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Lake Forest Bank & Trust Company 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
Lake Forest Bank & Trust Company Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1986, Lake Forest Bank & Trust Company has $4 billion in assets along with deposits totaling $3 billion, making it a large bank. Lake Forest Bank & Trust Company, whose headquarters are in Lake Forest, 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 in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 4.1 stars out of 5, Lake Forest Bank & Trust Company should be solidly in contention for your choice of bank. Lake Forest Bank & Trust Company offers a full array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Lake Forest Bank & Trust Company has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Lake Forest Bank & Trust Company's standard checking account does not carry a monthly maintenance fee. Institutions that offer no-fee checking, in addition to a high interest rate savings account are your best option for gaining the most income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

With a savings rate of 0.20%, Lake Forest Bank & Trust Company ranks poorly compared to other U.S. banks. Lake Forest Bank & Trust Company's one-year and five-year term lengths CDs earn at a rate of 0.20% and 1.00%, respectively, while its highest-yielding money market account has a rate of 0.30%. Given Lake Forest Bank & Trust Company's poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Lake Forest Bank & Trust Company's Savings Rates Compare

Lake Forest Bank & Trust Company Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Lake Forest Bank & Trust Company has typically extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Lake Forest Bank & Trust Company does not reimburse out-of-network ATM fees, meaning you will be required to find a Lake Forest Bank & Trust Company 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

3.6
SmartAsset Average: 3.7

Lake Forest Bank & Trust Company is a brick-and-mortar bank, with eight total branches in Illinois. It also offers access to mobile and web apps for a simple mobile-banking experience. Lake Forest Bank & Trust Company receives unsatisfactory reviews from users for its mobile banking services. The Lake Forest Bank & Trust Company mobile app rates a 3.3 out of 5 (out of 18 reviews on iOS and Android) compared to the national average of 3.8. Lake Forest Bank & Trust Company's mobile app allows you to manage your finances by checking account balances, sending and receiving funds and accessing support representatives. Lake Forest Bank & Trust Company gets a superb consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Lake Forest Bank & Trust Company is a large bank with assets totaling $4 billion as well as deposits totaling $3 billion. Its Texas Ratio is 4.03%, signifying a low likelihood of failure. Additionally, Lake Forest Bank & Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.03%
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 Lake Forest Bank & Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.35% APY
  • 36 Month: 0.60% APY
  • 48 Month: 0.65% APY
  • 60 Month: 1.00% APY
$1000 for all terms
Money Market Accounts 0.3% APY 0.3% APY $10000 $15000

Lake Forest Bank & Trust Company offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Lake Forest Bank & Trust Company 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. Lake Forest Bank & Trust Company's CD rates are fair compared to other U.S. banks.

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Find a Lake Forest Bank & Trust Company Near Me

Lake Forest Bank & Trust Company has eight branches in the U.S.

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