21st Century Bank started in 1917 with headquarters in Loretto, Minnesota. 21st Century Bank manages assets of $436 million along with $382 million in deposits, classifying it as a medium-size bank. 21st Century Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 3 out of 5 stars, 21st Century Bank should be more closely analyzed to see if its services fit your needs. 21st Century Bank offers a full selection of banking products, including savings accounts, checking accounts, money market accounts, CDs and IRAs. It has a fair savings rate compared to the average savings account. Locating a bank with no-fee checking, in addition to a high savings APY is your best bet for getting the most income on your deposits while having easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.02%, 21st Century Bank ranks poorly as compared against the national average. Its one-year CD earns at a rate of 0.10% and the five-year CD has a rate of 0.70%, while its highest-yielding money market account has an APY of 0.05%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.
How 21st Century Bank's Savings Rates Compare
There is insufficient data on 21st Century Bank's fees to provide a full SmartAsset rating.
21st Century Bank is a brick-and-mortar bank, with seven total branches in Minnesota. It also offers access to a web app, for a straightforward online-banking experience. 21st Century Bank gets an excellent consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
21st Century Bank is a medium-size bank and manages $436 million in assets and deposits totaling $382 million. 21st Century Bank has a good Texas Ratio of 25.74%, suggesting that 21st Century Bank is in decent financial well-being. Additionally, 21st Century Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.Back to Overview
Compare 21st Century Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.02% APY||$200|
|Checking Account||0.02% APY||$1500|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Account||0.05% APY||$2500|
21st Century Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. 21st Century Bank does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. 21st Century Bank's CD rates are fair compared to the national average.Back to Overview
Find a 21st Century Bank Near Me
21st Century Bank has seven branches in the U.S.Back to Overview