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Bank Midwest 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 Midwest Savings
0.35% APY

Overview

Our Rating: 4.1/5 How we calculated this rating

Bank Midwest was founded in 1887 with headquarters located in Spirit Lake, Iowa. Bank Midwest has assets totaling $835 million as well as deposits totaling $732 million, which makes it a medium-size bank. Bank Midwest does not have the customer service bells and whistles of other banks. It is a traditional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile apps. We gave Bank Midwest a 4.1 out of 5 stars, indicating that it is a good bank that warrants your consideration. 

Bank Midwest has a varied selection of product offerings, which include savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Terrific for those who want their extra money to grow without monitoring it, Bank Midwest's savings account APY is competitive compared to other banks. The bank's standard checking product features a $3.95 monthly fee, which is not too bad in comparison to other U.S. banks. Opening both checking and savings accounts in the same place is best for getting the largest interest rates on your deposits while maintaining easy control over your money.

Service Quality

Bank Midwest is a brick-and-mortar bank, with 11 total branches in Iowa, Minnesota and South Dakota. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. CT; Saturday, 8:00 a.m. to 12:00 p.m. CT. 

Bank Midwest's online and mobile banking services receive reasonably high scores from customers: the Bank Midwest mobile app scored a 3.1 out of 5 (with 23 reviews on iOS and Android) compared to the national average of 3.8. You can use Bank Midwest's app to control your finances by monitoring account balances, sending and receiving funds as well as reaching support representatives. Bank Midwest receives an exceptional consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Accounts Compare Offers
  • 0.60% APY
$100
Certificates of Deposit Compare Offers
  • 12 Month: 1.00% APY
  • 24 Month: 1.60% APY
  • 36 Month: 1.90% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.15% APY
$1 for all tiers

Bank Midwest has several deposit products including savings accounts, checking accounts and CDs, meaning you have many options to manage your money. Bank Midwest does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bank Midwest's CD rates are competitive in comparison to the average U.S. bank. 

Rates

With a savings rate of 0.60%, Bank Midwest ranks around the mean compared to the average U.S. bank. Bank Midwest's one-year and five-year term lengths CD's earn at a rate of 1.00% and 2.15%, respectively. Taking into account that Bank Midwest boasts a competitive savings rate, Bank Midwest's savings account can be used to save for a key occasion such as paying off loans.

Compare Bank Midwest to Other Competitive Offers

Fees

On average, Bank Midwest charges its customers above-average fees in comparison to the average U.S. bank. Bank Midwest's checking account has a monthly fee of $3.95, rating it slightly worse for anyone looking for a simple account. Bank Midwest reimburses their ATM charges (with conditions), which gives easy access to cash at any time.

Financial Health

Bank Midwest is currently a medium-size bank and owns $835 million in assets and deposits totaling $732 million. Bank Midwest has an excellent Texas Ratio of 3.52%, suggesting that the bank is in excellent financial health and very improbable to fail. Additionally, Bank Midwest is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Bank Midwest Near Me

Bank Midwest has 11 locations in the U.S.

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