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

Overview

Park Bank first started operating in 1985 and has its headquarters in Milwaukee, Wisconsin. Park Bank owns assets of $944 million and $816 million in deposits, ranking it as a medium-size bank. Park Bank has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. 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, Park Bank is a respectable bank that deserves your consideration, with a rating of 3.9 out of 5 stars from the SmartAsset team. Park Bank offers a complete suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Park Bank has a fair savings rate; other popular banks have higher rates. Banks that offer no-fee checking, in addition to a high interest rate savings account are the best bet for gaining the highest income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

With a savings rate of 0.05%, Park Bank ranks poorly in comparison to the national average. Park Bank's one-year CD earns at a rate of 1.25%, while its highest-yielding money market account earns at an APY of 0.20%. Given Park Bank's poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Park Bank's Savings Rates Compare

Park Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Park Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

3.1
SmartAsset Average: 3.7

Park Bank is a brick-and-mortar bank, with six total branches in Wisconsin. With mobile and web apps, Park Bank makes mobile banking convenient, 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, 8:30 a.m. to 5:00 p.m. CT, Saturday, and 9:00 a.m. to 12:00 p.m. CT. Park Bank also offers a live chat feature, an alternative customer service tool if you can't call in during business hours. Park Bank's online and mobile banking services get poor scores from customers. With 15 customer reviews across both Apple and Android platforms, the Park Bank mobile app has an overall rating of 2.0 out of 5 (compared to the national average of 3.8). Park Bank's mobile app allows you to control your funds by monitoring current statements, transferring funds as well as accessing customer service. Park Bank receives an outstanding consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 2.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

5.0
SmartAsset Average: 4.8

Park Bank ranks as a medium-size bank owning assets totaling $944 million as well as deposits totaling $816 million. Its Texas Ratio is 0.63%, signifying a negligible possibility of failure. Additionally, Park Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Park Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $200
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.10% APY
  • 48 Month: 2.20% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Park Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Park Bank does not have the best savings rate, which means you should think about 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. Park Bank's CD rates are fair compared to the average U.S. bank.

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Find a Park Bank Near Me

Park Bank has six physical locations in the U.S.

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