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Prospect Bank Review

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


Prospect Bank was founded in 1873 and is headquartered in Paris, Illinois. It owns $480 million in assets along with deposits totaling $391 million, classifying it as a medium-size bank. Prospect Bank lacks premium access to customer service, with no live chat or all-day service options available. 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 provides customers with a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Prospect Bank offers an option without a monthly fee. Banks that offer free checking, in addition to a high savings APY are the best option for gaining the most income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Prospect Bank features a savings rate of 0.10%, which is poor in comparison to other U.S. banks. Its CDs feature a rate of 1.67% and 2.18% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.15%. Given its noncompetitive 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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SmartAsset Average: 4.4

Prospect Bank charges customers extremely low fees compared to other U.S. banks. With no monthly fee, Prospect Bank is perfect for people who want a simple banking experience. Prospect Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will be required to locate a Prospect Bank ATM or eat 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

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 mobile banking straightforward, even on the go. Prospect Bank's online and mobile banking services receive moderate scores from users. Out of 34 customer reviews across both Apple and Android platforms, the Prospect Bank mobile app is scored at 3.8 out of 5 (compared to the national average of 3.8). You can access Prospect Bank's mobile app to control your finances by looking at monthly statements, transferring funds as well as accessing support representatives. Prospect Bank receives an exceptional consumer satisfaction score based on relatively few consumer complaints brought 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

SmartAsset Average: 4.8

Prospect Bank is a medium-size bank owning $480 million in assets and $391 million in deposits. Its Texas Ratio is 2.63%, suggesting a low chance 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
  • 48 Month: 2.08% APY
  • 60 Month: 2.18% APY
$10000 for all terms
Money Market Account 0.15% APY $1

Prospect Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Prospect Bank does not have the best savings rate, which means you should think about 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. 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 branches across the U.S.

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