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Wintrust Bank Review

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Wintrust Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1994, Wintrust Bank has assets totaling $5 billion along with $4 billion in deposits, which makes it a large bank. Wintrust Bank, whose headquarters are in Chicago, Illinois, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a score of 4.1 stars out of 5, Wintrust Bank should be solidly in contention for your choice of bank. Wintrust Bank offers an array product offerings, which include savings accounts, checking accounts, money market accounts, mortgage products and credit cards. Wintrust Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking account does not carry a monthly fee. Finding an institution with free checking and a high interest rate savings account is your best bet for accruing the most income from your deposits alongside easy 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

2.9
SmartAsset Average: 3.5

Wintrust Bank has a savings rate of 0.10%, which is poor compared to other U.S. banks. Wintrust Bank's one-year CD has a rate of 0.15% and the five-year CD earns at a rate of 0.95%, while its highest-yielding money market account earns at a rate of 0.10%. Given Wintrust Bank's noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Wintrust Bank's Savings Rates Compare

Wintrust Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Wintrust Bank charges its customers extremely low fees compared to the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. For those who regularly visit the ATM, Wintrust Bank is perfect because it charges no out-of-network ATM fees. Wintrust Bank unfortunately does not reimburse out-of-network ATM fees, meaning you will have to find a Wintrust Bank ATM or pay 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

3.4
SmartAsset Average: 3.7

Wintrust Bank is a brick-and-mortar bank, with 28 total branches in Illinois. With mobile and web apps, Wintrust Bank makes mobile banking straightforward, even on the go. Wintrust Bank gets unsatisfactory reviews from customers for its mobile banking services. Out of 82 ratings on both iOS and Android platforms, the Wintrust Bank mobile app has an overall rating of 3.0 out of 5 (compared to the national average of 3.8). You can use Wintrust Bank's mobile app to manage your bank accounts by checking current statements, transferring funds and accessing customer service. Wintrust Bank receives an excellent consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.0/5
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

Wintrust Bank is currently a large bank owning assets totaling $5 billion as well as $4 billion in deposits. Wintrust Bank's Texas Ratio is 3.48%, denoting a low likelihood of failure. Additionally, Wintrust Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.48%
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 Wintrust Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $2500
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.15% APY
  • 24 Month: 0.30% APY
  • 36 Month: 0.45% APY
  • 48 Month: 0.60% APY
  • 60 Month: 0.95% APY
$1000 for all terms
Money Market Accounts 0.05% APY 0.1% APY $10000 $15000

Wintrust Bank offers several deposit products including savings accounts, checking accounts and money market accounts to give you many options to manage your money. Wintrust Bank does not have the best savings rate, which means you should consider other options 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. Wintrust Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Wintrust Bank Near Me

Wintrust Bank has 28 physical branches across the U.S.

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