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Old Plank Trail Community Bank Review

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Old Plank Trail Community Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Old Plank Trail Community Bank was founded in 2006 with headquarters in New Lenox, Illinois. Old Plank Trail Community Bank handles $1 billion in assets and $1 billion in deposits, ranking it as a large bank. Old Plank Trail Community Bank lacks premium access to support representatives, with no live chat or all-day service options available. 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. With a commendable 4.2 stars out of 5, Old Plank Trail Community Bank is a great bank that you should seriously consider. Old Plank Trail Community Bank provides customers with the full package of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking account does not carry a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same bank is your best bet for gaining the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

With a savings rate of 0.20%, Old Plank Trail Community Bank ranks poorly in comparison to the average U.S. bank. Old Plank Trail Community Bank's one-year CD earns at a rate of 1.10% and the five-year CD has a rate of 2.01%, while its highest-yielding money market account has an APY of 0.30%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

How Old Plank Trail Community Bank's Savings Rates Compare

Old Plank Trail Community Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Old Plank Trail Community Bank typically has extremely low fees compared to the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Old Plank Trail Community Bank does not refund out-of-network ATM fees, which means you will be required to search for an Old Plank Trail Community Bank ATM or accept the withdrawal 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

3.5
SmartAsset Average: 3.7

Old Plank Trail Community Bank is a brick-and-mortar bank, with 14 total bank locations in Illinois and Indiana. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Old Plank Trail Community Bank gets inferior feedback from customers for its mobile app. Out of 54 customer reviews across iOS and Android platforms, the Old Plank Trail Community Bank mobile app rates a 3.1 out of 5 (compared to the national average of 3.8). You can utilize Old Plank Trail Community Bank's app to control your finances by reviewing current statements, transferring funds and accessing customer service. Old Plank Trail Community Bank gets a superb consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Old Plank Trail Community Bank ranks as a large bank and handles $1 billion in assets and $1 billion in deposits. Old Plank Trail Community Bank's Texas Ratio is 6.62%, signifying that Old Plank Trail Community Bank is in good financial shape and unlikely to fail. Additionally, Old Plank Trail Community Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.62%
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 Old Plank Trail Community Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $200
Checking Account 0.03% APY $1000
Certificates of Deposit
  • 12 Month: 1.10% APY
  • 24 Month: 1.11% APY
  • 36 Month: 1.45% APY
  • 48 Month: 2.01% APY
  • 60 Month: 2.01% APY
$1000 for all terms
Money Market Account 0.3% APY $10000

Old Plank Trail Community Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Old Plank Trail Community Bank does not have the best savings rate, which means you should consider 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. Old Plank Trail Community Bank's CD rates are fair compared to the national average.

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Find a Old Plank Trail Community Bank Near Me

Old Plank Trail Community Bank has 14 physical locations across the U.S.

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