Fidelity Bank & Trust serves customers in Iowa, Wisconsin, and Illinois with a community-focused approach. This review examines its services, rates, and whether it’s the right fit for your banking needs.
Overview of Fidelity Bank & Trust
Fidelity Bank & Trust distinguishes itself as a regional institution prioritizing personalized relationships. While it lacks the expansive digital features and nationwide presence of major banks like Chase, it offers a full suite of financial products, including checking, savings, CDs, and wealth management services.
Key Takeaway: Fidelity Bank & Trust appeals to customers who value in-person service and local banking connections.
Account Options and Rates
Fidelity Bank & Trust provides a range of deposit accounts.
Checking Accounts: Five tiers are available, including basic checking with no monthly fees and interest-bearing options like Hometown HYPE that pair with BaZing for cell phone protection and roadside assistance. Higher-tier accounts, such as HYPE Xtreme, require substantial opening deposits ($50,000).
Savings Accounts: Regular Savings and Christmas Club accounts are available, with the latter capped at $15,000. Both require a minimum deposit to avoid closure.
CDs: Terms range from 91 days to 5 years, with variable APYs based on balance. A College Fund CD allows co-ownership with a $25 minimum deposit.
Money Market Accounts: These require a $1,000 minimum deposit and offer competitive APYs, with the highest rates for balances over $1 million.
Banking Experience and Customer Support
Fidelity Bank & Trust operates 100+ branches in Illinois, Iowa, and Wisconsin. Customers can access support through local branches, online forms, or direct phone contact. The bank maintains high customer ratings: 4.6 stars on Google Play and 4.8 stars in the Apple Store.
Fidelity Bank & Trust vs. Competitors
Fidelity Bank & Trust stacks up differently against national banks and fintech players:
- Vs. Chase: Chase offers a broader network and more digital tools. Fidelity Bank & Trust provides better personalized service in its regional markets.
- Vs. Varo Bank: Varo is entirely online and offers higher savings rates but lacks branch access. Fidelity Bank & Trust provides both digital and in-person banking.
- Vs. SoFi: SoFi has competitive APYs and a vast ATM network but no physical branches. Fidelity Bank & Trust prioritizes local relationships.
Safety and Legitimacy
Fidelity Bank & Trust is a regulated financial institution insured by the FDIC, protecting deposits up to $250,000 per depositor. Consumers can verify FDIC insurance via the BankFind tool.
Pros and Cons
Pros:
- Personalized community banking
- Full-service financial products
- Local branch support
- Trust and wealth management
Cons:
- Limited geographic footprint
- Potentially lower savings rates
- Digital features may vary by branch
Conclusion
Fidelity Bank & Trust is a solid option for those seeking a regional bank with a long-standing presence and personalized service. Its balance between in-person banking and digital tools makes it competitive in its markets. However, consumers prioritizing the highest rates or nationwide access may find better options elsewhere.
