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BlackRidgeBANK Review

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BlackRidgeBANK Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

BlackRidgeBANK started in 2007 and its headquarters are located in Fargo, North Dakota. It owns $447 million in assets along with $393 million in deposits, which makes it a medium-size bank. BlackRidgeBANK lacks premium access to customer service, with no options for live chat or all-day service. 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. At a SmartAsset rating of 4 out of 5 stars, BlackRidgeBANK should be near the middle of the pack in your search for a bank. BlackRidgeBANK offers a mixture of banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. BlackRidgeBANK has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking account does not carry a monthly charge. Locating an institution with free checking, in addition to a high interest rate savings account is the best bet for accruing the highest income on your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

BlackRidgeBANK features a savings rate of 0.10%, which is fair in comparison to the national average. BlackRidgeBANK's one-year CD has a rate of 1.51% and the five-year CD earns at a rate of 2.12%, while its highest-yielding money market account earns at a rate of 0.45%. Given BlackRidgeBANK's noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How BlackRidgeBANK's Savings Rates Compare

BlackRidgeBANK Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

BlackRidgeBANK generally has extremely low fees as compared against the national average. With no monthly fee, BlackRidgeBANK's checking account is perfect for those who want a hassle-free banking experience. BlackRidgeBANK unfortunately does not refund out-of-network ATM fees, which means you will be required to locate a BlackRidgeBANK 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

3.5
SmartAsset Average: 3.7

BlackRidgeBANK is a brick-and-mortar bank, with 11 total bank locations in Minnesota and North Dakota. With mobile and web apps, BlackRidgeBANK makes mobile banking convenient, even on the go. BlackRidgeBANK's online and mobile banking services get mediocre feedback from customers. The BlackRidgeBANK mobile app has been given a 3.1 out of 5 (with 13 ratings on Apple and Android) compared to the national average of 3.8. You can access BlackRidgeBANK's app to manage your finances by monitoring monthly statements, transferring money as well as reaching customer service. BlackRidgeBANK gets a superb consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.4
SmartAsset Average: 4.8

BlackRidgeBANK ranks as a medium-size bank with assets totaling $447 million as well as $393 million in deposits. Its Texas Ratio is 12.22%, denoting a tiny likelihood of failure. Additionally, BlackRidgeBANK is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

12.22%
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 BlackRidgeBANK to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.51% APY
  • 24 Month: 1.71% APY
  • 36 Month: 1.81% APY
  • 48 Month: 1.91% APY
  • 60 Month: 2.12% APY
$500 for all terms
Money Market Accounts 0.2% APY 0.45% APY $10000 $15000

BlackRidgeBANK has several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. BlackRidgeBANK does not have the best savings rate, which means you should think about other options 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. BlackRidgeBANK's CD rates are fair compared to the national average.

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Find a BlackRidgeBANK Near Me

BlackRidgeBANK has 11 locations across the U.S.

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