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Bremer Bank Review

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by Lauren Perez Updated
Bremer Bank

Bremer Bank began in 1943 when it was founded by Otto Bremer in Minnesota. Today, the bank stretches throughout Minnesota and reaches into North Dakota and Wisconsin, as well. You can use Bremer for not only personal checking and savings accounts, but also for loans, mortgages, investments, insurance, business accounts and wealth management. 

Products Offered

Products Key Details
Savings Accounts
  • Added benefits for owners under 21
  • Relatively low interest rate
Certificates of Deposit
  • Terms reach up to 120 months
  • Higher balances earn better rates
Money Market Accounts
  • Two account options
  • High minimum deposit requirements 
  • Monthly fees, although waivable
Checking Accounts
  • Three account options, including two interest-earning accounts
  • High minimum deposit for a checking account

Bremer Bank Interest Rate Comparison

Regular Savings Account

Key Features Details
Minimum Deposit
  • Account holders under 21: $0
  • Account holders aged 21 and over: $50
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • Account holders under 21: $0
  • Account holders aged 21 and over: $4, waivable with $300 minimum daily balance
Current Terms and Rates 0.03% APY

Bremer Bank’s Regular Savings account is just that: a regular, standard savings account. It’s a better account for those under 21 since they can avoid a minimum deposit, minimum balance and monthly fee. Customers 21 and over have to meet high minimums to open the account and waive the small monthly fee. 

Regardless of age, all account holders will earn interest at a relatively low rate. 

Certificates of Deposit

Key Features Details
Minimum Deposit $500
Access to Your CD Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties may apply.
Current Terms and Rates
  • 0 - 90 Day
    • Account balances below $10,000: 0.05% APY
    • Account balances of $10,000 - $24,999: 0.20% APY
    • Account balances of $25,000 and over: 0.35% APY
  • 3 - 5 Month
    • Account balances below $10,000: 0.05% APY
    • Account balances of $10,000 - $24,999: 0.20% APY
    • Account balances of $25,000 and over: 0.35% APY
  • 6 - 11 Month
    • Account balances below $10,000: 0.05% APY
    • Account balances of $10,000 - $24,999: 0.30% APY
    • Account balances of $25,000 and over: 0.45% APY
  • 12 - 23 Month
    • Account balances below $10,000: 0.20% APY
    • Account balances of $10,000 - $24,999: 0.45% APY
    • Account balances of $25,000 and over: 0.60% APY
  • 24 - 35 Month
    • Account balances below $10,000: 0.50% APY
    • Account balances of $10,000 - $24,999: 0.75% APY
    • Account balances of $25,000 and over: 0.90%
  • 36 - 47 Month
    • Account balances below $10,000: 0.75% APY
    • Account balances of $10,000 - $24,999: 1.00% APY
    • Account balances of $25,000 and over: 1.15% APY
  • 48 - 59 Month
    • Account balances below $10,000: 0.90% APY
    • Account balances of $10,000 - $24,999: 1.15% APY
    • Account balances of $25,000 and over: 1.30% APY
  • 60 - 120 Month
    • Account balances below $10,000: 1.20% APY
    • Account balances of $10,000 - $24,999: 1.45% APY
    • Account balances of $25,000 and over: 1.60% APY

Bremer Bank offers a great variety of certificates of deposit, or CDs. They max out at 120 months so you can use these accounts to save toward both short-term and long-term savings goals. While all accounts earn at decent rates, the best rates start at 36-month accounts. 

Money Market Account

Key Features Details
Minimum Deposit $1,000
Access to Your Money Market Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly fee, waivable with $1,000 minimum daily balance
Current Terms and Rates
  • Account balances below $1,000: 0.03% APY
  • Account balances of $1,000 - $4,999.99: 0.07% APY
  • Account balances of $5,000 and over: 0.09% APY

A money market account acts as a mix between a savings account and a checking account. It earns interest like a savings account, but it’s also limited to six outgoing transactions per statement cycle. You can access the money market account like a checking account with an ATM card and checks. 

Money Market Premier Account

Key Features Details
Minimum Deposit $10,000
Access to Your Money Market Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly fee, waivable with $10,000 average daily collected balance
Current Terms and Rates
  • Account balances below $10,000: 0.07% APY
  • Account balances of $10,000 - $99,999.99: 0.16% APY
  • Account balances of $100,000 - $249,999.99: 0.21% APY
  • Account balances of $250,000 - $499,999.99: 0.24% APY
  • Account balances of $500,000 - $749,999.99: 0.32% APY
  • Account balances of $750,000 - $999,999.99: 0.32% APY
  • Account balances of $1,000,000 - $2,499,999.99: 0.37% APY
  • Account balances of $2,500,000 - $4,999,999.99: 0.41% APY
  • Account balances of $5,000,000 - $7,499,999.99: 0.48% APY
  • Account balances of $7,500,000 and over: 0.61% APY

The Money Market Premier account is meant for individuals with higher account balances. You’ll need at least $10,000 to open the account in the first place. Maintaining this amount will also allow you to waive the monthly fee. Even higher balances will unlock better interest rates, too. 

Bremer Select Banking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $3 monthly fee, waivable with one of the following
  • Enroll in free online statements
  • Maintain a $1,500 average balance
  • Account owner is under age 21 or 65 and over

The Bremer Select Banking account is the bank’s basic checking account option. It charges a low monthly fee, although you can waive the fee in a few different ways. Do note that although basic, the account does require a pretty high minimum deposit.

The account doesn’t offer too many perks. However, you’ll get to benefit from a free first order of Bremer Bank wallet checks, a complimentary financial plan and a complimentary personal insurance evaluation.

Bremer Choice Banking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly fee, waivable with one of the following
  • 12 debit card transactions or $20,000 in combined personal deposit balances
  • Online Banking with online statements 
  • At least one direct deposit of $500 or more each month
Current Terms and Rates
  • Non-qualifying rate: 0.01% 
  • Qualifying rate
    • Account balances of $0.01 - $20,000: 1.00% APY
    • Account balances over $20,000: 0.03% APY

A step up from the Bremer Select Banking account, the Bremer Choice Banking account still requires a $100 deposit. This account charges a higher monthly fee and has stricter ways to waive the fee, requiring you to meet all qualifications instead of just one. 

You will also need to meet these qualifications in order to earn at better rates on your account balance. 

In addition to the free financial plan, personal insurance evaluation and first check order, you’ll also be able to receive an automatic refund of all ATM fees up to $10 per month. 

Benefit Banking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly fee, waivable with one of the following
  • $20,000 in combined personal deposits or a Bremer Investment Services relationship
  • At least one direct deposit of $500 or more each month
Current Terms and Rates 0.05% APY

The Benefit Banking account offers the most extra perks out of the Bremer’s checking accounts. You’ll have access to free official checks, discounted rates on consumer loans, free Bremer Bank wallet checks, discounted checks and a free or discounted safe deposit box. 

This account does earn interest, but at a lower rate and does not offer the opportunity to earn at higher rates with higher balances. 

Branch Locations

Bremer Bank operates throughout Minnesota, North Dakota and Wisconsin. You can also access ATMs nationwide with the MoneyPass® ATM network. 

Financial Statistics & Bank Health Rating

Bremer Bank currently holds $11.92 billion in assets and $8.04 billion in loans. Customers keep $10.25 billion in deposits with the bank according to the FDIC. 

When looking at a bank’s risk, the Texas Ratio is an important indicator of how safe your deposits will be. The ratio is calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. Bremer Bank has a Texas Ratio of 5.48%. This score is considered “very good.” 

Tips for Responsible Money Management

  • Bremer Bank requires pretty high minimum deposits in order to open an account. This isn’t the case with every bank, though. Online banks like Ally Bank often allow you to open an account with any amount. That way, you don’t have to stretch your funds thin just to open an account with a mediocre interest rate.
  • Another smart money move could be to start working with a financial advisor. A financial advisor can help you optimize your savings and investments with your specific financial goals in mind. To find the right financial advisor for you, our free financial advisor matching tool can pair you with an advisor according to your goals, needs and preferences. 
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