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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 first started operating in 1887 and its headquarters are located in Aurora, Illinois. Old Second National Bank has assets of $2 billion as well as deposits totaling $2 billion, making it a large bank. Old Second National Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, Old Second National Bank is a decent bank that leaves room for improvement, with a rating of 3.8 out of 5 stars from our team. Old Second National Bank offers the complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Old Second National Bank has a fair savings rate compared to the average savings account. The bank's standard checking product carries a monthly fee of $3.95, although banks sometimes have requirements that allow you to waive the fee. Banks that offer no-fee checking as well as a high interest rate savings account are your best option for accruing the highest income on 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 earns at a rate of 1.50%, while its highest-yielding money market account has an APY of 0.15%. Given Old Second National Bank's 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 typically has average fees compared to the average U.S. bank. Old Second National Bank's checking account has a monthly fee of $3.95, rating it fair for anyone looking for a simple account. For those who will need cash in a pinch, Old Second National Bank is perfect because it has no out-of-network ATM fees. Additionally, at $35.00, it has a lower overdraft fee compared to the average U.S. overdraft fee. Old Second National Bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you'll be required to find an Old Second National Bank ATM or accept the cost of withdrawal.

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 mobile banking straightforward, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its 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's online and mobile banking services receive poor marks from customers. With 150 ratings across both iOS and Android platforms, the Old Second National Bank mobile app is scored at 3.3 out of 5 (compared to the national average of 3.8). Old Second National Bank's mobile app lets you manage your bank accounts by monitoring current statements, transferring funds and reaching support representatives. Old Second National Bank gets an excellent consumer satisfaction rating based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 and manages $2 billion in assets and $2 billion in deposits. Its Texas Ratio is 8.24%, suggesting a small likelihood of failure. 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 Accounts 0.13% APY 0.15% APY $10000 $15000

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 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 Second National Bank's CD rates are fair compared to the average U.S. bank.

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Find a Old Second National Bank Near Me

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

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