Prospect Bank Review. Smart Resource’s Overall Score

Prospect Bank Review. Smart Resource’s Overall Score

Prices

Provider Quality

Financial Wellness

Key Features

  • Minimal Charges
  • Cellphone App
  • Several Banking Items

Overview

Prospect Bank ended up being launched with headquarters in Paris, Illinois. Prospect Bank manages $480 million in assets along with deposits totaling $391 million, ranking it being a medium-size bank. Prospect Bank does not have premium use of customer support, without any alternatives for real time talk or all-day solution. It really is a conventional brick-and-mortar bank with usage of solution representatives at a real location, along with its online and mobile offerings. At a SmartAsset rating of 4.4 movie stars away from 5, Prospect Bank should always be solidly in contention for the selection of bank. Prospect Bank provides a choice that is full of offerings, including cost savings records, checking records, cash market accounts, CDs and home loan items. This has a savings that is fair; you will find greater prices along with other banking institutions. If you are enthusiastic about stress-free personal checking, Prospect Bank’s standard bank checking account doesn’t have a month-to-month charge. Finding an organization with free checking and a higher cost savings APY is the most useful bet for accruing the greatest earnings from your own deposits while keeping convenient use of your funds.

How We Rated It

SmartAsset’s Overall score

The is just a weighted average of rates, costs, solution quality and monetary wellness. Study more

Whenever an element score is unavailable, the general score is determined as on average the rest of the available ranks.

Rates The Prices score represents an aggregate of great interest prices for particular bank services and products calculated from the national normal rate of interest for every single item. Item interest levels can vary greatly by branch. Prices shown mirror the greatest available nationwide. Costs The Costs score is an evaluation for the bank’s fees calculated against the national fee that is average for specific solutions and is particularly affected by whether or not the financial institution refunds ATM charges. Provider Quality the client Experience score is a weighted average associated with mobile phone Rating as well as the customer Satisfaction get, which can be centered on complaints delivered to the customer Financial Protection Bureau (CFPB). Financial wellness The Financial wellness rating is dependant on the Texas Ratio, an indication that warns of credit issues at specific banking institutions: anything lower than 5% is considered exceptional; not as much as 20% is excellent; not as much as 50% is great; lower than 90percent is Fair; and over 90% is bad.

Prices

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

Exactly Just Just How Prospect Bank’s Savings Prices Compare

Prospect Bank generally speaking has acutely low costs when compared to the normal U.S. bank. Without any month-to-month cost, Prospect Bank is ideal for those that want a easy bank account. Prospect Bank does not reimburse out-of-network ATM fees, and that means you’ll have 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 simple, also away from home. Prospect Bank gets marks that are fair users because of its mobile banking solutions. With 34 client reviews on Apple and Android os platforms, the outlook Bank mobile software has a complete score of 3.8 away from 5 (when compared to nationwide average of 3.8). You have access to Prospect Bank’s mobile application to control your funds by taking a look at present statements, transferring funds along with reaching customer support. Prospect Bank receives a great customer satisfaction rating according to comparatively few customer complaints reported towards the customer Financial Protection Bureau (CFPB), a government agency that protects customers into the monetary sector.

Financial Wellness

Prospect Bank is really a bank that is medium-size assets totaling $480 million in addition to $391 million in deposits. Prospect Bank’s Texas Ratio is 2.63%, signifying a possibility that is minute of. Furthermore, Prospect Bank is FDIC-insured, and thus your hard earned money is insured as much as $250,000, even yet in the big event of bank failure.

Texas Ratio Research

The Texas Ratio, a way of measuring a “bad assets” against available money, provides a warning that is early of bank failure. a ratio that is low smaller potential for failure; an increased ratio suggests greater danger.

Compare Prospect Bank to Other Competitive Provides

Products Granted

Prospect Bank has a few deposit services and products including savings reports, checking reports, cash market records and CDs offering you with several choices to handle your hard earned money. Prospect Bank doesn’t have the very best cost savings price, and that means you must look into looking somewhere else for banks that deliver more return for the have a glance at this web-site cash. CDs could be a fantastic choice to attain greater returns, but you will find restrictions to accessing your hard earned money. Prospect Bank’s CD prices are reasonable when compared to the average that is national.