Hoyne Savings Bank Review

Overview

Founded in 1887, Hoyne Savings Bank has assets totaling $472 million along with deposits totaling $394 million, which makes it a medium-size bank. Hoyne Savings Bank, whose headquarters are in Chicago, Illinois, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4 out of 5 stars, Hoyne Savings Bank should be near the middle of the pack in your search for a bank. Hoyne Savings Bank provides customers with a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Hoyne Savings Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Hoyne Savings Bank's most basic checking account does not carry a monthly maintenance charge. Banks that offer no-fee checking as well as a high interest rate savings account are your best bet for getting the highest income on your deposits while having convenient access to your funds.

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

With a savings rate of 0.10%, Hoyne Savings Bank ranks poorly in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 2.10% and 1.15%, respectively, while its highest-yielding money market account earns at a rate of 0.40%. Given Hoyne Savings Bank's poor savings rate, you should think about taking a look at other banks for savings accounts.

How Hoyne Savings Bank's Savings Rates Compare

Hoyne Savings Bank generally has extremely low fees in comparison to the average U.S. bank. Hoyne Savings Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, Hoyne Savings Bank is solid because it charges an out-of-network ATM fee of $1.00, which is solid in comparison to the national average. Also, Hoyne Savings Bank has an overdraft fee of $30.00, which is noticeably lower than the average U.S. overdraft fee. Hoyne Savings Bank unfortunately does not refund out-of-network ATM fees, which means you'll be required to find a Hoyne Savings Bank ATM or accept the cost of withdrawal.

Hoyne Savings Bank is a brick-and-mortar bank, with eight total branches in Illinois. It also offers access to mobile and web apps for a simple mobile-banking experience. You can access Hoyne Savings Bank's app to control your bank accounts by reviewing monthly statements, sending and receiving funds as well as accessing support representatives. Hoyne Savings Bank receives an outstanding consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Hoyne Savings Bank ranks as a medium-size bank with assets totaling $472 million as well as deposits totaling $394 million. Hoyne Savings Bank's Texas Ratio is 3.43%, suggesting that the bank is in excellent financial well-being and far from failure. 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

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.

Products Offered

Hoyne Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you 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.

Find a Hoyne Savings Bank Near Me

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