Central Bank of the Midwest Review

Central Bank of the Midwest Savings

0.04% APY

Founded in 1985, Central Bank of the Midwest has $2 billion in assets and deposits totaling $1 billion, making it a large bank. Central Bank of the Midwest, whose headquarters are in Lees Summit, Missouri, does not have the same customer service perks that others do. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. SmartAsset has rated the bank 4.3 stars out of 5, suggesting Central Bank of the Midwest is a great choice and should warrant serious consideration. 

Central Bank of the Midwest offers a varied choice of banking products, including savings accounts, checking accounts, IRAs, mortgage products and credit cards. Central Bank of the Midwest has a fair savings rate, which means other popular banks have higher rates. A great, everyday account, Central Bank of the Midwest's ordinary checking account does not have a monthly fee. Why keep checking and savings accounts with the same bank? Quick transferring between both accounts means you can still get better interest rates in your savings account but still access your funds from your checking.

Service Quality

Central Bank of the Midwest is a brick-and-mortar bank, with 36 total branches in Kansas and Missouri. It also offers access to mobile and web apps for simple access and banking on the go.  

Central Bank of the Midwest's online and mobile banking services get great feedback from customers: the Central Bank of the Midwest mobile app has an overall rating of 4.0 out of 5 (out of 790 reviews on iOS and Android) compared to the national average of 3.8. Central Bank of the Midwest's mobile app lets you control your funds by looking at account balances, sending and receiving funds as well as reaching support representatives. Central Bank of the Midwest gets an excellent consumer satisfaction rating based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

It has several deposit products like savings accounts and checking accounts, meaning you have many options to manage your money. Central Bank of the Midwest does not have the best savings rate, which means you should consider taking a look elsewhere 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. Central Bank of the Midwest's CD rates are competitive in comparison to the national average. 

Rates

With a savings rate of 0.04%, Central Bank of the Midwest ranks below the mean compared to the national average. Central Bank of the Midwest's one-year and five-year term lengths CD's earn at a rate of 0.40% and 1.00%, respectively, while its highest-yielding money market account earns at a rate of 0.07%. Central Bank of the Midwest has a fair savings rate, which means other popular banks have higher rates. Think about choosing another bank to earn more on your deposits.

Fees

On average, Central Bank of the Midwest charges its customers extremely low fees in comparison to the national average. Central Bank of the Midwest's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Central Bank of the Midwest  doesn't reimbursee ATM charges meaning you will need to locate a Central Bank of the Midwest ATM or eat the ATM charge.

Financial Health

Central Bank of the Midwest is currently a large bank owning assets totaling $2 billion and deposits totaling $1 billion. Central Bank of the Midwest has an excellent Texas Ratio of 4.18%, denoting an exceedingly minute probability of failure. Additionally, Central Bank of the Midwest is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Central Bank of the Midwest Near Me

Central Bank of the Midwest has 36 physical branches in the U.S.