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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

Started in 1988, Prairie State Bank and Trust has $713 million in assets along with $607 million in deposits, classifying the institution as a medium-size bank. Prairie State Bank and Trust, whose headquarters are in Springfield, Illinois, lacks premium access to support representatives, with no live chat or all-day service options available. 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. Overall, Prairie State Bank and Trust is a good bank that gets the job done, with a score of 4.0 out of 5 stars from the SmartAsset team. Prairie State Bank and Trust offers a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's most basic checking does not carry a monthly maintenance fee. Banks that offer no-fee checking and a high savings APY are your best option for getting the most income from your deposits while maintaining easy access to your money.

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 in comparison to other U.S. banks. 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 has an APY of 0.10%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

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 as compared against the national average. With no monthly fee, Prairie State Bank and Trust is ideal for those who want a simple banking experience. Prairie State Bank and Trust does not refund out-of-network ATM fees, meaning you will have to locate a Prairie State Bank and Trust ATM or accept the ATM charge.

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 bank locations in Illinois. It also offers access to mobile and web apps for simple access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its 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's online and mobile banking platforms get poor feedback from customers. With 30 customer reviews on both iOS and Android platforms, the Prairie State Bank and Trust mobile app has an overall rating of 2.9 out of 5 (compared to the national average of 3.8). Prairie State Bank and Trust's mobile app allows you to manage your accounts by reviewing account balances, transferring funds and reaching support representatives. Prairie State Bank and Trust receives an excellent consumer satisfaction rating based on relatively few consumer complaints brought to 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 currently a medium-size bank and owns assets totaling $713 million as well as $607 million in deposits. Its Texas Ratio is 6.50%, suggesting that Prairie State Bank and Trust is in fine financial health and far from 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 Account 0.1% APY $2500

Prairie State Bank and Trust has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with 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 in comparison 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 branches in the U.S.

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