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Lake Forest Bank & Trust Company Review

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Lake Forest Bank & Trust Company Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Lake Forest Bank & Trust Company started in 1986 and is headquartered in Lake Forest, Illinois. Lake Forest Bank & Trust Company handles $4 billion in assets and $3 billion in deposits, classifying it as a large bank. Lake Forest Bank & Trust Company 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 access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.1 out of 5 stars, 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 banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's standard checking does not carry a monthly fee. Locating a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is the best bet for getting the most income from your deposits while maintaining convenient access to your funds.

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 0.15%, Lake Forest Bank & Trust Company ranks poorly in comparison to the national average. 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 earns at an APY of 0.20%. Given Lake Forest Bank & Trust Company's poor savings rate, you should consider looking elsewhere to open savings accounts.

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

Lake Forest Bank & Trust Company Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Lake Forest Bank & Trust Company charges its customers extremely low fees in comparison to the average U.S. bank. Lake Forest Bank & Trust Company's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Lake Forest Bank & Trust Company doesn't reimburse out-of-network ATM charges, meaning you'll need to find a Lake Forest Bank & Trust Company ATM or pay 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 bank locations in Illinois. With mobile and web apps, Lake Forest Bank & Trust Company makes mobile banking easy, even on the go. Lake Forest Bank & Trust Company's online and mobile banking services receive poor feedback from users. The Lake Forest Bank & Trust Company mobile app scored a 3.3 out of 5 (with 18 ratings on Apple and Android) compared to the national average of 3.8. Lake Forest Bank & Trust Company's mobile app allows you to control your accounts by checking monthly statements, sending and receiving money and reaching customer service. Lake Forest Bank & Trust Company gets an exceptional consumer satisfaction rating based on relatively 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 currently a large bank owning assets totaling $4 billion and deposits totaling $3 billion. Its Texas Ratio is 4.03%, denoting that the bank is in outstanding financial well-being and far from 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 0.15% 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 Account 0.2% APY $10000

Lake Forest Bank & Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Lake Forest Bank & Trust Company does not have the best savings rate, which means you should consider 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. 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 physical branches in the U.S.

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