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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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
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.
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.
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
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.Back to Overview
Compare Illinois Bank & Trust to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.02% APY||$100|
|Checking Account||0.01% APY||$1|
|Certificates of Deposit|| ||$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.Back to Overview
Find a Illinois Bank & Trust Near Me
Illinois Bank & Trust has 11 locations across the U.S.Back to Overview