hoyne Savings Bank a 4 out of 5 stars, indicating that it is a respectable bank that warrants your consideration. Hoyne Savings Bank has a complete suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Hoyne Savings Bank's most basic checking does not carry a monthly charge. Using a bank with free checking as well as a high savings APY is the best option for returning the most income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

4.0
SmartAsset Average: 3.5

With a savings rate of 0.10%, Hoyne Savings Bank ranks poorly compared to the average U.S. bank. Hoyne Savings Bank's CD rates are 2.25% and 1.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.40%. Given its below average savings rate, you should think about looking at the competition to open savings accounts.

How Hoyne Savings Bank's Savings Rates Compare

Hoyne Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.7
SmartAsset Average: 4.4

Hoyne Savings Bank has typically extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who will need cash in a pinch, Hoyne Savings Bank is good because it has an out-of-network ATM fee of $1.00, which is solid in comparison to other U.S. banks. Additionally, at $30.00, Hoyne Savings Bank's overdraft fee is markedly lower than the average overdraft fee charged by U.S. banks. Hoyne Savings Bank unfortunately doesn't refund out-of-network ATM charges, which means you will need to find a Hoyne Savings Bank ATM or pay the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.00 National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

Hoyne Savings Bank is a brick-and-mortar bank, with eight total bank locations in Illinois. It also offers access to mobile and web apps for straightforward access and banking on the go. You can use Hoyne Savings Bank's app to manage your funds by looking at account balances, sending and receiving funds as well as accessing customer service. Hoyne Savings Bank receives a superb consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed 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

4.9
SmartAsset Average: 4.8

Hoyne Savings Bank ranks as a medium-size bank owning $472 million in assets as well as $394 million in deposits. Hoyne Savings Bank has an excellent Texas Ratio of 3.43%, indicating that Hoyne Savings Bank is in excellent financial condition and improbable to fail. Additionally, Hoyne Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.43%
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 Hoyne Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 2.25% APY
  • 24 Month: 2.50% APY
  • 60 Month: 1.15% APY
$500 for all terms
Money Market Accounts 0.35% APY 0.4% APY $10000 $15000

Hoyne Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Hoyne Savings Bank 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. Hoyne Savings Bank's CD rates are fair as compared against the national average.

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Find a Hoyne Savings Bank Near Me

Hoyne Savings Bank has eight physical locations across the U.S.

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