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Schaumburg Bank & Trust Company Review

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Schaumburg Bank & Trust Company Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Schaumburg Bank & Trust Company first started operating in 2001 and is headquartered in Schaumburg, Illinois. Schaumburg Bank & Trust Company owns $1 billion in assets and deposits totaling $881 million, making it a medium-size bank. Schaumburg Bank & Trust Company lacks premium access to customer service, 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. On the whole, Schaumburg Bank & Trust Company is a solid pick to be your bank, with a rating of 4.2 stars out of 5 from our experts. Schaumburg Bank & Trust Company provides customers with a full choice 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 compared to the average savings account. If you're looking for a checking account for everyday use, Schaumburg Bank & Trust Company's most basic checking account does not have a monthly charge. Locating an institution with no-fee checking, in addition to a high savings APY is the best bet for gaining the most income from your deposits while maintaining easy access to your money.

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

Schaumburg Bank & Trust Company features a savings rate of 0.15%, which is fair compared to other U.S. banks. Its CDs feature a rate of 0.80% and 1.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.30%. Given Schaumburg Bank & Trust Company's below average savings rate, you should consider taking a look at other banks for savings accounts.

How Schaumburg Bank & Trust Company's Savings Rates Compare

Schaumburg Bank & Trust Company Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Schaumburg Bank & Trust Company has generally extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Schaumburg Bank & Trust Company doesn't refund out-of-network ATM charges, which means you'll need to find a Schaumburg Bank & Trust Company 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

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 an easy mobile-banking experience. Schaumburg Bank & Trust Company's online and mobile banking services get moderate feedback from users. The Schaumburg Bank & Trust Company mobile app rates a 3.9 out of 5 (with 18 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize Schaumburg Bank & Trust Company's mobile app to control your accounts by looking at monthly statements, transferring funds and accessing support representatives. Schaumburg Bank & Trust Company receives a superb consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 ranks as a medium-size bank with assets totaling $1 billion and $881 million in deposits. 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 0.15% 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 Account 0.3% APY $10000

Schaumburg Bank & Trust Company offers several deposit products including 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 consider other options 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 in comparison to other U.S. banks.

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Find a Schaumburg Bank & Trust Company Near Me

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

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