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Alerus Financial Review

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Alerus Financial Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Alerus Financial Bank first started operating in 1933 and has its headquarters in Grand Forks, North Dakota. Alerus Financial has $2 billion in assets as well as deposits totaling $2 billion, ranking it as a large bank. Alerus Financial lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Alerus Financial is a respectable bank that gets the job done, with a rating of 4.1 stars out of 5 from the SmartAsset experts. Alerus Financial provides customers with a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Alerus Financial's most basic checking account does not carry a monthly maintenance fee. Finding a checking account with no monthly fee and a savings account with a high APY at the same bank is your best bet for getting the most income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.10%, Alerus Financial ranks poorly in comparison to the average U.S. bank. Its one-year CD has a rate of 0.35% and the five-year CD earns at a rate of 1.15%, while its highest-yielding money market account has an APY of 0.30%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How Alerus Financial's Savings Rates Compare

Alerus Financial Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Alerus Financial Bank has generally extremely low fees in comparison to other U.S. banks. Alerus Financial's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who will need cash in a pinch, it is perfect because it has no out-of-network ATM fees. Alerus Financial doesn't refund out-of-network ATM charges, which means you will be required to locate an Alerus Financial ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Alerus Financial Bank is a brick-and-mortar bank, with 19 total branches in Arizona, Minnesota and North Dakota. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 10:00 p.m. CT; Saturday and Sunday, and 8:00 a.m. to 7:00 p.m. CT. Alerus Financial gets unsatisfactory marks from users for its mobile banking services. Out of 67 ratings on iOS and Android platforms, the Alerus Financial mobile app has an overall rating of 3.4 out of 5 (compared to the national average of 3.8). You can access Alerus Financial's app to control your finances by reviewing account balances, transferring money and reaching support representatives. Alerus Financial receives a superb consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Alerus Financial ranks as a large bank owning assets totaling $2 billion as well as $2 billion in deposits. Alerus Financial has an excellent Texas Ratio of 2.52%, suggesting that the bank is in excellent financial shape and far from failure. Additionally, Alerus Financial 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.

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Compare Alerus Financial to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $50
Checking Account 0.03% APY $2500
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.55% APY
  • 36 Month: 0.80% APY
  • 48 Month: 1.10% APY
  • 60 Month: 1.15% APY
$2500 for all terms
Money Market Accounts 0.2% APY 0.3% APY $10000 $15000

Alerus Financial Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Alerus Financial does not have the best savings rate, which means you should consider looking elsewhere 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. Alerus Financial's CD rates are fair compared to other U.S. banks.

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Find a Alerus Financial Near Me

Alerus Financial has 19 locations in the U.S.

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