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Choice Financial Group Review

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Choice Financial Group Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Choice Financial Group Bank first started operating in 1906 with headquarters located in Fargo, North Dakota. Choice Financial Group has assets of $1 billion as well as deposits totaling $1 billion, making it a medium-size bank. Choice Financial Group lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset has rated the bank 4.2 out of 5 stars, indicating that Choice Financial Group is a solid pick to be your bank. Choice Financial Group provides customers with an array banking products, including savings accounts, checking accounts, CDs, IRAs and credit cards. It has a fair savings rate compared to the average savings account. Banks that offer free checking, in addition to a high savings APY are your best bet for accruing the most income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

With a savings rate of 0.25%, Choice Financial Group ranks poorly in comparison to the national average. Its CD rates are 2.00% and 2.60% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.75%. Given its below average savings rate, you should consider choosing another bank to earn more on your deposits.

How Choice Financial Group's Savings Rates Compare

Choice Financial Group Savings 0.25 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Choice Financial Group's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

4.1
SmartAsset Average: 3.7

Choice Financial Group Bank is a brick-and-mortar bank, with 19 total bank locations in Minnesota and North Dakota. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Choice Financial Group receives fairly high marks from users for its mobile app. The Choice Financial Group mobile app has an overall rating of 4.3 out of 5 (with 48 ratings on Apple and Android) compared to the national average of 3.8. Choice Financial Group's mobile app lets you manage your bank accounts by reviewing current statements, transferring money and reaching support representatives. Choice Financial Group gets an exceptional consumer satisfaction rating due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Choice Financial Group ranks as a medium-size bank owning assets totaling $1 billion and deposits totaling $1 billion. Choice Financial Group has a strong Texas Ratio of 7.42%, suggesting a tiny possibility of failure. Additionally, Choice Financial Group is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.42%
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 Choice Financial Group to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $200
Checking Account 0.25% APY $500
Certificates of Deposit
  • 12 Month: 2.00% APY
  • 24 Month: 2.25% APY
  • 36 Month: 2.36% APY
  • 48 Month: 2.47% APY
  • 60 Month: 2.60% APY
$1000 for all terms
Money Market Accounts 0.4% APY 0.75% APY $10000 $15000

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

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Find a Choice Financial Group Near Me

Choice Financial Group has 19 physical locations in the U.S.

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