Community Savings Bank has many account options, but their CDs are the most unique. To find out if Community Savings Bank is right for you, continue reading the review below.
This bank offers standard checking and savings and even money market accounts, but if you really want to invest in one of their products then consider their large selection of CDs.
The availability of CDs range from 6 months to 60 months and they offer relationship accounts if you have a NOW Checking or Savings account.
Checking Account Options
Community Savings Bank offers a few checking accounts that aren’t too particularly different from each other.
This is an interest bearing checking account and will require a $400 opening deposit.
To earn variable interest rates, you will need a minimum daily balance of $1,000.
This is a standard checking account and you can open it with $50.
This account does not earn interest.
This checking account is for business workers.
You have to maintain a minimum balance of $1,000 in order to keep the account open.
Compare Checking Accounts
 • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit • Access to more than 15,000 Chase ATMs and more than 4,700 branches • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device. • JPMorgan Chase Bank, N.A. Member FDIC • Open your account online now • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com. • Chase Overdraft AssistSM – no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day* *With Chase Overdraft AssistSM, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts. |
Savings Account Options
Community Savings Bank only has two savings accounts that are pretty basic but both earn variable, tiered interest rates.
This is a standard savings account that can be open with a minimum deposit of $100.
The interest is compounded daily.
This savings account is for minors 5-17, and it can be open with $10. This account also earns interest.
There must be co-partner such as a parent or guardian present at account opening since they serve as a join owner.
There are no minimum balance requirements either.
Compare Savings Accounts
 Open a Discover Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code HMB923 by 12/14/2023 • Earn high interest rate of 4.30% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. |
 With the American Express® High Yield Savings Account: • Earn 4.30% APY as of 9/27/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly. • Links easily with your current bank accounts. No need to switch banks. • FDIC Insured. Your account is insured to at least $250,000 per depositor. • 24/7 Account Access |
 • Earn up to 0.61% APY with interest compounded daily and no monthly fees with the Axos Bank High Yield Savings account • No minimum balance requirements • Free ATM card upon request • $250 minimum opening deposit • Free Incoming Wires |
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard.
Community Savings Bank has one money market that earns tiered interest rates.
Community Savings Bank Money Market:
- Open with $500
- Waive the $10 monthly fee by maintaining a daily balance of $1,000
- There are 3 Tiers:
- I.) $1-$2,500 (base rate)
- II.) $2,501-$25,000
- III.) Over $25,000. Higher Money Market rates are paid on Tier II and Tier III funds.
- You are allowed up to 6 transfers per statement cycle
- Interest is compounded daily
- Free Online Banking and Bill Pay
Compare Money Market Accounts
 • Get started and open a Discover Money Market Account in 3 easy steps. • Available nationwide online • Earn high yields with flexible access to your cash. • Earn 4.25% APY balances $100,000 and over • Earn 4.20% APY balances under $100,000 • Open with as little as $2,500. • No hidden fees. No surprises. • Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs |
 With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily. • Earn 1.55% APY on your funds • One of the nation's top rates — several times the national average. • Get up to 6 digital transfers/withdrawals per statement cycle • Save smart and get more for your money • Higher rates than traditional banks • Get 24/7 Account Access • Secure banking features • Open with as little as $100 • FDIC insured |
CD Account Options
Community Savings Bank offers an extremely wide variety of CDs that all earn competitive rates.
The opening deposits for each kind of CD varies with the term lengths.
With a $2,500 an opening deposit, you can earn competitive interest rates.
The total term for this CD is 182 days, but there is an early withdrawal penalty.
This CD will require a preexisting NOW Checking or Savings account to open.
The interest will be transferred monthly to your NOW accounts.
You will need an opening deposit of $2,500 to earn interest.
The interest is also transferred monthly to either your NOW Checking or Savings account.
You cannot make any additional deposits or withdrawals until maturity or else you will be charged with a penalty fee.
Open this CD with $2,500 and earn a fixed interest rate.
You will also need to have a preexisting NOW Checking or Savings account and maintain a daily balance of $1,000 on either account.
This CD lasts for one year with automatic renewals for up to 5 years. Each renewal will earn a higher rate.
Early withdrawals or additional deposits will result in penalties.
This is a high interest bearing CD account and will require a large opening deposit of $10,000.
Early withdrawals or additional deposits will result in penalties.
You can open this CD with $500 and the CD will renew at the end of each term.
Early withdrawals or additional deposits will result in penalties.
This particular allows deposits up to twice the original principal as long as it’s within the first year.
This is a CD designed for first-time home buyers.
You can open this account with at least $500 and start earning interest. The interest is compounded quarterly.
You can make additional deposits if the account reaches $12,000.
The account only lasts for 60 months and is non-renewable.
You cannot make withdrawals or you will be charged with a penalty.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months • Rates ranging from 2.00% APY up to 5.00% APY. • Opening a Discover Bank Certificate of Deposit is extremely quick and easy. • Funds on deposit are FDIC-insured up to the maximum allowed by law. • Start today with a minimum deposit of $2,500! • Get started and open a Discover CD in 3 easy steps. |
 • Available online nationwide • Earn up to 5.00% APY • $1,000 minimum to open • Selection of terms to meet your needs • A range of choices. Low minimum deposits. • No fees to open or maintain the account • Available as Custodial • Open a CIT Bank Certificate of Deposit Account today! |
Reasons to Bank with Community Savings Bank
- A lot of their accounts don’t require a monthly fee nor minimum balance requirements.
- They have a great selection of CDs that all have varying term lengths to them.
- Offers a children’s savings account.
- They have a unique home buyer’s CD for first time home buyers.
- Their CD and money market accounts earn a pretty high APY.
- Offers relationship accounts with their CDs.
- They offer a 24-hour banking service line.
- Conduct all your banking online or with the Community Savings Bank mobile app.
Reasons Not to Bank with Community Savings Bank
- They are only located in Illinois with a total of 2 physical branches.
- They could use more variety in their savings accounts.
- Absence of a children checking account since there is a savings one.
- Lacking a senior savings account.
- Lack of holiday savings account.
- You might have to call the bank or visit them in person to find out additional information on some accounts.
- Their customer service isn’t available five day a week.
Community Savings Bank Routing Number
The routing number for Community Savings Bank varies depending on state and regions. You can also check the lower left corner of your Community Savings Bank check.
Contact Customer Service
Community Savings Bank also has a 24-hour banking service line. Just call 773-685-3947. To find out more information, click here.
You can also reach Community Savings Bank during their normal hours at 773-685-5300.
A customer representative will be available to speak to you during these hours:
- Monday, Tuesday, Thursday at 9:00 a.m. – 4:00 p.m.
- Friday at 9:00 a.m. – 7:00 p.m.
- Saturday at 9:00 a.m. – 12:00 p.m.
- Closed on Wednesdays and Sundays
How Community Savings Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Discover Bank: Discover Bank is also an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
Bottom Line
If you are particularly someone who likes having a lot of options when it comes to opening a CD account and happen to live Illinois, then Community Savings Bank is perfect for you.
Of course, you can always bank with them online and open a CD account there, but their website offers limited information on all their other accounts.
It seems that Community Savings Bank prefers if you call them to directly discuss further information. Ironically, for a savings centered bank, they lack in savings account options unless their main incentive is to promote their CDs instead.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If Community Savings Bank has the variety and options you’re looking for, apply today! For more options from a variety of banks, see our list of the best bank promotions!