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International Bank of Chicago Review

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International Bank of Chicago Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1992, International Bank of Chicago has assets totaling $578 million as well as deposits totaling $501 million, which makes the institution a medium-size bank. International Bank of Chicago, whose headquarters are in Chicago, Illinois, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset experts rated the bank 3.9 stars out of 5, indicating that International Bank of Chicago is a good bank that you should consider. International Bank of Chicago offers a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs and IRAs. International Bank of Chicago has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, International Bank of Chicago's ordinary checking account does not have a monthly fee. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is your best bet for gaining the most income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

4.2
SmartAsset Average: 3.5

With a savings rate of 0.20%, International Bank of Chicago ranks poorly compared to the national average. Its CD rates are 2.65% and 3.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 1.50%. Given International Bank of Chicago's noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How International Bank of Chicago's Savings Rates Compare

International Bank of Chicago Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

International Bank of Chicago generally has extremely low fees as compared against the national average. With no monthly fee, International Bank of Chicago's checking account is perfect for people who need an easy checking account. International Bank of Chicago does not reimburse out-of-network ATM fees, which means you will be required to search for an International Bank of Chicago ATM or eat the fee.

Monthly Fee $0 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

2.5
SmartAsset Average: 3.7

International Bank of Chicago is a brick-and-mortar bank, with six total bank locations in Illinois and New York. It also offers access to a web app, for a simple online-banking experience. International Bank of Chicago gets an exceptional consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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

4.0
SmartAsset Average: 4.8

International Bank of Chicago ranks as a medium-size bank and manages assets totaling $578 million and deposits totaling $501 million. It has a good Texas Ratio of 21.58%, suggesting that International Bank of Chicago is in fine financial health. Additionally, International Bank of Chicago is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

21.58%
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 International Bank of Chicago to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $200
Checking Account 0.25% APY $2500
Certificates of Deposit
  • 12 Month: 2.65% APY
  • 24 Month: 3.00% APY
  • 36 Month: 3.25% APY
  • 48 Month: 3.35% APY
  • 60 Month: 3.50% APY
$1000 for all terms
Money Market Account 1.5% APY $10000

International Bank of Chicago offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. International Bank of Chicago 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. International Bank of Chicago's CD rates are fair compared to other U.S. banks.

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Find a International Bank of Chicago Near Me

International Bank of Chicago has six physical locations across the U.S.

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