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Bank Forward Review

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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
Bank Forward Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1927, Bank Forward has assets totaling $556 million along with $443 million in deposits, which makes the institution a medium-size bank. Bank Forward, whose headquarters are in Hannaford, North Dakota, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.2 out of 5 stars, Bank Forward is a solid contender in your bank search. Bank Forward has the full selection of banking products, 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's standard checking account does not have a monthly fee. Banks that offer free checking, in addition to a high savings APY are your best bet for getting the most income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

Bank Forward has a savings rate of 0.05%, which is poor 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 0.07%. Given its noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Bank Forward's Savings Rates Compare

Bank Forward Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Bank Forward charges its customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Bank Forward is perfect for people who want a simple banking experience. Bank Forward unfortunately does not reimburse out-of-network ATM fees, which means you will have to search for a Bank Forward ATM or accept 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

4.1
SmartAsset Average: 3.7

Bank Forward is a brick-and-mortar bank, with 13 total bank locations in Minnesota and North Dakota. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not have all-day customer service with 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 receives reasonably high marks from users for its online presence. The Bank Forward mobile app scored a 4.2 out of 5 (with 38 ratings on Apple and Android) compared to the national average of 3.8. Bank Forward's mobile app allows you to control your accounts by looking at current statements, sending and receiving funds and accessing customer service. Bank Forward receives an outstanding consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Bank Forward is a medium-size bank owning $556 million in assets and deposits totaling $443 million. Its Texas Ratio is 7.23%, denoting a small opportunity of failure. 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

7.23%
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 Bank Forward to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.75% APY
$500 for all terms
Money Market Accounts 0.05% APY 0.07% APY $10000 $15000

Bank Forward has several deposit products including 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 taking a look 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.

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Find a Bank Forward Near Me

Bank Forward has 13 physical locations in the U.S.

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