Established in 1917, 21st Century Bank has $436 million in assets along with deposits totaling $382 million, which makes the institution a medium-size bank. 21st Century Bank, whose headquarters are in Loretto, Minnesota, 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 stars out of 5, 21st Century Bank should be more closely analyzed to see if its features fit your needs. 21st Century Bank has a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs and IRAs. It has a fair savings rate compared to the average savings account. Finding an institution with no-fee checking, in addition to a high savings APY is the best option for returning the highest income on your deposits while maintaining convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
21st Century Bank features a savings rate of 0.02%, which is poor compared to the national average. 21st Century Bank's CD rates are 0.10% and 0.70% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.05%. Given its below average savings rate, you should think about looking at the competition to open 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 bank locations in Minnesota. It also offers access to a web app, for a simple online-banking experience. 21st Century Bank gets an exceptional consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
21st Century Bank is a medium-size bank and has assets totaling $436 million and $382 million in deposits. Its Texas Ratio is 25.74%, indicating that the bank is in decent financial shape. 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 Accounts||0.05% APY 0.05% APY||$10000 $15000|
21st Century Bank has several deposit products like 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 consider 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 average U.S. bank.Back to Overview
Find a 21st Century Bank Near Me
21st Century Bank has seven physical branches across the U.S.Back to Overview