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American Federal Bank Review

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American Federal Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Founded in 1891, American Federal Bank has assets totaling $544 million as well as deposits totaling $435 million, classifying the institution as a medium-size bank. American Federal Bank, whose headquarters are in Fargo, 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. We ranked the bank at a 4.5 out of 5 stars, which means American Federal Bank is an exceptional bank that would be a perfect pick. American Federal Bank provides customers with a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. American Federal Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, American Federal Bank offers an option without a monthly fee. Institutions that offer no-fee checking, in addition to a high interest rate savings account are your best option for getting the most income from your deposits while maintaining convenient access to your funds.

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

With a savings rate of 0.10%, American Federal Bank ranks poorly compared to the average U.S. bank. American Federal Bank's one-year and five-year term lengths CDs earn at a rate of 1.15% and 2.15%, respectively, while its highest-yielding money market account earns at a rate of 0.25%. Given its poor savings rate, you should consider other options to earn more on your deposits.

How American Federal Bank's Savings Rates Compare

American Federal Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, American Federal Bank charges its customers extremely low fees in comparison to other U.S. banks. American Federal Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. American Federal Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will be required to locate an American Federal Bank ATM or pay the withdrawal fee.

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

SmartAsset Average: 3.7

American Federal Bank is a brick-and-mortar bank, with 13 total branches in Minnesota and North Dakota. With mobile and web apps, American Federal Bank makes account access convenient, even on the go. American Federal Bank gets great scores from users for its mobile platform. Out of 18 ratings across both iOS and Android platforms, the American Federal Bank mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). American Federal Bank's mobile app lets you control your bank accounts by reviewing monthly statements, sending and receiving funds and accessing customer service. American Federal Bank receives a superb consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

American Federal Bank is currently a medium-size bank owning $544 million in assets and deposits totaling $435 million. American Federal Bank's Texas Ratio is 0.74%, signifying a negligible probability of failure. Additionally, American Federal 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.

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Compare American Federal Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $2500
Checking Account 0.01% APY $2500
Certificates of Deposit
  • 12 Month: 1.15% APY
  • 24 Month: 1.45% APY
  • 36 Month: 1.65% APY
  • 48 Month: 1.85% APY
  • 60 Month: 2.15% APY
$10000 for all terms
Money Market Account 0.2% APY $10000

American Federal Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. American Federal 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. American Federal Bank's CD rates are fair in comparison to the national average.

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Find a American Federal Bank Near Me

American Federal Bank has 13 locations in the U.S.

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