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Schaumburg Bank & Trust Company Review

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Schaumburg Bank & Trust Company Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 2001, Schaumburg Bank & Trust Company has assets totaling $1 billion as well as $881 million in deposits, ranking the institution as a medium-size bank. Schaumburg Bank & Trust Company, whose headquarters are in Schaumburg, Illinois, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional 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 4.2 out of 5 stars, Schaumburg Bank & Trust Company should be solidly in contention for your choice of bank. Schaumburg Bank & Trust Company has a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Schaumburg Bank & Trust Company has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Schaumburg Bank & Trust Company's ordinary checking account does not have a monthly fee. Using an institution with free checking and a high savings APY is the best option for gaining the highest income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

With a savings rate of 0.20%, Schaumburg Bank & Trust Company ranks poorly compared to the average U.S. bank. Schaumburg Bank & Trust Company's one-year and five-year term lengths CDs earn at a rate of 0.80% and 1.50%, respectively, while its highest-yielding money market account has an APY of 0.30%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How Schaumburg Bank & Trust Company's Savings Rates Compare

Schaumburg Bank & Trust Company Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Schaumburg Bank & Trust Company has typically extremely low fees in comparison to the average U.S. bank. With no monthly fee, Schaumburg Bank & Trust Company's checking account is perfect for those who want an easy banking experience. Schaumburg Bank & Trust Company unfortunately doesn't refund out-of-network ATM fees, meaning you will have to search for a Schaumburg Bank & Trust Company 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

3.9
SmartAsset Average: 3.7

Schaumburg Bank & Trust Company is a brick-and-mortar bank, with 10 total branches in Illinois. It also offers access to mobile and web apps for straightforward access and banking on the go. Schaumburg Bank & Trust Company's online and mobile banking platforms get moderate feedback from users. The Schaumburg Bank & Trust Company mobile app scored a 3.9 out of 5 (with 18 reviews on iOS and Android) compared to the national average of 3.8. Schaumburg Bank & Trust Company's mobile app allows you to control your finances by reviewing current statements, transferring money as well as accessing support representatives. Schaumburg Bank & Trust Company receives an outstanding consumer satisfaction score due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Schaumburg Bank & Trust Company is currently a medium-size bank and owns assets totaling $1 billion and deposits totaling $881 million. Its Texas Ratio is 8.73%, suggesting that Schaumburg Bank & Trust Company is in fine financial well-being and far from failure. Additionally, Schaumburg Bank & Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

8.73%
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 Schaumburg Bank & Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $200
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.80% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.20% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.50% APY
$1000 for all terms
Money Market Accounts 0.3% APY 0.3% APY $10000 $15000

Schaumburg Bank & Trust Company has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Schaumburg Bank & Trust Company 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. Schaumburg Bank & Trust Company's CD rates are fair compared to the national average.

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Find a Schaumburg Bank & Trust Company Near Me

Schaumburg Bank & Trust Company has 10 locations in the U.S.

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