Lakeside Bank Review

Overview

Lakeside Bank started in 1966 with headquarters located in Chicago, Illinois. Lakeside Bank manages $2 billion in assets as well as $1 billion in deposits, ranking it as a large bank. Lakeside Bank has above-average access to customer service with all-day support available, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset experts rated Lakeside Bank 4.2 stars out of 5, indicating that it is a great bank that you should seriously consider. Lakeside Bank offers a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Lakeside Bank's ordinary checking account does not have a monthly fee. Using a bank with free checking and a high interest rate savings account is the best bet for returning the most income from your deposits while maintaining easy access to your funds.

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

Lakeside Bank features a savings rate of 0.06%, which is poor compared to the average U.S. bank. Its one-year CD has a rate of 0.40% and the five-year CD has a rate of 1.40%, while its highest-yielding money market account earns at a rate of 1.10%. Given its poor savings rate, you should consider looking elsewhere to open savings accounts.

How Lakeside Bank's Savings Rates Compare

Lakeside Bank has typically extremely low fees in comparison to other U.S. banks. With no monthly fee, Lakeside Bank's checking account is ideal for those who need an easy banking experience. Lakeside Bank unfortunately doesn't refund out-of-network ATM fees, meaning you'll need to find a Lakeside Bank ATM or pay the withdrawal fee.

Lakeside Bank is a brick-and-mortar bank, with seven total branches in Illinois. It also offers access to mobile and web apps for a simple mobile-banking experience. It has access to all-day customer service. Lakeside Bank's online and mobile banking services receive moderate feedback from users. The Lakeside Bank mobile app is rated at 3.9 out of 5 (out of 19 reviews on iOS and Android) compared to the national average of 3.8. Lakeside Bank's mobile app allows you to manage your bank accounts by checking account balances, transferring money and accessing customer service. Lakeside Bank gets a superb consumer satisfaction rating due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Lakeside Bank ranks as a large bank with assets totaling $2 billion as well as deposits totaling $1 billion. Lakeside Bank's Texas Ratio is 5.46%, signifying that the bank is in fine financial condition and improbable to fail. Additionally, Lakeside Bank 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

Lakeside 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. Lakeside Bank does not have the best savings rate, which means you should think about 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. Lakeside Bank's CD rates are fair in comparison to other U.S. banks.

Find a Lakeside Bank Near Me

Lakeside Bank has seven physical branches across the U.S.