Loading
Tap on the profile icon to edit
your financial details.

American Federal Bank Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
American Federal Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1891, American Federal Bank has assets totaling $544 million as well as $435 million in deposits, which makes the institution a medium-size bank. American Federal Bank, whose headquarters are in Fargo, North Dakota, 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. Overall, American Federal Bank is a top-tier bank that warrants a serious look, with a score of 4.5 stars out of 5 from the SmartAsset experts. American Federal Bank provides customers with the full slate of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs 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, American Federal Bank offers an option without a maintenance or monthly fee. Locating a bank with no-fee checking, in addition to a high savings APY is your best bet for accruing the most income on your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.5/5
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 Federal Bank features a savings rate of 0.15%, which is fair as compared against the national average. American Federal Bank's CD rates are 1.50% and 2.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.50%. Given its below average savings rate, you should consider looking at the competition to open savings accounts.

How American Federal Bank's Savings Rates Compare

American Federal Bank Savings 0.15 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

American Federal Bank generally has extremely low fees as compared against the national average. With no monthly fee, American Federal Bank is perfect for people who want a simple checking account. American Federal Bank unfortunately doesn't refund out-of-network ATM charges, which means you will need to find 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
Back to Overview

Service Quality

4.3
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 easy, even on the go. American Federal Bank's online and mobile banking services receive great scores from users. The American Federal Bank mobile app scored a 4.6 out of 5 (with 18 reviews on iOS and Android) compared to the national average of 3.8. You can access American Federal Bank's app to manage your bank accounts by looking at account balances, sending and receiving money and accessing customer service. American Federal Bank receives an excellent consumer satisfaction rating due to relatively 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
Back to Overview

Financial Health

5.0
SmartAsset Average: 4.8

American Federal Bank is currently a medium-size bank and handles $544 million in assets as well as deposits totaling $435 million. American Federal Bank's Texas Ratio is 0.74%, indicating that American Federal Bank is in superb financial well-being and unlikely to fail. 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.

Back to Overview

Compare American Federal Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $2500
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 1.55% APY
  • 36 Month: 1.65% APY
  • 48 Month: 1.85% APY
  • 60 Month: 2.15% APY
$10000 for all terms
Money Market Accounts 0.4% APY 0.5% APY $10000 $15000

American Federal Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. American Federal Bank 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 Federal Bank's CD rates are fair compared to the national average.

Back to Overview

Find a American Federal Bank Near Me

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

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure