American Eagle Bank Review

How does your bank stack up?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 4.0 Star Icon

Pros:

  • CD bonus of higher interest rates
  • Senior citizen checking accounts
  • Kids Klub savings account
  • Government or nonprofit checking account

Cons:

  • Debit cards might not work in all states
  • High opening amount for CDs
  • Business checking has credit/debit limit
  • Products not available to everyone

What You Need to Know

American Eagle CDs can earn higher interest rates if you earn the relationship bonus. To receive this bonus, you must have $5,000 in a qualifying checking, savings, or money market account. With this bonus, you earn around 0.15% more interest on the money in your CD.

American Eagle offers a Golden Eagle checking account for senior citizens. To qualify for the senior account, you must be over 55 years of age. This account offers unlimited check writing, no monthly fees, and a higher interest rate than their other checking accounts.

The Eagle Saver Kids Klub only requires $1 to open. Kids must be under 17 and have a parent or guardian co-signer. For every deposit made, kids earn ‘Wooden Nickels.’ Kids use those nickels to get prizes.

The American Eagle Platinum NOW checking account is for government and nonprofits. It only requires $100 to open. There is no monthly fee with at least $500 in the account. This account offers unlimited check writing, an ATM or debit card with no fees, and earns interest.

In the name of security, the American Eagle debit card may not work in all areas. Those areas include New York, New Jersey, Washington D.C., Delaware, Florida, Georgia, Maryland, Ohio, North Carolina, Pennsylvania, South Carolina, Virginia, or Canada. If you travel to these areas, you must call the bank in advance to make sure your debit card will work.

CDs require $1,000 to open and earn interest. The CD terms vary in length from six to sixty months. Special add-on CDs let you make unlimited deposits of at least $1 or more.

The business checking account limits transactions each month. You must not exceed 500 debit and credit transactions per month. There is a fee if you do.

Not all American Eagle accounts are available to everyone. You cannot apply online for an account. You must call a local branch to get information and apply for an account. Some products are only available to current customers and those living in certain areas.

Cool Things

Remote Deposit

Remote Deposit lets businesses deposit checks into their bank account without having to go to the bank. Scan the checks, and then securely send the image for deposit. This makes funds available quicker, requires fewer trips to the bank, and is secure.

MasterCard Alerts

This is a free program that alerts you via email and text of where and how your card is being used. You can sign up to receive alerts for approved transactions, declined transactions, or both.

Ame the Eagle

When you open an Eagle Savers savings account, American Eagle bank gives you the first $1. You also receive a stuffed animal, Ame the Eagle. To open this account, visit your local branch. It is available for anyone 17 years or younger with a parent or guardian co-signer.

Group Tours

American Eagle bank offers tours to schools, clubs, and scouting organizations. Tours can include learning how accounts are opened, entering the safe deposit vault, running transactions on machines, and learning how to approve loans. Call the South Elgin, Illinois branch to schedule a tour.

History

American Eagle bank was founded in 2002. The first branch opened in South Elgin, Illinois. Now there is also a branch in Chicago. This bank offers banking for consumers as well as businesses.

Awards and Recognition

  • "Best Bank in the Fox Valley Area" in 2014, 2015, 2016

Frequently Asked Questions

Is American Eagle bank FDIC insured?

Yes. American Eagle Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By using debit cards, checks, ATMs, and by visiting your local branch.

Does American Eagle bank offer mobile banking?

Mobile banking is not addressed on the website. Call the local branch to find out more.

Is American Eagle bank free?

No. There are monthly service charges. Waive the fees by keeping a set amount of money in your bank accounts. The amount varies depending on the account.

Is American Eagle a good bank?

American Eagle offers interest rates similar to other banks.

Is American Eagle bank secure?

American Eagle bank is FDIC insured.

Does American Eagle bank offer competitive interest rates?

If you have enough money in specific accounts to earn the 'Relationship Bonus' interest rates, they are more competitive. Otherwise, the rates are similar to other banks.

Can I use American Eagle bank for my business accounts?

Yes. Business checking, savings, money market accounts, and CDs are offered. However, not all accounts are available to everyone. For some accounts, you must live in a certain area or be a customer.

How is American Eagle online bank different from the online banking my bank offers?

American Eagle bank is not an online bank. Visit your local branch for more information or to open an account.

Do American Eagle checking accounts pay interest?

Platinum Now and Golden Eagle checking accounts earn interest. The other checking accounts do not. The Platinum Now business account is only available for government or nonprofit businesses. The Golden Eagle checking account is for people 55 and older. The Platinum Now consumer checking account requires $500 in the account to earn interest.

How do I reach customer service?

By phone or by visiting a local branch.

Does American Eagle bank offer bill pay?

No. Bill pay is not listed on the website as an additional benefit of their accounts.

Can I deposit cash?

Yes, in a local branch office you can.

How long do transfers take?

This information is not listed on the website. Call the local branch to find out more.

Can I sign up for direct deposit to American Eagle accounts?

This information is not listed on the website. Call the local branch to find out more.

Bank Contact Information

American Eagle Bank
556 Randall Road
South Elgin, IL 60177
847-742-7400

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