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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 along with $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, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a commendable 4.3 out of 5 stars, State Bank of the Lakes proves it is a solid pick to be your bank. State Bank of the Lakes offers 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 interested in stress-free personal checking, State Bank of the Lakes's ordinary checking account does not have a monthly fee. Using a bank with no-fee checking and a high interest rate savings account is your best bet for accruing the most income on your deposits while maintaining 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 in comparison to other U.S. banks. State Bank of the Lakes's one-year and five-year term lengths CDs earn at a rate of 1.36% and 2.12%, respectively, while its highest-yielding money market account has a rate of 0.30%. Given its poor savings rate, you should think about looking at the competition to open 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 charges customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, State Bank of the Lakes is ideal for people who want a basic banking experience. For those who frequently visit the ATM, State Bank of the Lakes is perfect because it charges no out-of-network ATM fees. State Bank of the Lakes unfortunately does not reimburse out-of-network ATM fees, meaning you will be required to find a State Bank of the Lakes ATM or pay the ATM charge.

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. With mobile and web apps, State Bank of the Lakes makes mobile banking easy, even on the go. It provides all-day customer service. State Bank of the Lakes gets inferior reviews from customers for its online presence. The State Bank of the Lakes mobile app scored a 2.8 out of 5 (out of 39 customer reviews on iOS and Android) compared to the national average of 3.8. You can use State Bank of the Lakes's app to manage your bank accounts by monitoring current statements, sending and receiving money and reaching support representatives. State Bank of the Lakes gets a superb consumer satisfaction score due to relatively few consumer complaints filed 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 owning assets totaling $1 billion and deposits totaling $906 million. It has an excellent Texas Ratio of 3.09%, denoting that State Bank of the Lakes is in excellent financial well-being and unlikely 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: 1.66% APY
  • 36 Month: 1.81% APY
  • 48 Month: 1.87% APY
  • 60 Month: 2.12% APY
$1000 for all terms
Money Market Accounts 0.3% APY 0.3% APY $10000 $15000

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 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. State Bank of the Lakes's CD rates are fair in comparison to other U.S. banks.

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Find a State Bank of the Lakes Near Me

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

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