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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 and is headquartered in New Lenox, Illinois. Old Plank Trail Community Bank manages assets of $1 billion along with $1 billion in deposits, classifying it as a large bank. Old Plank Trail Community Bank lacks premium access to support representatives, with no options for live chat or all-day service. 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. Overall, Old Plank Trail Community Bank is a solid pick to be your bank, with a rating of 4.2 out of 5 stars from the SmartAsset team. Old Plank Trail Community Bank offers a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Old Plank Trail Community Bank offers an option without a monthly fee. Institutions that offer free checking as well as a high savings APY are the best bet for gaining the highest income from your deposits alongside 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

Old Plank Trail Community Bank features a savings rate of 0.20%, which is poor compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 1.10% and 2.01%, respectively, while its highest-yielding money market account has a rate of 0.30%. Given Old Plank Trail Community Bank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

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 generally has extremely low fees compared to the national average. Old Plank Trail Community Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Old Plank Trail Community Bank unfortunately does not reimburse out-of-network ATM charges, meaning you'll need to find an Old Plank Trail Community Bank ATM or pay the cost of withdrawal.

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 branches in Illinois and Indiana. With mobile and web apps, Old Plank Trail Community Bank makes mobile banking convenient, even on the go. Old Plank Trail Community Bank's online and mobile banking services get poor scores from users. The Old Plank Trail Community Bank mobile app is rated at 3.1 out of 5 (with 54 ratings on Apple and Android) compared to the national average of 3.8. Old Plank Trail Community Bank's mobile app lets you control your finances by reviewing monthly statements, sending and receiving money and accessing customer service. Old Plank Trail Community Bank receives an outstanding consumer satisfaction rating based on relatively few consumer complaints reported to 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 is a large bank with assets totaling $1 billion and $1 billion in deposits. It has a strong Texas Ratio of 6.62%, indicating a small possibility of failure. 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 offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Old Plank Trail Community Bank does not have the best savings rate, which means you should consider taking a look 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. Old Plank Trail Community Bank's CD rates are fair as compared against the national average.

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Find a Old Plank Trail Community Bank Near Me

Old Plank Trail Community Bank has 14 physical branches in the U.S.

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