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Border State Bank Review

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Border State Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Border State Bank was founded in 1935 and is headquartered in Greenbush, Minnesota. It manages assets of $507 million as well as $434 million in deposits, which makes it a medium-size bank. Border State Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We ranked the bank at a 4.3 stars out of 5, indicating that Border State Bank is a great bank that you should seriously consider. Border State Bank offers a selection of banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Border State Bank offers an option without a maintenance or monthly fee. Using an institution with free checking, in addition to a high interest rate savings account is your best bet for gaining the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.25%, Border State Bank ranks poorly in comparison to the national average. Its one-year CD earns at a rate of 1.25% and the five-year CD has a rate of 1.90%, while its highest-yielding money market account has a rate of 0.40%. Given its poor savings rate, you should think about looking at the competition to open savings accounts.

How Border State Bank's Savings Rates Compare

Border State Bank Savings 0.25 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Border State Bank generally has extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Border State Bank unfortunately does not refund out-of-network ATM fees, which means you will have to find a Border State Bank ATM or accept the 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

SmartAsset Average: 3.7

Border State Bank is a brick-and-mortar bank, with nine total bank locations in Minnesota. It also offers access to mobile and web apps for an easy mobile-banking experience. Border State Bank's online and mobile banking platforms get fairly positive feedback from customers. With 140 ratings on Apple and Android platforms, the Border State Bank mobile app rates a 4.0 out of 5 (compared to the national average of 3.8). You can use Border State Bank's mobile app to manage your accounts by checking current statements, sending and receiving money as well as reaching customer service. Border State Bank receives an exceptional consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Border State Bank is a medium-size bank with $507 million in assets as well as deposits totaling $434 million. It has a strong Texas Ratio of 13.07%, denoting that Border State Bank is in good financial well-being and unlikely to fail. Additionally, Border State Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Border State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Checking Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.45% APY
  • 36 Month: 1.55% APY
  • 48 Month: 1.65% APY
  • 60 Month: 1.90% APY
$2500 for all terms
Money Market Account 0.4% APY $10000

Border State Bank offers several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Border State Bank 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. Border State Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Border State Bank Near Me

Border State Bank has nine physical locations across the U.S.

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