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Morton Community Bank 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
Morton Community Bank Savings
0.05% APY

Overview

Our Rating: 4.1/5 How we calculated this rating

Morton Community Bank was founded in 1961 with headquarters in Morton, Illinois. Morton Community Bank has $3 billion in assets as well as $3 billion in deposits, ranking it as a large bank. Morton Community Bank lacks premium access to support representatives, with no options of 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. Coming in at a commendable 4.1 out of 5 stars, Morton Community Bank is a respectable bank that should be given a look. 

Morton Community Bank provides customers with the complete package of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Morton Community Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Morton Community Bank's standard checking does not have a monthly maintenance fee. Why keep checking and savings accounts with the same bank? Convenient transferring between the two accounts means you can still get higher interest rates in your savings account but still spend your funds from your checking.

Service Quality

Morton Community Bank is a brick-and-mortar bank, with 39 total branches in Illinois. With mobile and web apps, Morton Community Bank makes account access convenient, even on the go.  

Morton Community Bank's online and mobile banking services get relatively high scores from customers: with 98 ratings across Apple and Android platforms, the Morton Community Bank mobile app is scored at 4.1 out of 5 (compared to the national average of 3.8). Morton Community Bank's mobile app allows you to manage your accounts by reviewing monthly statements, sending and receiving funds as well as accessing customer service. Morton Community Bank gets an outstanding consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 0.56% APY
  • 24 Month: 1.01% APY
  • 36 Month: 1.26% APY
  • 48 Month: 1.44% APY
  • 60 Month: 1.71% APY
$1,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.20% APY
  • 25K tier: 0.24% APY
  • $2,500
  • $25,000
Compare Offers
Checking Accounts 0.06% APY $1,000 Compare Offers

Morton Community Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. Morton Community Bank does not have the best savings rate, which means you should consider looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Morton Community Bank's CD rates are fair in comparison to the national average.

Rates

Morton Community Bank features a savings rate of 0.05%, which is poor compared to other U.S. banks. Morton Community Bank's one-year and five-year term lengths CD's earn at a rate of 0.56% and 1.71%, respectively, while its highest-yielding money market account has an APY of 0.24%. Given Morton Community Bank's below average savings rate, you should contemplate choosing another bank to earn more on your deposits.

Compare Morton Community Bank to Other Competitive Offers

Fees

Morton Community Bank generally has extremely low fees in comparison to the national average. Morton Community Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. 

Financial Health

Morton Community Bank is currently a large bank with $3 billion in assets as well as deposits totaling $3 billion. Its Texas Ratio is 10.80%, signifying a small opportunity of failure. Additionally, Morton Community Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Morton Community Bank Near Me

Morton Community Bank has 39 locations in the U.S.

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