Parkway Bank and Trust Company Review

Overview

Started in 1964, Parkway Bank and Trust Company has assets totaling $3 billion and $2 billion in deposits, classifying it as 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 offerings. On the whole, Parkway Bank and Trust Company is a respectable bank that deserves your consideration, with a rating of 4.1 stars out of 5 from the SmartAsset experts. Parkway Bank and Trust Company has a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Parkway Bank and Trust Company has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly maintenance charge. Using an institution with free checking, in addition to a high savings APY is your best option for accruing the highest income on your deposits alongside convenient access to your money.

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

With a savings rate of 0.15%, Parkway Bank and Trust Company ranks poorly compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 1.50% and 2.75%, respectively, 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

On average, Parkway Bank and Trust Company charges its customers average fees compared to the national average. Parkway Bank and Trust Company's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. For those who use cash often, it is not ideal because it has an out-of-network ATM fee of $3.00, which is not the best option in comparison to the national average. Also, it has an overdraft fee of $35.00, which is on par with the average U.S. overdraft fee. Parkway Bank and Trust Company doesn't reimburse out-of-network ATM fees, which means you'll have to search for a Parkway Bank and Trust Company ATM or pay the withdrawal fee.

Parkway Bank and Trust Company is a brick-and-mortar bank, with 32 total bank locations in Arizona and Illinois. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Parkway Bank and Trust Company's online and mobile banking platforms receive fairly decent ratings from users. With 30 ratings on Apple 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). You can utilize Parkway Bank and Trust Company's app to manage your funds by checking account balances, transferring funds and reaching customer service. Parkway Bank and Trust Company gets an outstanding consumer satisfaction rating due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Parkway Bank and Trust Company is currently a large bank and handles assets totaling $3 billion and deposits totaling $2 billion. Its Texas Ratio is 6.61%, suggesting a small chance of 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

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.

Products Offered

Parkway Bank and Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Parkway Bank and Trust Company does not have the best savings rate, which means you should consider 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. Parkway Bank and Trust Company's CD rates are fair in comparison to the national average.

Find a Parkway Bank and Trust Company Near Me

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