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Illinois National Bank 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 National Bank Savings
0.25% 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 along with $806 million in deposits, ranking it as a medium-size bank. Illinois National Bank, whose headquarters are in Springfield, Illinois, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With an average 3.5 out of 5 stars, Illinois National Bank is an acceptable bank choice, but may leave you wanting more. Illinois National Bank provides customers with a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Illinois National Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking product maintains a $5.00 monthly fee, which ranks on the higher end of monthly fees. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same institution is the best option for getting the most income on your deposits alongside easy access to your money.

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 0.25%, which is poor compared to other U.S. banks. Illinois National Bank's CDs feature a rate of 1.10% and 1.76% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.40%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Illinois National Bank's Savings Rates Compare

Illinois National Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

Illinois National Bank has generally high fees compared to the national average. At $5.00 per month, Illinois National Bank is less than great for people who want a simple checking account. Illinois National Bank doesn't refund out-of-network ATM fees, which means you will have to find an Illinois National Bank ATM or pay the cost of withdrawal.

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. With mobile and web apps, Illinois National Bank makes mobile banking easy, even on the go. Illinois National Bank receives poor reviews from customers for its mobile platform. Out of 23 customer reviews on both iOS and Android platforms, the Illinois National Bank mobile app rates a 3.1 out of 5 (compared to the national average of 3.8). You can access Illinois National Bank's mobile app to manage your funds by monitoring monthly statements, transferring funds and accessing customer service. Illinois National Bank gets an excellent consumer satisfaction score based on relatively few consumer complaints reported 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 ranks as a medium-size bank with assets totaling $899 million as well as deposits totaling $806 million. Illinois National Bank's Texas Ratio is 7.68%, denoting a small possibility of 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 0.25% APY $50
Checking Account 0.07% APY $1
Certificates of Deposit
  • 12 Month: 1.10% APY
  • 24 Month: 1.40% APY
  • 60 Month: 1.76% APY
$1000 for all terms
Money Market Accounts 0.4% APY 0.4% APY $10000 $15000

Illinois National Bank 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 National Bank 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 National Bank's CD rates are fair compared to the average U.S. bank.

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Find a Illinois National Bank Near Me

Illinois National Bank has 13 locations in the U.S.

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