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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 and has its headquarters in Wheaton, Illinois. It has $2 billion in assets and $1 billion in deposits, making it a large bank. Wheaton Bank & Trust lacks premium access to customer service, with no options for live chat or all-day service. 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. With a commendable 4.1 out of 5 stars, Wheaton Bank & Trust proves it is a good bank that should be given a look. Wheaton Bank & Trust has a complete suite of product offerings, including 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 interested in stress-free personal checking, the bank's standard checking does not have a monthly maintenance fee. Institutions that offer no-fee checking as well as a high interest rate savings account are the best bet for returning the highest income on your deposits while maintaining 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 features a savings rate of 0.20%, which is fair in comparison to the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.35% and 1.15%, respectively, while its highest-yielding money market account has an APY of 0.30%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

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 its customers extremely low fees compared to the national average. Wheaton Bank & Trust's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. For those who will need cash in a pinch, it is ideal because it has no out-of-network ATM fees. Wheaton Bank & Trust unfortunately does not refund out-of-network ATM charges, meaning you will be required to find a Wheaton Bank & Trust ATM or eat the cost of withdrawal.

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. With mobile and web apps, Wheaton Bank & Trust makes account access easy, even on the go. Wheaton Bank & Trust's online and mobile banking platforms receive mediocre feedback from users. The Wheaton Bank & Trust mobile app scored a 3.1 out of 5 (with 27 customer reviews on Apple and Android) compared to the national average of 3.8. Wheaton Bank & Trust's mobile app lets you control your bank accounts by looking at monthly statements, sending and receiving funds as well as reaching customer service. Wheaton Bank & Trust receives a superb consumer satisfaction rating due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 owning assets totaling $2 billion as well as deposits totaling $1 billion. Wheaton Bank & Trust has an excellent Texas Ratio of 4.27%, suggesting that the bank 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 Account 0.3% APY $10000

Wheaton Bank & Trust offers several deposit products like 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 think about 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 other U.S. banks.

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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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