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Bank Iowa 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 Iowa Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Bank Iowa first started operating in 1923 with headquarters located in West Des Moines, Iowa. It manages $1 billion in assets as well as deposits totaling $1 billion, classifying it as a medium-size bank. Bank Iowa lacks premium access to customer service, 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. SmartAsset has rated the bank 4.3 stars out of 5, which means Bank Iowa is a great bank that you should seriously consider. Bank Iowa provides customers with a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Bank Iowa offers an option without a maintenance or monthly fee. Using an institution with no-fee checking, in addition to a high savings APY is the best option for gaining the most income on your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

Bank Iowa has a savings rate of 0.15%, which is poor in comparison to other U.S. banks. Bank Iowa's one-year and five-year term lengths CDs earn at a rate of 1.56% and 2.41%, respectively, while its highest-yielding money market account has a rate of 0.25%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.

How Bank Iowa's Savings Rates Compare

Bank Iowa Savings 0.15 National Average 0.26 Compare Offers
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Fees

4.8
SmartAsset Average: 4.4

Bank Iowa charges its customers extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, making it excellent for anyone looking for a simple account. Also, at $31.00, Bank Iowa has a markedly lower overdraft fee compared to the national average. Bank Iowa doesn't refund out-of-network ATM charges, which means you will be required to search for a Bank Iowa ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $31.00 National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

Bank Iowa is a brick-and-mortar bank, with 25 total branches in Iowa. With mobile and web apps, Bank Iowa makes mobile banking straightforward, even on the go. Bank Iowa receives unsatisfactory marks from customers for its mobile app. With 76 customer reviews across both Apple and Android platforms, the Bank Iowa mobile app is scored at 3.2 out of 5 (compared to the national average of 3.8). Bank Iowa's mobile app allows you to manage your accounts by monitoring account balances, sending and receiving money and reaching support representatives. Bank Iowa gets a superb consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Bank Iowa ranks as a medium-size bank with $1 billion in assets and deposits totaling $1 billion. It has an excellent Texas Ratio of 0.37%, denoting that Bank Iowa is in excellent financial shape and unlikely to fail. Additionally, Bank Iowa 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 Bank Iowa to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1000
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 1.56% APY
  • 24 Month: 1.81% APY
  • 36 Month: 1.93% APY
  • 48 Month: 2.26% APY
  • 60 Month: 2.41% APY
$500 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

Bank Iowa has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Bank Iowa does not have the best savings rate, which means you should consider 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 Iowa's CD rates are fair compared to the national average.

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Find a Bank Iowa Near Me

Bank Iowa has 25 locations across the U.S.

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