Lake Forest Bank & Trust Company Review

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.

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

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 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.

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.

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

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.

Products Offered

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.

Find a Lake Forest Bank & Trust Company Near Me

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