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Wheaton Bank & Trust Review

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Wheaton Bank & Trust Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Wheaton Bank & Trust started in 1993 with headquarters in Wheaton, Illinois. Wheaton Bank & Trust owns assets of $2 billion along with deposits totaling $1 billion, making it a large bank. Wheaton Bank & Trust lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.1 out of 5 stars, Wheaton Bank & Trust should be solidly in contention for your choice of bank. Wheaton Bank & Trust offers a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Wheaton Bank & Trust offers an option without a maintenance or monthly fee. Locating a bank with free checking, in addition to a high savings APY is the best option for accruing the most income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.1
SmartAsset Average: 3.5

Wheaton Bank & Trust has a savings rate of 0.20%, which is fair in comparison to other U.S. banks. Its one-year CD has a rate of 0.35% and the five-year CD has a rate of 1.15%, while its highest-yielding money market account has a rate of 0.30%. Given Wheaton Bank & Trust's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How Wheaton Bank & Trust's Savings Rates Compare

Wheaton Bank & Trust Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Wheaton Bank & Trust charges customers extremely low fees as compared against the national average. With no monthly fee, Wheaton Bank & Trust is ideal for those who want a simple banking experience. For those who visit the ATM often, Wheaton Bank & Trust is perfect because it has no out-of-network ATM fees. Wheaton Bank & Trust unfortunately does not reimburse out-of-network ATM fees, meaning you'll be required to search for a Wheaton Bank & Trust 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

3.5
SmartAsset Average: 3.7

Wheaton Bank & Trust is a brick-and-mortar bank, with seven total branches in Illinois. It also offers access to mobile and web apps for a simple mobile-banking experience. Wheaton Bank & Trust gets inferior marks from customers for its mobile banking services. Out of 27 customer reviews on both Apple and Android platforms, the Wheaton Bank & Trust mobile app has an overall rating of 3.1 out of 5 (compared to the national average of 3.8). You can access Wheaton Bank & Trust's app to manage your funds by checking account balances, sending and receiving funds and reaching customer service. Wheaton Bank & Trust gets an outstanding consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Wheaton Bank & Trust is currently a large bank and manages assets totaling $2 billion as well as deposits totaling $1 billion. Its Texas Ratio is 4.27%, indicating that Wheaton Bank & Trust is in terrific financial shape and far from failure. Additionally, Wheaton Bank & Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.27%
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 Wheaton Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.75% APY
  • 48 Month: 0.95% APY
  • 60 Month: 1.15% APY
$1000 for all terms
Money Market Accounts 0.3% APY 0.3% APY $10000 $15000

Wheaton Bank & Trust offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Wheaton Bank & Trust does not have the best savings rate, which means you should consider looking 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. Wheaton Bank & Trust's CD rates are fair compared to the average U.S. bank.

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Find a Wheaton Bank & Trust Near Me

Wheaton Bank & Trust has seven physical branches across the U.S.

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