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Prairie State Bank and Trust Review

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Prairie State Bank and Trust Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Prairie State Bank and Trust started in 1988 and is headquartered in Springfield, Illinois. It owns $713 million in assets along with $607 million in deposits, making it a medium-size bank. Prairie State Bank and Trust lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We gave Prairie State Bank and Trust a 4 out of 5 stars, indicating that it is a respectable bank that warrants your consideration. Prairie State Bank and Trust provides customers with a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Prairie State Bank and Trust has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Prairie State Bank and Trust's standard checking account does not have a monthly fee. Locating a bank with no-fee checking and a high interest rate savings account is the best option for accruing the highest income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.10%, Prairie State Bank and Trust ranks poorly compared to the average U.S. bank. Its CDs feature a rate of 0.35% and 1.70% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.10%. Given Prairie State Bank and Trust's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How Prairie State Bank and Trust's Savings Rates Compare

Prairie State Bank and Trust Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Prairie State Bank and Trust charges customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Prairie State Bank and Trust's checking account is perfect for those who need a hassle-free checking account. Prairie State Bank and Trust doesn't refund out-of-network ATM fees, meaning you will be required to search for a Prairie State Bank and Trust ATM or pay the cost of withdrawal.

Monthly Fee $0 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

3.4
SmartAsset Average: 3.7

Prairie State Bank and Trust is a brick-and-mortar bank, with 20 total branches in Illinois. With mobile and web apps, Prairie State Bank and Trust makes account access easy, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 7:30 a.m. to 5:30 p.m. CT; Saturday, and 8:00 a.m. to 12:00 p.m. CT. Prairie State Bank and Trust gets unsatisfactory reviews from users for its online presence. The Prairie State Bank and Trust mobile app scored a 2.9 out of 5 (out of 30 customer reviews on Apple and Android) compared to the national average of 3.8. You can access Prairie State Bank and Trust's app to control your finances by looking at account balances, transferring money as well as accessing customer service. Prairie State Bank and Trust receives an outstanding consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 2.9/5
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

Prairie State Bank and Trust is a medium-size bank and manages assets totaling $713 million as well as deposits totaling $607 million. Prairie State Bank and Trust's Texas Ratio is 6.50%, signifying a tiny possibility of failure. Additionally, Prairie State Bank and Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.5%
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 Prairie State Bank and Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.55% APY
  • 36 Month: 1.05% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.70% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Prairie State Bank and Trust has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Prairie State Bank and Trust 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. Prairie State Bank and Trust's CD rates are fair compared to other U.S. banks.

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Find a Prairie State Bank and Trust Near Me

Prairie State Bank and Trust has 20 physical locations across the U.S.

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