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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


Started in 1933, Alerus Financial Bank has assets totaling $2 billion as well as $2 billion in deposits, classifying it as a large bank. Alerus Financial, whose headquarters are in Grand Forks, North Dakota, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4.1 stars out of 5, Alerus Financial should be solidly in contention for your choice of bank. Alerus Financial has a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Alerus Financial has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Alerus Financial offers an option without a maintenance or monthly fee. Finding an institution with free checking as well as a high savings APY is your best option for accruing the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Alerus Financial features a savings rate of 0.10%, which is fair compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.35% and 1.15%, respectively, while its highest-yielding money market account earns at an APY of 0.30%. Given Alerus Financial's noncompetitive savings rate, you should think about looking at the competition to open savings accounts.

How Alerus Financial's Savings Rates Compare

Alerus Financial Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Alerus Financial Bank has generally extremely low fees as compared against the national average. With no monthly fee, Alerus Financial's checking account is perfect for people who want a hassle-free banking experience. For those who frequently visit the ATM, it is perfect because it has no out-of-network ATM fees. Alerus Financial doesn't reimburse out-of-network ATM fees, meaning you'll be required to search for an Alerus Financial ATM or pay the cost of withdrawal.

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

SmartAsset Average: 3.7

Alerus Financial Bank is a brick-and-mortar bank, with 19 total bank locations in Arizona, Minnesota and North Dakota. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not provide access to all-day customer service with representatives. You can get help during its 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 receives inferior reviews from customers for its mobile app. The Alerus Financial mobile app has been given a 3.4 out of 5 (with 67 ratings on Apple and Android) compared to the national average of 3.8. You can access Alerus Financial's mobile app to control your accounts by looking at account balances, transferring money and accessing support representatives. Alerus Financial receives an outstanding consumer satisfaction score due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed 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

SmartAsset Average: 4.8

Alerus Financial is currently a large bank and owns assets totaling $2 billion and deposits totaling $2 billion. Its Texas Ratio is 2.52%, suggesting a minute probability of 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 Account 0.2% APY $10000

Alerus Financial 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. Alerus Financial 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. Alerus Financial's CD rates are fair as compared against the national average.

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Find a Alerus Financial Near Me

Alerus Financial has 19 branches in the U.S.

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