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Illinois Bank & Trust Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Illinois Bank & Trust Savings
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Illinois Bank & Trust started in 1995 with headquarters located in Rockford, Illinois. Illinois Bank & Trust handles assets of $783 million as well as deposits totaling $692 million, classifying it as a medium-size bank. Illinois Bank & Trust lacks premium access to support representatives, 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. Overall, Illinois Bank & Trust is a bank with better alternatives, with a score of 3.6 stars out of 5 from our experts. Illinois Bank & Trust has a variety of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Illinois Bank & Trust has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Illinois Bank & Trust's standard checking does not carry a monthly charge. Using a bank with free checking, in addition to a high savings APY is the best option for getting the most income from your deposits while having convenient 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 in comparison to other U.S. banks. 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 earns at an APY of 0.05%. Given its below average savings rate, you should think about looking elsewhere to open 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 compared to the average U.S. bank. With no monthly fee, Illinois Bank & Trust's checking account is ideal for people who want a hassle-free banking experience. For those who will need cash in a pinch, Illinois Bank & Trust is less than ideal because it charges an out-of-network ATM fee of $2.50, which is less than ideal compared to the national average. Also, at $35.00, its overdraft fee is lower than the average U.S. overdraft fee. Illinois Bank & Trust unfortunately does not refund out-of-network ATM fees, which means you will need to search for an Illinois Bank & Trust ATM or pay the 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 bank locations in Illinois. It also offers access to mobile and web apps for simple access and banking on the go. You can use Illinois Bank & Trust's mobile app to manage your accounts by reviewing monthly statements, sending and receiving funds and accessing customer service. Illinois Bank & Trust receives a superb consumer satisfaction rating due to comparatively few complaints brought to 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

4.9
SmartAsset Average: 4.8

Illinois Bank & Trust is a medium-size bank with $783 million in assets as well as $692 million in deposits. It has an excellent Texas Ratio of 3.15%, suggesting that the bank is in outstanding financial shape and far from 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 Accounts 0.03% APY 0.05% APY $10000 $15000

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 think about 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. Illinois Bank & Trust's CD rates are fair in comparison to the national average.

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Find a Illinois Bank & Trust Near Me

Illinois Bank & Trust has 11 physical branches across the U.S.

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