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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 was founded in 2007 and its headquarters are located in Fargo, North Dakota. BlackRidgeBANK handles $447 million in assets and $393 million in deposits, classifying it as a medium-size bank. BlackRidgeBANK 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. With a score of 4 out of 5 stars, BlackRidgeBANK should be near the middle of the pack in your search for a bank. BlackRidgeBANK has a choice of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. BlackRidgeBANK has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, BlackRidgeBANK offers an option without a monthly fee. Finding a bank with free checking and a high savings APY is the best option for returning the most income from your deposits alongside 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

With a savings rate of 0.10%, BlackRidgeBANK ranks poorly compared to other U.S. banks. BlackRidgeBANK's one-year CD has a rate of 0.90% and the five-year CD earns at a rate of 1.61%, while its highest-yielding money market account earns at an APY of 0.45%. Given its noncompetitive savings rate, you should consider other options 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 charges its customers extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. BlackRidgeBANK unfortunately does not reimburse out-of-network ATM fees, meaning you'll need to find a BlackRidgeBANK ATM or pay the ATM charge.

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. It also offers access to mobile and web apps for simple access and banking on the go. BlackRidgeBANK receives inferior feedback from users for its mobile platform. The BlackRidgeBANK mobile app scored a 3.1 out of 5 (with 13 ratings on Apple and Android) compared to the national average of 3.8. You can use BlackRidgeBANK's mobile app to manage your accounts by reviewing monthly statements, sending and receiving funds as well as accessing support representatives. BlackRidgeBANK receives an excellent consumer satisfaction rating based on relatively few consumer complaints reported to 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 is a medium-size bank with $447 million in assets and deposits totaling $393 million. BlackRidgeBANK's Texas Ratio is 12.22%, suggesting that the bank is in fine financial well-being and improbable to fail. 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 $100
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 0.90% APY
  • 24 Month: 1.26% APY
  • 36 Month: 1.21% APY
  • 48 Month: 1.76% APY
  • 60 Month: 1.61% APY
$500 for all terms
Money Market Account 0.2% APY $1000

BlackRidgeBANK offers several deposit products including 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 consider 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 in comparison to the national average.

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Find a BlackRidgeBANK Near Me

BlackRidgeBANK has 11 physical branches in the U.S.

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