Wednesday, 25 November 2020

Wintrust Bank Review: Checking, Savings, CD and Money Market Accounts

Wintrust Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Wintrust Bank Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

Wintrust Bank’s checking account options

magnifying glass

How Wintrust Bank’s checking accounts compare

Wintrust Bank hits the mark with free checking that lets you bank local, as long as you don’t care about earning interest. If interest is a priority, though, you can certainly find better options elsewhere. The Access Plus Checking account pays a smidge compared to some of the best online checking accounts available.

Plus, some of the bank’s accounts charge service fees. While you can avoid the fees by meeting minimum balance requirements, triggering them just one time might wipe out whatever interest you earn. Overdraft fees are hefty, too.

Wintrust Bank customers do benefit from a substantial surcharge-free ATM network and a generous reimbursement policy for out-of-network ATM fees. Several of the accounts come with unlimited ATM fee reimbursements in the U.S., although there are other checking accounts out there with expansive ATM networks that also pay significantly higher rates.

Wintrust Bank’s savings account options

magnifying glass

How Wintrust Bank’s savings accounts compare

You don’t need a large sum to open a savings account at Wintrust Bank, but when it comes to earning interest, you can find much better rates elsewhere at some of the best online savings accounts out there.

While Wintrust Bank’s service charges aren’t too high and can be waived by meeting minimum balances, there are many savings accounts — including high-yield online accounts — that have no monthly fees at all. If you’re looking for digital access, Wintrust Bank does have online and mobile banking, and some accounts provide the option of e-statements.

Wintrust Bank’s CD rates

magnifying glass

How Wintrust Bank’s CD rates compare

Wintrust Bank offers safe and convenient standard CD options, but the interest rates paid are below average and much lower than the best CD rates paid by some online-only banks. Also, Wintrust Bank’s minimum deposit for CDs is high compared to many other financial institutions.

Wintrust Bank’s money market account option

magnifying glass

How Wintrust Bank’s money market account compares

Wintrust Bank’s money market account pays above-average interest rates on larger balances, though you can find much higher yields elsewhere. The minimum deposit requirement is not high.

Still, there some high-rate money market accounts with no minimum balance requirement at all. If yield is a priority, it’s worth taking a look at some of the best money market accounts available on the market.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Jeanne Lee

Jeanne Lee |

Jeanne Lee is a writer at MagnifyMoney. You can email Jeanne here

TAGS:

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Source: https://www.magnifymoney.com/blog/reviews/wintrust-bank/

« »

Szemere

Related Articles