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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

Established in 1920, American Bank of the North has assets totaling $550 million as well as $474 million in deposits, which makes it a medium-size bank. American Bank of the North, whose headquarters are in Nashwauk, Minnesota, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at an average 3.9 out of 5 stars, American Bank of the North proves it is a respectable bank that deserves your consideration. American Bank of the North has a selection of banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. American Bank of the North has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, American Bank of the North offers an option without a monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is your best option for gaining the most income from your deposits alongside convenient access to your money.

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

With a savings rate of 0.25%, American Bank of the North ranks poorly in comparison to the average U.S. bank. American Bank of the North's one-year and five-year term lengths CDs earn at a rate of 0.75% and 1.61%, respectively. Given American Bank of the North's poor savings rate, you should consider other options 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 has typically extremely low fees compared to other U.S. banks. With no monthly fee, American Bank of the North is ideal for those who want a simple checking account. For those who frequently visit the ATM, American Bank of the North is ideal because it has no out-of-network ATM fees. Also, American Bank of the North has an overdraft fee of $28.00, which is considerably less than that of other U.S. banks. American Bank of the North unfortunately doesn't reimburse out-of-network ATM fees, which means you'll need to search for an American Bank of the North ATM or accept the cost of withdrawal.

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 convenient, even on the go. American Bank of the North gets moderately high marks from customers for its mobile app. The American Bank of the North mobile app has been given a 4.1 out of 5 (with 28 reviews on iOS and Android) compared to the national average of 3.8. American Bank of the North's mobile app allows you to control your bank accounts by reviewing current statements, transferring funds and accessing support representatives. American Bank of the North gets an exceptional consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed 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 is currently a medium-size bank and has assets totaling $550 million as well as $474 million in deposits. It has a good Texas Ratio of 43.30%, denoting that American Bank of the North is in satisfactory 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 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. 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 physical branches across the U.S.

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