Prospect Bank Review. Exactly How Prospect Bank’s Savings Prices Compare

SmartAsset’s general Rating

Rates

Provider Quality

Financial Wellness

Key Features

  • Minimal Charges
  • Mobile App
  • Several Banking Items
  • Overview

    Prospect Bank ended up being established in 1873 with headquarters in Paris, Illinois. Prospect Bank manages $480 million in assets in addition to deposits totaling $391 million, ranking it as being a medium-size bank. Prospect Bank does not have premium usage of customer support, without any alternatives for real time talk or all-day solution. It really is a brick-and-mortar that is traditional with usage of solution representatives at a real location, as well as its online and mobile offerings. At a SmartAsset rating of 4.4 movie stars out of 5, Prospect Bank ought to be solidly in contention for the range of bank. Prospect Bank delivers a full range of item offerings, including savings reports, checking records, cash market reports, CDs and home loan items. This has a fair discount rate; you will find greater prices along with other banking institutions. If you’re thinking about stress-free individual checking, Prospect Bank’s standard checking account won’t have a month-to-month charge. Finding an organization with free checking and a higher savings APY is the most useful bet for accruing the best income from your own build up while keeping convenient use of your funds.

    How We Rated It

    SmartAsset’s general score

    The is really a weighted average of prices, costs, solution quality and economic wellness. Find out more

    Whenever a factor score is unavailable, the general rating is calculated as an average of the rest of the available ratings.

    Rates The Rates score represents an aggregate of great interest prices for specific bank services and products calculated resistant to the national interest that is average for every item. Item rates of interest can vary by branch. Prices shown mirror the highest available nationwide. Fees The Costs score is an evaluation associated with the bank’s charges calculated against the national fee that is average for particular solutions and is additionally affected by whether or not the financial institution refunds ATM fees. Provider Quality the client Experience rating is a weighted average associated with the Cellphone Rating together with customer Satisfaction get, which will be centered on complaints delivered to the customer Financial Protection Bureau (CFPB). Financial wellness The Financial wellness score is founded on the Texas Ratio, an indication that warns of credit dilemmas at specific banking institutions: anything lower than 5% pop over to this website is considered exemplary; lower than 20% is great; significantly less than 50% is great; lower than 90% is Fair; and over 90% is Poor.

    Prices

    Prospect Bank features a discount rate of 0.10%, which can be poor when compared to the U.S. that is average bank. Its one-year CD earns at a level of 1.67% and also the CD that is five-year at a price of 2.18%, while its highest-yielding cash market account has an interest rate of 0.15per cent. Given Prospect Bank’s unhealthy savings rate, you should look at selecting another bank to earn much more on your own deposits.

    Prospect Bank generally speaking has excessively low costs compared to the average U.S. bank. With no monthly charge, Prospect Bank is ideal for those that require a simple bank checking account. Prospect Bank does not reimburse out-of-network ATM fees, and that means you’ll need to seek out a Prospect Bank ATM or accept the withdrawal cost.

    Provider Quality

    Prospect Bank is a brick-and-mortar bank, with 10 total bank places in Illinois. With mobile and internet apps, Prospect Bank makes account access effortless, also while on the move. Prospect Bank gets marks that are fair users because of its mobile banking solutions. The Prospect Bank mobile app has an overall rating of 3.8 out of 5 (compared to the national average of 3.8) with 34 customer reviews on Apple and Android platforms. You have access to Prospect Bank’s mobile app to handle your funds by taking a look at present statements, moving funds in addition to reaching customer care. Prospect Bank gets a great customer satisfaction rating centered on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a federal federal government agency that protects customers within the economic sector.

    Financial Wellness

    Prospect Bank is a medium-size bank purchasing assets totaling $480 million along with $391 million in deposits. Prospect Bank’s Texas Ratio is 2.63%, signifying a possibility that is minute of. Also, Prospect Bank is FDIC-insured, and therefore your hard earned money is insured as much as $250,000, even yet in the function of bank failure.

    Texas Ratio Research

    The Texas Ratio, a measure of a “bad assets” against available money, can offer a warning that is early of bank failure. a ratio that is low smaller potential for failure; an increased ratio indicates greater danger.

    Compare Prospect Bank to Other offers that are competitive

    Products Granted

    Prospect Bank has deposit that is several including cost savings reports, checking records, cash market records and CDs offering you with several choices to handle your hard earned money. Prospect Bank won’t have the very best savings price, therefore you should think about having a look somewhere else for banks that deliver more return for the cash. CDs may be an option that is terrific achieve greater returns, but you will find limits to accessing your cash. Prospect Bank’s CD prices are reasonable when compared to the nationwide average.