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American Bank of the North Review

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American Bank of the North Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1920, American Bank of the North has $550 million in assets as well as $474 million in deposits, which makes the institution a medium-size bank. American Bank of the North, whose headquarters are in Nashwauk, Minnesota, lacks premium access to customer service, 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 offerings. With a score of 3.9 stars out of 5, American Bank of the North should be near the middle of the pack in your search for a bank. American Bank of the North offers a choice of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking account does not have a monthly charge. Locating a bank with free checking, in addition to a high interest rate savings account is the best option for gaining the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

American Bank of the North has a savings rate of 0.25%, which is fair in comparison to other U.S. banks. Its one-year CD earns at a rate of 0.75% and the five-year CD has a rate of 1.61%. Given its below average savings rate, you should think about choosing another bank to earn more on your deposits.

How American Bank of the North's Savings Rates Compare

American Bank of the North Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

American Bank of the North charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, American Bank of the North's checking account is ideal for those who want an easy banking experience. For those who often frequent the ATM, American Bank of the North is perfect because it charges no out-of-network ATM fees. Additionally, at $28.00, its overdraft fee is markedly lower than the average U.S. overdraft fee. American Bank of the North does not reimburse out-of-network ATM charges, meaning you will have to locate an American Bank of the North ATM or eat the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $28.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

American Bank of the North is a brick-and-mortar bank, with 13 total branches in Minnesota. With mobile and web apps, American Bank of the North makes account access straightforward, even on the go. American Bank of the North's online and mobile banking services get moderately high marks from customers. With 28 customer reviews across both Apple and Android platforms, the American Bank of the North mobile app has an overall rating of 4.1 out of 5 (compared to the national average of 3.8). American Bank of the North's mobile app lets you control your accounts by reviewing current statements, sending and receiving funds as well as accessing support representatives. American Bank of the North gets an outstanding consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

2.9
SmartAsset Average: 4.8

American Bank of the North ranks as a medium-size bank owning assets totaling $550 million as well as deposits totaling $474 million. It has a good Texas Ratio of 43.30%, signifying that the bank is in decent financial condition. Additionally, American Bank of the North is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

43.3%
High Risk 75% 50% 20% 10% Low Risk

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 American Bank of the North to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $50
Checking Account 0.15% APY $1000
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.16% APY
  • 36 Month: 1.41% APY
  • 48 Month: 1.51% APY
  • 60 Month: 1.61% APY
$10000 for all terms

American Bank of the North has several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. American Bank of the North 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. American Bank of the North's CD rates are fair as compared against the national average.

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Find a American Bank of the North Near Me

American Bank of the North has 13 branches across the U.S.

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