Better Banks

Community Bankingbetterbanks.com

Company typePrivate
Founded1898
HeadquartersPeoria, United States
Headcount51–100
GTM typeB2B and B2C
OfferingServices

Better Banks firmographics

Firmographics

Name: Better Banks
Legal name: Better Banks
Website: https://betterbanks.com
Company type: Private
Founded year: 1898
Operating status: Operating
Headcount range: 51–100 employees
Ownership category
akta.pro rank

Better Banks industry classification

Industry

Product category: Community Banking
NAICS: Savings Institutions and Other Depository Credit Intermediation (52218)
SIC: State Commercial Banks (6022)
akta.pro primary industry: Mutual Savings Banks & Mutual Thrifts (FSABAEAD)
akta.pro secondary industry: Treasury, Cash Management & Liquidity (SME) (FSAGAJAG)

Keywords

Community banking services
Personal deposit accounts
Commercial lending services
Agricultural banking loans
Wealth management advisory

Where Better Banks is headquartered

Location

Headquarters

HQ city: Peoria
HQ country: United States
HQ region: North America

Offices8 records

Markets served

Better Banks business model

Business model

GTM type: B2B and B2C
Offering type: Services
Cost components: Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

Interest Income: Traditional banking revenue from lending activities including personal loans, mortgages, home equity, car loans, business loans, and agricultural loans
Deposit Account Fees: Fees from checking and savings accounts including overdraft fees, paper statement fees, ATM fees, and account service charges
Investment Services: Investment management, retirement planning, and financial planning services offered through LPL Financial partnership

Pricing tiers

Model	Billing	Price
Subscription	Monthly	Simply Better Checking - Basic checking with no monthly fee
Subscription	Monthly	Better Interest Checking - Interest-bearing checking account
Subscription	Monthly	Student Rewards Checking - Checking for students
Transaction based/ take rate	Pay-as-you-go	Overdraft and NSF Fees
Subscription	Annual	Safe Deposit Boxes
Transaction based/ take rate	Pay-as-you-go	Wire Transfers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Better Banks product offering

Product offering

Core offering

Better Banks is a Central Illinois community bank that accepts FDIC-insured deposits through personal and business checking, savings, money market, HSA, CD, and IRA accounts, and originates consumer, mortgage, home equity, auto, commercial, agricultural, and SBA loans. It also offers treasury management services such as cash management, ACH, positive pay, remote deposit capture, and merchant services, and operates an investment advisory division (Investment Strategists at Better Banks) through LPL Financial for wealth management, retirement, and estate planning.

Product overview

Better Banks is a Central Illinois community bank offering a comprehensive suite of banking products through a unified digital banking platform. The core offering consists of personal banking (checking, savings, CDs/IRAs, money market, HSA), lending (mortgages, home equity, auto loans, personal loans, credit cards), and business/agricultural banking services. The digital banking platform serves as the primary channel for account access, bill pay, mobile deposit, person-to-person payments, and debit card management. The bank also operates an investment services division (Investment Strategists at Better Banks) in partnership with LPL Financial, offering investment management, retirement planning, trust & estate planning, college planning, and special needs planning. Business services include cash management, ACH, Positive Pay, Remote Deposit Capture, and Merchant Services. Specialized agricultural lending encompasses FSA farm loans, operating loans, and SBA programs. Digital wallet support for Apple Pay, Samsung Pay, Google Pay, and Fitbit Pay extends contactless payment capabilities across personal and business cards.

Differentiator

Problem solved

Functional benefit

Brands

Investment Strategists at Better Banks: Investment management and financial advisory division of Better Banks, operating in partnership with LPL Financial. Offers services including investment management, retirement planning, trust and estate planning, college planning, and special needs planning.

Products and services

Simply Better Checking Free personal checking account with no monthly service fee, no minimum balance, free digital banking with bill pay and mobile deposit, free eStatements ($3 fee for printed statements), and free debit card.
Better Interest Checking Interest-bearing personal checking account with competitive rates designed for everyday banking customers seeking yield on deposited funds.
Student Rewards Checking Checking account designed for students, with features tailored to young adults beginning their banking journey.
Better Savings Personal savings account with competitive rates to help customers grow their savings.
Money Market Account Interest-bearing money market account providing higher rates than regular savings while keeping funds accessible.
Health Savings Account (HSA) Tax-advantaged account for individuals with high-deductible health plans to save for qualified medical expenses.
CDs & IRAs Certificates of Deposit and Individual Retirement Accounts for long-term savings with fixed or retirement-oriented rates.
Car Loans Auto financing for new and used vehicle purchases with competitive rates, flexible terms, and optional GAP coverage and extended warranty.
Home Loan Residential mortgage financing including purchase loans, refinancing, and construction loans for owner-occupied homes.
Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity, allowing homeowners to access funds for renovations, debt consolidation, or other needs.
Personal Loans Unsecured personal loans for personal expenses, debt consolidation, or major purchases with flexible terms.
Credit Card Rewards credit card offering points or cash back on purchases, with contactless payment capability.
Business Checking Commercial checking account tailored for businesses with features for transaction tracking and cash management.
Business Savings Business savings account for depositing business revenue and earning interest.
Agriculture Services Banking services for farmers and agricultural businesses, including FSA loans, agricultural operating loans, and ag checking.
Commercial Loans Commercial financing for commercial real estate, equipment, and business expansion needs.
Small Business Administration (SBA) Loans SBA 7(a) and 504 loan programs providing government-backed financing for small businesses with flexible terms.
Business Credit Cards Credit cards designed for business expenses with spending controls and rewards programs.
Cash Management Treasury management services including account analysis and liquidity management for businesses.
ACH Services Automated Clearing House services for batch electronic payments including direct deposit and bill payment.
Positive Pay Fraud prevention service that matches checks and electronic transactions against issued items to detect fraud.
Remote Deposit Capture Digital check deposit service allowing businesses to scan and deposit checks remotely via mobile or desktop.
Merchant Services Payment processing services for business point-of-sale transactions including card terminals and online payments.
Investment Management Portfolio management and investment advisory services offered through Investment Strategists at Better Banks in partnership with LPL Financial.
Retirement Planning Financial planning services focused on retirement goals and income strategies.
Trust & Estate Planning Estate planning and trust services to help preserve and transfer wealth across generations.
College Planning Education savings strategies including 529 plans and other vehicles for funding higher education.
Special Needs Planning Specialized financial planning for families with special needs dependents, including Special Needs Trusts.
Digital Banking Online and mobile banking platform enabling account access, bill pay, mobile deposit, person-to-person payments, and debit card management with card controls.

Quantifiable outcome

Access to 40,000+ surcharge-free ATMs through MoneyPass network
+1 more outcomes

Companies that use Better Banks

Customer profile

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Better Banks technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Integration7 records

Feature3 records

Better Banks partnerships and signals

Strategic signal

Partnerships

Two partnerships are on record, tiered core.

MoneyPasscoreTechnology or Integration · 2 March 2026Better Banks joined the MoneyPass surcharge-free ATM network, providing customers access to 40,000+ surcharge-free ATMs nationwide. This partnership enhances customer convenience and reduces banking costs by eliminating out-of-network ATM fees.
LPL FinancialcoreStrategic or Co-development PartnerInvestment Strategists at Better Banks is a registered investment advisor and broker-dealer operating through LPL Financial. Securities and advisory services are offered through LPL, with registered representatives associated with the site providing investment services to Better Banks customers.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Better Banks competitors and assessment

Company assessment

Direct peers

State Street Bank: Sibling community bank under the same Backlund Investment Company holding company umbrella as Better Banks. Operates a similar community-banking model in Illinois, sharing ownership and likely shared back-office infrastructure, making it the closest functional peer.
First Mid-Illinois Bank & Trust: Central Illinois community bank offering consumer, business, agricultural, and wealth management services across multiple branches in overlapping markets. Highly comparable in product mix, geography, and target customer segments.
Heartland Bank and Trust Company: Central Illinois community bank with strong agricultural lending focus and SBA programs, serving many of the same rural communities and small businesses as Better Banks. Direct competitor in ag and small-business credit.
Tompkins Community Bank: Community bank of similar size offering consumer, business, and wealth management services. Comparable employee- and community-oriented operating model with overlapping product structure.

Regional players

CEFCU: State-chartered credit union serving the Peoria/Central Illinois market with personal and business banking products. Directly competes with Better Banks for the same household and small-business deposits and loans in overlapping branch geographies.
Marine Bank: Illinois-based community bank offering personal, business, and agricultural banking with a comparable relationship-driven model. Competes in adjacent Illinois geographies with similar product breadth.
Petefish Skiles & Company Bank: Small Illinois community bank offering personal and agricultural banking products in overlapping rural markets. Direct competitor for ag lending and small-town household deposits.
Williamsville State Bank & Trust: Illinois community bank with personal and small-business banking offerings competing for household and SMB relationships in central Illinois. Comparable in scale and product mix.
South Side Trust & Savings Bank of Peoria: Peoria-based community bank with personal and business banking products directly competing with Better Banks in the same local market, including Peoria proper.

Broad incumbents

Busey Bank: Larger Illinois-headquartered community bank with a much broader Central Illinois footprint, full personal/business/agricultural banking, and wealth management. Competes head-to-head with Better Banks in Peoria MSA while operating across multiple states.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Better Banks compliance and trust

Trust signal

Compliance5 records

Better Banks financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Better Banks leadership team

Management profile

Number of profiles

Profiles10 records

Better Banks subsidiaries and ownership

Company hierarchy

Subsidiaries1 record

Better Banks funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Better Banks M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Better Banks

What does Better Banks do?

Is Better Banks a public or private company?

Better Banks is a private company. It is classified as management employee owned and is currently operating.

When was Better Banks founded?

Better Banks was founded in 1898. It employs 51 to 100 people.

Where is Better Banks based?

Better Banks is headquartered in Peoria, United States, in the North America region.

How does Better Banks make money?

Three revenue lines are on record. Interest Income is the primary driver. The others are deposit Account Fees and investment Services.

Who are Better Banks's main competitors?

Direct peers on record are State Street Bank, First Mid-Illinois Bank & Trust, Heartland Bank and Trust Company and Tompkins Community Bank. Regional players are CEFCU, Marine Bank, Petefish Skiles & Company Bank, Williamsville State Bank & Trust and South Side Trust & Savings Bank of Peoria. Busey Bank is listed as a broad incumbent.

Does Better Banks have an API?

No public API is recorded for Better Banks.

What industry is Better Banks in?

Better Banks's product category is Community Banking. Its primary akta.pro industry code is FSABAEAD, Mutual Savings Banks & Mutual Thrifts, with a secondary code of FSAGAJAG, Treasury, Cash Management & Liquidity (SME). Its NAICS code is 52218 and its SIC code is 6022.