Lakeside Bank Review

Overview

Started in 1966, Lakeside Bank has assets totaling $2 billion along with deposits totaling $1 billion, classifying the institution as a large bank. Lakeside Bank, whose headquarters are in Chicago, Illinois, has above-average customer service access with all-day support available, great for getting help during the work week. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.2 out of 5 stars, Lakeside Bank should be solidly in contention for your choice of bank. Lakeside Bank provides customers with the full slate of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Lakeside Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's standard checking does not carry a monthly fee. Obtaining 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 gaining the most income on your deposits while having convenient access to your money.

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 in comparison to the average U.S. bank. Lakeside Bank's one-year and five-year term lengths CDs earn at a rate of 0.40% and 1.40%, respectively, while its highest-yielding money market account has a rate of 1.10%. Given Lakeside Bank's below average savings rate, you should think about taking a look at other banks for savings accounts.

How Lakeside Bank's Savings Rates Compare

Lakeside Bank charges customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Lakeside Bank's checking account is perfect for people who want an easy banking experience. Lakeside Bank doesn't reimburse out-of-network ATM fees, which means you will be required to search for a Lakeside Bank ATM or eat the cost of withdrawal.

Lakeside Bank is a brick-and-mortar bank, with seven total branches in Illinois. With mobile and web apps, Lakeside Bank makes mobile banking easy, even on the go. It offers all-day access to representatives. Lakeside Bank gets moderate marks from users for its mobile app. With 19 ratings across both iOS and Android platforms, the Lakeside Bank mobile app has an overall rating of 3.9 out of 5 (compared to the national average of 3.8). You can use Lakeside Bank's app to control your accounts by reviewing monthly statements, transferring funds and accessing customer service. Lakeside Bank receives an excellent consumer satisfaction score due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Lakeside Bank ranks as a large bank owning assets totaling $2 billion and deposits totaling $1 billion. Lakeside Bank's Texas Ratio is 5.46%, indicating a tiny opportunity of failure. 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 to give you many options to manage your money. Lakeside Bank does not have the best savings rate, which means you should consider 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. Lakeside Bank's CD rates are fair compared to other U.S. banks.

Find a Lakeside Bank Near Me

Lakeside Bank has seven branches in the U.S.