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

Overview

Founded in 1901, Resource Bank has assets totaling $459 million as well as deposits totaling $416 million, which makes the institution a medium-size bank. Resource Bank, whose headquarters are in Dekalb, Illinois, 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. On the whole, Resource Bank is a great choice and should warrant serious consideration, with a rating of 4.3 out of 5 stars from our team. Resource Bank offers a full suite 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 looking for a checking account for everyday use, Resource Bank's standard checking does not carry a monthly maintenance charge. Locating an institution with free checking and a high savings APY is your best option for gaining the most income from your deposits alongside convenient access to your funds.

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 as compared against the national average. Resource Bank's one-year and five-year term lengths CDs earn at a rate of 0.87% and 1.61%, respectively, while its highest-yielding money market account earns at a rate of 0.25%. Given its below average savings rate, you should consider other options to earn more on your deposits.

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 has generally extremely low fees in comparison to the average U.S. bank. Resource Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Resource Bank unfortunately doesn't refund out-of-network ATM charges, which means you will have to find a Resource Bank ATM or eat 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

4.2
SmartAsset Average: 3.7

Resource Bank is a brick-and-mortar bank, with 10 total branches in Illinois. It also offers access to mobile and web apps for an easy mobile-banking experience. Resource Bank's online and mobile banking services receive reasonably high praise from users. The Resource Bank mobile app has been given a 4.4 out of 5 (with 36 ratings on iOS and Android) compared to the national average of 3.8. Resource Bank's mobile app lets you manage your finances by reviewing monthly statements, transferring money as well as accessing customer service. Resource Bank gets an exceptional consumer satisfaction score based on 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 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 is currently a medium-size bank owning $459 million in assets and deposits totaling $416 million. Resource Bank's Texas Ratio is 7.26%, indicating that Resource Bank is in good financial health and improbable to fail. 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: 0.87% APY
  • 24 Month: 1.03% APY
  • 36 Month: 1.16% APY
  • 48 Month: 1.27% APY
  • 60 Month: 1.61% APY
$10000 for all terms
Money Market Accounts 0.2% APY 0.25% APY $10000 $15000

Resource 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. Resource 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. Resource Bank's CD rates are fair as compared against the national average.

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Find a Resource Bank Near Me

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

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