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West Suburban 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
West Suburban Bank Savings
0.15% APY

Established in 1962 with a commitment to reinvest in its communities, West Suburban Bank now runs more than a dozen full-service branches throughout Illinois. Nonetheless, you can find anything here that you'd find at a major national bank. It offers checking, savings and certificate of deposit (CD) accounts, as well as mortgages and products geared toward stimulating local businesses. West Suburban Bank tends to offer one type of account per category. Its Flexible Checking option, for example, gives you several opportunities to waive the dreaded monthly fee and even earn a little bit of interest in the process.

Products Offered

Product Key Features
Savings Account
  • One option with easy access to funds
Certificates of Deposit
  • High interest rates 
  • Interest can compound or be transferred to you
Money Market Accounts
  • One option with tiered interest rates
IRA
  • Earn a fixed APY
Checking Accounts
  • One customizable option that allows you to decide how it functions based on the minimum balance you want to keep 

West Suburban Bank Interest Rate Comparison

Investment Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $5 monthly service fee if your balance falls below $100 any day of the month
  • 50 cents after fourth withdrawal in a calendar month
Current Terms and Rates
  • For balances of $100 -$49,999.99: 0.15% APY
  • For balances of $50,000 - $99,999.99: 0.30% APY
  • For balances $100,000 - $499,999.99: 0.60% APY
  • For balances $500,00+: 0.60% APY

Although the Investment Savings Account through West Suburban Bank won’t generate the strongest APY, it does offer easy access to your money unlike some savings accounts at competing banks. You can make up to four free withdrawals per calendar month at any branch lobby or drive up. Additional withdrawals would incur 50 cents each. 

In addition, managing this account requires a certain degree of financial responsibility. For instance, you have to maintain a minimum balance of $100 each day of the month to avoid the monthly service charge. And although $5 may not seem like much, it can certainly add up in time. 

Still, you may be able to find better rates and features by exploring the best savings accounts we’ve analyzed on the market today. 

West Suburban Bank Vacation/Holiday Savings Account

Key Features Details
Minimum Deposit $5
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fee
Current Terms and Rates
  • For balances of $100 - $49,999.99: 0.15% APY
  • For balances of $50,000 - $99,999.99: 0.30% APY
  • For balances of $100,000 - $499,999.99: 0.35% APY
  • For balances of $500,00+: 0.35%

As the name implies, this account is designed to help you save for that getaway you’ve been eyeing or to knock out your checklist come holiday season. You can open one with as little as $5 and deposit any amount you wish at any time. Furthermore, you can link it to your West Suburban Bank checking account for a more convenient way to save. 

The bank lets you make one free withdrawal per quarter but a 50 cent fee would apply to the rest. 

This account generates the same interest rates as its Investment Savings counterpart. In addition, the bank compounds your interest quarterly. However, you can compare savings accounts from different banks to find rates and features that may better meet your needs.  

Compare West Suburban Bank to Other Competitive Offers

Certificates of Deposit (CDs)

Key Features Details
Minimum Deposit $2,500
Access to Your CD Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties will apply.
Current Terms and Rates
  • 6 Months: 0.20%
  • 12 Months: 1.40%
  • 18 Months: 1.90%
  • 24 Months: 1.90%
  • 30 Months: 2.50%
  • 36 Months: 2.50 %
  • 48 Months: 2.50% 
  • 5 Years: 2.75%

Although West Suburban Bank’s certificate of deposit (CD) accounts require high opening deposits, they offer some of the best CD rates we’ve examined among community banks. In addition, you can let interest accumulate in the CD or the bank can transfer it to your West Suburban Bank checking or savings account each month. 

Each CD offered by West Suburban Bank offers a fixed interest rate. However, the bank will charge you an early withdrawal penalty if you take your money out of your CD before its term ends—also known as the point of maturity. At West Suburban Bank, early withdrawal penalties apply as follows: 

  • For terms of 15 - 89 days: 30 days loss of interest
  • For terms of 90 - 364 days: 90 days loss of interest
  • For terms of 365 days or more: 180 days loss of interest

Money Market Account

Key Features Details
Minimum Deposit $100
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly service fee if balance falls below $5,000 on any day of the statement period
Current Terms and Rates
  • $2,500 - $9,999.99: 0.05%
  • $10,000 - $49,999.99:1.00%
  • $50,000 - $99,999.99: 1.40%
  • $100,000+: 1.50%

Even though you can open a money market account (MMA) with West Suburban Bank for at least $100, you need to maintain at least $2,500 to earn any interest. And you’d also need to hold steady at least $100,00 to generate its peak APY of 0.60%, which is moderately high. 

However, the account provides several ways to access your funds. You can access your funds via check, through online banking or telebank. Nonetheless, you may find better rates and benefits by comparing the best money market accounts currently available at banks across the country, including those at online institutions with no geographic requirements. 

Individual Retirement Accounts (IRAs)

Key Features Details
Minimum Deposit
  • $1,000
Access to Your IRA Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fees, but early withdrawal penalties may apply
Current Terms and Rates
  • 6 Months: 0.20% APY 
  • 12 Months: 1.40% APY
  • 18 Months: 1.90% APY 
  • 24 Months: 1.90% APY 
  • 30 Months: 2.00% APY 
  • 36 Months: 2.00% APY 
  • 48 Months: 2.00% APY 
  • 5 Years: 2.10% APY 
  • 18 Month Passbook: 1.90% APY 
  • 30 Month Passbook: 2.00% APY 

Through West Suburban Wealth Management, you can open an individual retirement account (IRA) to save for your golden years. By investing in an IRA, your money grows shielded from taxes until you make qualified withdrawals when you’re at least 59.5 years-old. 

These accounts at West Suburban Wealth Management function much like IRA CD options. You lock in your money for a period of time, but early withdrawal penalties will apply. For more information about how these accounts may benefit you based on your unique goals, contact a West Suburban Wealth Management representative by dialing 630-652-2232.

In addition, you may want to contact a tax advisor or qualified financial advisor whenever contemplating serious retirement planning decisions. If you’re not sure about the right one to work with, you can use our find a financial advisor tool. After answering a few questions, we’d connect you with up to three advisors in your area who may be able to meet your needs. You can then review their credentials and set up interviews before making your decision.

Flexible Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $5 monthly service charge unless you meet certain requirements
Current Terms and Rates 0.05% APY

West Suburban Bank’s Flexible Checking account stands out as one of the most customizable checking accounts we’ve examined. Its features and functionality depend on which minimum balance you choose to maintain. We’ll explain. 

With a $2,500 minimum balance 

  • Earns interest
  • No monthly service fee or per-check charge

With a $500 minimum balance 

  • No monthly service charge or per-check charge 

With a $200 minimum balance 

  • No monthly service charge
  • Opportunity to write up to 15 free checks

Under $200 

  • $5 monthly service charge if balance falls below $200 on any day of the statement period

But even if your account balance does fall below $200, you still have several opportunities to eliminate your monthly fee. Just have the following: 

  • Monthly direct deposit
  • Automatic bill pay
  • Electronic statements

Furthermore, the bank waives the fee for students who prove school enrollment each year, as well as for customers aged 65 and older. Overall, this is a solid and inexpensive checking account. Even though its interest rate isn’t the highest, checking accounts this simple rarely offer any. So a little bump is appreciated. Still, you may find higher rates and more suitable features by visiting our stidy of the best checking accounts availalble today. 

Branch Locations

Today, West Suburban Bank manages more than 40 branches throughout its home state of Illinois. You can reach the bank by dialing 630-652-2000.

Financial Statistics & Bank Health Rating

West Suburban Bank holds $2.27 billion and $1.11 billion in loans, according to the latest reports by the FDIC. The bank also holds $2.07 billion in deposits. If you’re concerned about adding to those funds, a good indicator of a bank’s reliability is an industry metric known as the Texas Ratio. It’s calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. Those with rankings below 5% are recognized for excellent reliability. West Suburban Bank’s Texas Ratio holds at 11.72%. 

The preceding rates were gathered during a call to West Suburban Bank on July 2018. They are subject to change.

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