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State Bank of the Lakes Review

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State Bank of the Lakes Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1926, State Bank of the Lakes has $1 billion in assets as well as $906 million in deposits, ranking it as a medium-size bank. State Bank of the Lakes, whose headquarters are in Antioch, Illinois, has above-average access to customer service with all-day support available, great for getting help during the work week. 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. With a commendable 4.3 stars out of 5, State Bank of the Lakes is a solid pick to be your bank. State Bank of the Lakes has a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. State Bank of the Lakes has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking account does not have a monthly maintenance charge. Locating an institution with no-fee checking, in addition to a high savings APY is the best bet for gaining the most income on your deposits while having convenient 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

3.8
SmartAsset Average: 3.5

State Bank of the Lakes has a savings rate of 0.20%, which is poor as compared against the national average. State Bank of the Lakes's one-year CD earns at a rate of 1.36% and the five-year CD earns at a rate of 2.12%, while its highest-yielding money market account has a rate of 0.30%. Given State Bank of the Lakes's noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How State Bank of the Lakes's Savings Rates Compare

State Bank of the Lakes Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

State Bank of the Lakes typically has extremely low fees compared to other U.S. banks. State Bank of the Lakes's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who routinely visit the ATM, it is ideal because it charges no out-of-network ATM fees. State Bank of the Lakes does not refund out-of-network ATM charges, which means you'll need to search for a State Bank of the Lakes ATM or accept the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

State Bank of the Lakes is a brick-and-mortar bank, with nine total branches in Illinois and Wisconsin. It also offers access to mobile and web apps for simple access and banking on the go. It provides all-day customer service. State Bank of the Lakes's online and mobile banking services get poor scores from users. The State Bank of the Lakes mobile app has an overall rating of 2.8 out of 5 (out of 39 reviews on Apple and Android) compared to the national average of 3.8. State Bank of the Lakes's mobile app lets you control your funds by reviewing monthly statements, sending and receiving funds and reaching support representatives. State Bank of the Lakes receives a superb consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 2.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

State Bank of the Lakes is currently a medium-size bank and manages $1 billion in assets and deposits totaling $906 million. Its Texas Ratio is 3.09%, denoting that the bank is in excellent financial condition and improbable to fail. Additionally, State Bank of the Lakes is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.09%
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 State Bank of the Lakes to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 1.36% APY
  • 24 Month: 1.61% APY
  • 36 Month: 1.76% APY
  • 48 Month: 1.87% APY
  • 60 Month: 2.12% APY
$1000 for all terms
Money Market Account 0.3% APY $10000

State Bank of the Lakes has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. State Bank of the Lakes 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. State Bank of the Lakes's CD rates are fair compared to the average U.S. bank.

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Find a State Bank of the Lakes Near Me

State Bank of the Lakes has nine branches across the U.S.

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