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Resource Bank Review

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Resource Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Resource Bank started in 1901 and its headquarters are located in Dekalb, Illinois. It owns $459 million in assets as well as $416 million in deposits, classifying it as a medium-size bank. Resource Bank lacks premium access to support representatives, 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 apps. With a score of 4.3 stars out of 5, Resource Bank should be solidly in contention for your choice of bank. Resource Bank provides customers with a complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Resource Bank's standard checking account does not have a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same institution is the best option for gaining the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

Resource Bank features a savings rate of 0.05%, which is poor in comparison to the average U.S. bank. Its one-year CD earns at a rate of 0.81% and the five-year CD has a rate of 1.53%, while its highest-yielding money market account has a rate of 0.13%. Given Resource Bank's below average savings rate, you should consider looking elsewhere to open savings accounts.

How Resource Bank's Savings Rates Compare

Resource Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Resource Bank generally has extremely low fees compared to other U.S. banks. With no monthly fee, Resource Bank is ideal for those who want a simple banking experience. Resource Bank doesn't refund out-of-network ATM fees, meaning you'll need to find a Resource Bank ATM or accept 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

4.2
SmartAsset Average: 3.7

Resource Bank is a brick-and-mortar bank, with 10 total branches in Illinois. With mobile and web apps, Resource Bank makes account access straightforward, even on the go. Resource Bank receives reasonably decent reviews from users for its online presence. The Resource Bank mobile app has been given a 4.4 out of 5 (out of 36 customer reviews on Apple and Android) compared to the national average of 3.8. You can access Resource Bank's app to control your funds by reviewing monthly statements, transferring money as well as reaching support representatives. Resource Bank receives a superb 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 4.4/5
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

Resource Bank ranks as a medium-size bank owning assets totaling $459 million and $416 million in deposits. Resource Bank has a strong Texas Ratio of 7.26%, denoting that the bank is in fine financial shape and far from failure. Additionally, Resource Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.26%
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 Resource Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.81% APY
  • 24 Month: 0.97% APY
  • 36 Month: 1.16% APY
  • 48 Month: 1.27% APY
  • 60 Month: 1.53% APY
$10000 for all terms
Money Market Account 0.08% APY $10000

Resource Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Resource Bank does not have the best savings rate, which means you should think about 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. Resource Bank's CD rates are fair compared to the national average.

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Find a Resource Bank Near Me

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

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