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Parkway Bank and Trust Company Review

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Parkway Bank and Trust Company Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1964, Parkway Bank and Trust Company has assets totaling $3 billion along with deposits totaling $2 billion, making it a large bank. Parkway Bank and Trust Company, whose headquarters are in Harwood Heights, Illinois, 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 apps. We gave Parkway Bank and Trust Company a 4.1 stars out of 5, which means it is a respectable bank that you should consider. Parkway Bank and Trust Company has a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's most basic checking does not have a monthly fee. Banks that offer free checking, in addition to a high savings APY are your best bet for getting the highest income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
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 0.15%, Parkway Bank and Trust Company ranks poorly in comparison to the national average. Its one-year CD earns at a rate of 1.25% and the five-year CD has a rate of 2.75%, while its highest-yielding money market account earns at an APY of 0.30%. Given Parkway Bank and Trust Company's below average savings rate, you should think about taking a look at other banks for savings accounts.

How Parkway Bank and Trust Company's Savings Rates Compare

Parkway Bank and Trust Company Savings 0.15 National Average 0.26 Compare Offers
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Fees

4.1
SmartAsset Average: 4.4

On average, Parkway Bank and Trust Company charges customers average fees in comparison to the national average. With no monthly fee, Parkway Bank and Trust Company is perfect for people who want a simple checking account. For those who will need cash in a pinch, it is not ideal because it has an out-of-network ATM fee of $3.00, which is less than great compared to the national average. Also, at $35.00, Parkway Bank and Trust Company has a lower overdraft fee compared to the national average overdraft fee. Parkway Bank and Trust Company does not reimburse out-of-network ATM fees, meaning you will have to locate a Parkway Bank and Trust Company ATM or accept the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $3.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

Parkway Bank and Trust Company is a brick-and-mortar bank, with 32 total bank locations in Arizona and Illinois. With mobile and web apps, Parkway Bank and Trust Company makes mobile banking convenient, even on the go. Parkway Bank and Trust Company receives relatively high marks from customers for its online presence. Out of 30 customer reviews on both iOS and Android platforms, the Parkway Bank and Trust Company mobile app rates a 4.3 out of 5 (compared to the national average of 3.8). Parkway Bank and Trust Company's mobile app lets you manage your finances by looking at current statements, sending and receiving funds as well as accessing customer service. Parkway Bank and Trust Company receives an exceptional consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.3/5
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

Parkway Bank and Trust Company is currently a large bank and has assets totaling $3 billion as well as deposits totaling $2 billion. It has a strong Texas Ratio of 6.61%, indicating that Parkway Bank and Trust Company is in good financial shape and far from failure. Additionally, Parkway Bank and Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.61%
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 Parkway Bank and Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 2.50% APY
  • 36 Month: 2.75% APY
  • 48 Month: 2.75% APY
  • 60 Month: 2.75% APY
$1000 for all terms
Money Market Account 0.3% APY $15000

Parkway Bank and Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Parkway Bank and Trust Company 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. Parkway Bank and Trust Company's CD rates are fair in comparison to the national average.

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Find a Parkway Bank and Trust Company Near Me

Parkway Bank and Trust Company has 32 physical branches in the U.S.

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