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The Park 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
The Park Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1966, The Park Bank has $897 million in assets and $708 million in deposits, which makes it a medium-size bank. The Park Bank, whose headquarters are in Madison, Wisconsin, has superior access to customer service, with live chat and all-day support available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at a commendable 4.3 stars out of 5, The Park Bank is a great choice and should warrant serious consideration. The Park Bank offers a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Park Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, The Park Bank's standard checking account does not have a monthly fee. Institutions that offer free checking and a high interest rate savings account are your best option for returning the most income from your deposits alongside easy 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

2.8
SmartAsset Average: 3.5

The Park Bank features a savings rate of 0.03%, which is poor in comparison to other U.S. banks. The Park Bank's CDs feature a rate of 0.50% and 1.25% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given its poor savings rate, you should consider other options to earn more on your deposits.

How The Park Bank's Savings Rates Compare

The Park Bank Savings 0.03 National Average 0.26 Compare Offers
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Fees

4.9
SmartAsset Average: 4.4

On average, The Park Bank charges customers extremely low fees compared to other U.S. banks. With no monthly fee, The Park Bank is ideal for those who want a basic checking account. For those who will need cash in a pinch, it is ideal because it charges no out-of-network ATM fees. Also, The Park Bank has an overdraft fee of $33.00, which is less than the national average. The Park Bank doesn't refund out-of-network ATM charges, meaning you will be required to locate a The Park Bank ATM or pay the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $33.00 National Average: $35.00
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Service Quality

4.6
SmartAsset Average: 3.7

The Park Bank is a brick-and-mortar bank, with 12 total bank locations in Wisconsin. With mobile and web apps, The Park Bank makes mobile banking straightforward, even on the go. It offers all-day access to representatives. Additionally, The Park Bank offers a live chat feature, something to consider if you work during the customer service hours. The Park Bank's online and mobile banking services get moderately high praise from customers. The The Park Bank mobile app is rated at 4.2 out of 5 (out of 24 ratings on Apple and Android) compared to the national average of 3.8. The Park Bank's mobile app allows you to control your funds by monitoring account balances, sending and receiving money as well as reaching customer service. The Park Bank gets a superb consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

5.0
SmartAsset Average: 4.8

The Park Bank is currently a medium-size bank and manages assets totaling $897 million as well as $708 million in deposits. The Park Bank has an excellent Texas Ratio of 1.38%, suggesting a minute likelihood of failure. Additionally, The Park Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 The Park Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $2500
Checking Account 0.01% APY $1000
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.75% APY
  • 36 Month: 0.85% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.25% APY
$1000 for all terms
Money Market Accounts 0.05% APY 0.1% APY $10000 $15000

The Park Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Park Bank does not have the best savings rate, which means you should think about 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. The Park Bank's CD rates are fair compared to the national average.

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Find a The Park Bank Near Me

The Park Bank has 12 locations across the U.S.

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