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Old Second National Bank Review

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Old Second National Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Old Second National Bank started in 1887 with its headquarters in Aurora, Illinois. It has $2 billion in assets as well as deposits totaling $2 billion, making it a large bank. Old Second National Bank lacks premium access to customer service, 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 offerings. Coming in at an average 3.8 stars out of 5, Old Second National Bank proves it is a decent choice, but with better options out there. Old Second National Bank has a complete selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking product carries a $3.95 monthly fee, which places it at the higher end of monthly fees. Finding a bank with free checking, in addition to a high savings APY is the best bet for getting the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Old Second National Bank ranks poorly in comparison to other U.S. banks. Old Second National Bank's one-year CD earns at a rate of 0.10% and the five-year CD has a rate of 1.50%, while its highest-yielding money market account has an APY of 0.15%. Given its below average savings rate, you should think about other options to earn more on your deposits.

How Old Second National Bank's Savings Rates Compare

Old Second National Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.2
SmartAsset Average: 4.4

Old Second National Bank generally has average fees compared to the national average. Old Second National Bank's checking account has a monthly fee of $3.95, making it fair for anyone looking for a hassle-free account. For those who often frequent the ATM, Old Second National Bank is ideal because it charges no out-of-network ATM fees. Also, at $35.00, it has a lower overdraft fee compared to the national average. Old Second National Bank unfortunately doesn't refund out-of-network ATM fees, meaning you'll be required to search for an Old Second National Bank ATM or pay the withdrawal fee.

Monthly Fee $3.95 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Old Second National Bank is a brick-and-mortar bank, with 29 total branches in Illinois. With mobile and web apps, Old Second National Bank makes account access easy, even on the go. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 06:00 p.m. CT; Saturday, and 8:00 a.m. to 01:00 p.m. CT. Old Second National Bank gets poor feedback from users for its mobile app. With 150 ratings across iOS and Android platforms, the Old Second National Bank mobile app has an overall rating of 3.3 out of 5 (compared to the national average of 3.8). You can utilize Old Second National Bank's app to control your finances by reviewing current statements, transferring money and reaching customer service. Old Second National Bank receives an exceptional consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Old Second National Bank is currently a large bank with assets totaling $2 billion as well as $2 billion in deposits. It has a strong Texas Ratio of 8.24%, denoting that the bank is in good financial well-being and unlikely to fail. Additionally, Old Second National Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

8.24%
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 Second National Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $5000
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.55% APY
  • 48 Month: 1.46% APY
  • 60 Month: 1.50% APY
$1000 for all terms
Money Market Account 0.13% APY $5000

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

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Find a Old Second National Bank Near Me

Old Second National Bank has 29 physical branches across the U.S.

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