Bank Forward started in 1927 and its headquarters are located in Hannaford, North Dakota. It has $556 million in assets along with $443 million in deposits, making it a medium-size bank. Bank Forward lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Bank Forward is a great choice and should warrant serious consideration, with a rating of 4.2 stars out of 5 from our experts. Bank Forward offers a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, 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, Bank Forward offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is your best bet for getting the most income from your deposits alongside convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.05%, Bank Forward ranks poorly compared to the national average. Its one-year CD has a rate of 0.30% and the five-year CD earns at a rate of 1.75%, while its highest-yielding money market account has a rate of 0.02%. Given its noncompetitive savings rate, you should think about looking at the competition to open savings accounts.
How Bank Forward's Savings Rates Compare
Bank Forward generally has extremely low fees compared to the average U.S. bank. With no monthly fee, Bank Forward's checking account is ideal for people who need a hassle-free checking account. Bank Forward does not refund out-of-network ATM fees, which means you will be required to find a Bank Forward ATM or accept the ATM charge.
Bank Forward is a brick-and-mortar bank, with 13 total branches in Minnesota and North Dakota. With mobile and web apps, Bank Forward makes account access easy, even on the go. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. CT. Bank Forward gets relatively high marks from customers for its mobile app. With 38 ratings across both Apple and Android platforms, the Bank Forward mobile app has an overall rating of 4.2 out of 5 (compared to the national average of 3.8). You can utilize Bank Forward's app to manage your funds by checking account balances, transferring funds and reaching support representatives. Bank Forward gets an outstanding consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
Bank Forward is a medium-size bank and manages assets totaling $556 million and deposits totaling $443 million. Bank Forward has a strong Texas Ratio of 7.23%, indicating that the bank is in good financial shape and unlikely to fail. Additionally, Bank Forward 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 Bank Forward to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$1|
|Checking Account||0.01% APY||$1|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Account||0.01% APY||$1000|
Bank Forward has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Bank Forward does not have the best savings rate, which means you should think about 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. Bank Forward's CD rates are fair in comparison to other U.S. banks.Back to Overview
Find a Bank Forward Near Me
Bank Forward has 13 physical locations in the U.S.Back to Overview