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Illinois National Bank Review

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

Overview

Founded in 1905, Illinois National Bank has assets totaling $899 million and deposits totaling $806 million, classifying the institution as a medium-size bank. Illinois National Bank, whose headquarters are in Springfield, Illinois, lacks premium access to customer service, 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 offerings. With a score of 3.5 stars out of 5, Illinois National Bank should be more closely inspected to see if its features match your needs. Illinois National Bank provides customers with the complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Illinois National Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account has a monthly fee of $5.00, making it a rather expensive bank for checking. Locating a bank with no-fee checking as well as a high savings APY is your best option for returning the most income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.5/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

Illinois National Bank features a savings rate of 0.10%, which is fair in comparison to the average U.S. bank. Illinois National Bank's one-year CD has a rate of 0.35% and the five-year CD earns at a rate of 1.76%, while its highest-yielding money market account has an APY of 0.30%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Illinois National Bank's Savings Rates Compare

Illinois National Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

On average, Illinois National Bank charges its customers high fees compared to the national average. At $5.00 per month, Illinois National Bank's checking account is not great for people who need an easy checking account. Illinois National Bank doesn't reimburse out-of-network ATM fees, which means you'll have to find an Illinois National Bank ATM or accept the withdrawal fee.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

Illinois National Bank is a brick-and-mortar bank, with 13 total branches in Illinois. It also offers access to mobile and web apps for an easy mobile-banking experience. Illinois National Bank's online and mobile banking platforms receive mediocre feedback from users. Out of 23 ratings on both Apple and Android platforms, the Illinois National Bank mobile app has an overall rating of 3.1 out of 5 (compared to the national average of 3.8). You can use Illinois National Bank's mobile app to control your finances by monitoring monthly statements, sending and receiving funds as well as reaching support representatives. Illinois National Bank gets a superb consumer satisfaction rating due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Illinois National Bank is currently a medium-size bank owning assets totaling $899 million as well as $806 million in deposits. Illinois National Bank has a strong Texas Ratio of 7.68%, signifying that Illinois National Bank is in fine financial shape and far from failure. Additionally, Illinois National Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.68%
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 National Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $50
Checking Account 0.07% APY $1
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.65% APY
  • 60 Month: 1.76% APY
$1000 for all terms
Money Market Account 0.3% APY $10000

Illinois National 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. Illinois National Bank does not have the best savings rate, which means you should think about looking 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 National Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Illinois National Bank Near Me

Illinois National Bank has 13 physical branches in the U.S.

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