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Illinois Bank & Trust Review

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Illinois Bank & Trust Savings
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Illinois Bank & Trust first started operating in 1995 and its headquarters are located in Rockford, Illinois. It has assets of $783 million and deposits totaling $692 million, which makes it a medium-size bank. Illinois Bank & Trust 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. At a SmartAsset rating of 3.6 out of 5 stars, Illinois Bank & Trust should be near the middle of the pack in your search for a bank. Illinois Bank & Trust has a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Illinois Bank & Trust's standard checking does not carry a monthly maintenance charge. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is the best option for returning the most income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.02%, Illinois Bank & Trust ranks poorly compared to the national average. Illinois Bank & Trust's CD rates are 0.15% and 0.85% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.05%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

How Illinois Bank & Trust's Savings Rates Compare

Illinois Bank & Trust Savings 0.02 National Average 0.26 Compare Offers
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Fees

4.1
SmartAsset Average: 4.4

On average, Illinois Bank & Trust charges its customers average fees in comparison to the national average. With no monthly fee, Illinois Bank & Trust is perfect for those who want a simple checking account. For those who often withdraw cash from the ATM, it is less than the best option because it has an out-of-network ATM fee of $2.50, which is not ideal compared to the national average. Also, at $35.00, its overdraft fee is lower than the national average overdraft fee. Illinois Bank & Trust unfortunately doesn't refund out-of-network ATM fees, meaning you will be required to locate an Illinois Bank & Trust ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.50 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

Illinois Bank & Trust is a brick-and-mortar bank, with 11 total branches in Illinois. With mobile and web apps, Illinois Bank & Trust makes account access easy, even on the go. You can access Illinois Bank & Trust's mobile app to control your accounts by looking at account balances, sending and receiving funds and reaching customer service. Illinois Bank & Trust gets a superb consumer satisfaction rating based on relatively few consumer complaints reported 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

Illinois Bank & Trust ranks as a medium-size bank owning $783 million in assets as well as deposits totaling $692 million. Illinois Bank & Trust's Texas Ratio is 3.15%, suggesting a negligible possibility of failure. Additionally, Illinois Bank & Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.15%
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 Illinois Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.02% APY $100
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.15% APY
  • 24 Month: 0.25% APY
  • 36 Month: 0.40% APY
  • 48 Month: 0.55% APY
  • 60 Month: 0.85% APY
$1000 for all terms
Money Market Account 0.03% APY $10000

Illinois Bank & Trust has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Illinois Bank & Trust does not have the best savings rate, which means you should consider 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. Illinois Bank & Trust's CD rates are fair in comparison to the average U.S. bank.

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Find a Illinois Bank & Trust Near Me

Illinois Bank & Trust has 11 locations across the U.S.

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