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Prospect 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
Prospect Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Prospect Bank was founded in 1873 with headquarters in Paris, Illinois. Prospect Bank manages $480 million in assets as well as deposits totaling $391 million, ranking it as a medium-size bank. Prospect Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4.4 stars out of 5, Prospect Bank should be solidly in contention for your choice of bank. Prospect Bank offers a full choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Prospect Bank's standard checking account does not have a monthly fee. Finding an institution with free checking and a high savings APY is your best bet for accruing the highest income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

Prospect Bank features a savings rate of 0.10%, which is poor in comparison to the average U.S. bank. Its one-year CD earns at a rate of 1.67% and the five-year CD earns at a rate of 2.18%, while its highest-yielding money market account has a rate of 0.15%. Given Prospect Bank's below average savings rate, you should consider choosing another bank to earn more on your deposits.

How Prospect Bank's Savings Rates Compare

Prospect Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Prospect Bank generally has extremely low fees in comparison to the average U.S. bank. With no monthly fee, Prospect Bank is perfect for those who want a simple checking account. Prospect Bank doesn't reimburse out-of-network ATM fees, which means you'll have to search for a Prospect Bank ATM or accept the withdrawal fee.

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

3.9
SmartAsset Average: 3.7

Prospect Bank is a brick-and-mortar bank, with 10 total bank locations in Illinois. With mobile and web apps, Prospect Bank makes account access easy, even on the go. Prospect Bank receives fair marks from users for its mobile banking services. With 34 customer reviews on Apple and Android platforms, the Prospect Bank mobile app has an overall rating of 3.8 out of 5 (compared to the national average of 3.8). You can access Prospect Bank's mobile app to manage your funds by looking at current statements, transferring funds as well as reaching customer service. Prospect Bank receives an exceptional consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Prospect Bank is a medium-size bank owning assets totaling $480 million as well as $391 million in deposits. Prospect Bank's Texas Ratio is 2.63%, signifying a minute possibility of failure. Additionally, Prospect 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 Prospect Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 1.67% APY
  • 24 Month: 1.87% APY
  • 36 Month: 0.88% APY
  • 48 Month: 2.08% APY
  • 60 Month: 2.18% APY
$10000 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

Prospect Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Prospect Bank does not have the best savings rate, which means you should consider taking a look 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. Prospect Bank's CD rates are fair in comparison to the national average.

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Find a Prospect Bank Near Me

Prospect Bank has 10 physical locations across the U.S.

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