Better Banks


10225 North Knoxville Avenue
Peoria, IL 61615
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.05% 0.85% →
1-Year CD 0.20% 0.75% →
2-Year CD 0.30% 0.80% →
5-Year CD 1.00% 1.10% →
30-Year Mortgage N.A. 2.72% →
15-Year Mortgage N.A. 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

Better Banks is an FDIC insured institution located in Peoria, IL. It was founded in 1898 and has approximately $0.38 billion in assets. Customers can open an account at one of its 8 branches.

FDIC Insured Yes
FDIC Certificate # 1808
Date Established 1898
Assets $ 380.33 million
Loans $ 223.97 million
Deposits $ 346.63 million
Capital $ 32.01 million

For a more detailed analysis of Better Banks's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - October 15, 2021

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
0.05% $2,500 $4,999 Learn More
Money Market
0.07% $2,500 $2,999 Learn More
Money Market
0.07% $10,000 $14,999 Learn More
Money Market
0.07% $25,000 $29,999 Learn More
6 Mo CD
0.10% $10,000 $14,999 Learn More
6 Mo CD
0.10% $100,000 $199,999 Learn More
12 Mo CD
0.20% $10,000 $14,999 Learn More
12 Mo CD
0.20% $100,000 $199,999 Learn More
18 Mo CD
0.25% $10,000 $14,999 Learn More
18 Mo CD
0.25% $100,000 $199,999 Learn More
24 Mo CD
0.30% $10,000 $14,999 Learn More
24 Mo CD
0.30% $100,000 $199,999 Learn More
36 Mo CD
0.35% $10,000 $14,999 Learn More
36 Mo CD
0.35% $100,000 $199,999 Learn More
48 Mo CD
0.90% $10,000 $14,999 Learn More
48 Mo CD
0.90% $100,000 $199,999 Learn More
60 Mo CD
1.00% $10,000 $14,999 Learn More
60 Mo CD
1.00% $100,000 $199,999 Learn More

Checking Rates APY MIN FEE
Better Interest Checking 2.00% $0 $0.00 Learn MoreShow Less

Loan Rates - October 15, 2021

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Better Banks

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:

Featured - Connecticut 30 Year Fixed Mortgage Rates 2021

Lender APR Rate (%) Monthly
Learn More
NMLS ID: 2890
License#: 13256
2.789% 2.750%
0.50 points
$1,262 fees
$1,021 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
Bethpage Federal Credit Union
Bethpage Federal Credit Union
See Table
Intro APR 2.990 %
After Intro: 3.750 %
Intro Period: 12 months
$25,000 Learn More
More Info
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
2.240 %
$0 Learn More
More Info

Note to Better Banks
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Climate Initiatives

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Financial Details

Better Banks Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Better Banks. The data is provided by the FDIC. All banks listed on are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Better Banks U.S. Bank Average
7.32% 4.78%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of June 30, 2021, Better Banks had $1,535,000 in non-current loans and $1,001,000 in owned real estate. To cover these potential losses it had $32,012,000 in equity and $2,648,000 in loans loss reserves. That gives it a Texas Ratio of 7.32%.

Return on Equity
Better Banks U.S. Bank Average
12.69% 11.29%

Better Banks has a Return on Equity of 12.69% versus the BestCashCow average of 11.29%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Better Banks U.S. Bank Average
8.42% 11.72%

Better Banks has a Capitalization of 8.42% versus the BestCashCow average of 11.72. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Better Banks Balance Sheet Analysis

As of June 30, 2021, Better Banks had assets of $380,331,000, loans of $223,967,000, and deposits of $346,628,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

June 30, 2021
Cash & Balances due from depository institutions $ 23.97 million
Interest-bearing balances $ 18.69 million
Total securities $ 120.34 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 223.97 million
Loan loss allowance $ 2.65 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 1.00 million
Goodwill and other intangibles $ 2.27 million
All other assets $ 5.78 million
     Total Assets $ 348.32 million
Total deposits $ 346.63 million
      Interest-bearing deposits $ 273.46 million
      Deposits held in domestic offices $ 346.63 million
      % insured (estimated) 84.70%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 1.69 million
      Total Liabilities $ 348.32 million
      Shareholders’ Equity $ 32.01 million

Summary Income Statement

June 30, 2021
Total Interest Income $ 5.94 million
Total Interest Expense $ 0.30 million
Net interest income $ 5.64 million
Provision for loan and lease losses $ 0.17 million
Total non interest income $ 2.27 million
Total non interest expense $ 5.64 million
Pre-tax Net Operating Income $ 2.10 million

Bank Loan Profile?

The top three loan types in Better Banks’s loan portfolio are Consumer Auto Loans, 1-4 Family Residential Loans, and Commercial and Industrial Loans.

Compared to other banks in Illinois, Better Banks has a significantly higher percent of Credit Card Loans, Consumer Auto Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 26.84
Credit Card Loans 0.49
Consumer Auto Loans 42.33
Small Business Loans 3.78
Construction and Development Loans 2.03
Commercial Real Estate 6.94
Commercial and Industrial Loans 8.96
Farm Loans 2.66

Frequently Asked Questions About Better Banks

Branches and Savings

Is Better Banks FDIC insured?

Yes. It is covered under FDIC Certificate #1808.

Why does Better Banks pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Better Banks CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Better Banks a commercial bank?


Where are Better Banks locations?

See branch locations nearby.

Is Better Banks open on Saturdays?

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Do Better Banks branches have notaries?

Will Better Banks notarize my document?

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Will the Better Banks branch print checks?

Do Better Banks checks expire?

Does Better Banks require US citizenship to open account?

Can Better Banks close my account?

Does Better Banks Report to credit bureaus?

Does Better Banks Use Equifax?

What is Better Banks's ACH Routing Number?

What is Better Banks's SWIFT code?


Does Better Banks offer mortgages?

Compare mortgage rates here.

Does Better Banks offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Better Banks offer personal loans?

Compare personal loan rates here.

Does Better Banks offer student loans?

Will Better Banks cash a check?

Will Better Banks redeem a savings bond?

Does Better Banks cash savings bonds?

Will Better Banks cash money orders?

Can Better Banks issue a money order?

Does Better Banks do currency exchange?

Background on The Bank

Who owns Better Banks?

How long has Better Banks been around?

Can Better Banks transfer to other banks?

Does Better Banks have quick pay?

Does Better Banks accept rolled coins?

Will Better Banks accept loose change?

Where is Better Banks headquarters?

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