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Choice Financial Group Review

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Choice Financial Group Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Choice Financial Group Bank was founded in 1906 with headquarters located in Fargo, North Dakota. It manages $1 billion in assets and $1 billion in deposits, ranking it as a medium-size bank. Choice Financial Group lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We ranked the bank at a 4.2 stars out of 5, suggesting Choice Financial Group is a great choice and should warrant serious consideration. Choice Financial Group provides customers with multiple banking products, which include savings accounts, checking accounts, CDs, IRAs and credit cards. It has a fair savings rate compared to the average savings account. Banks that offer no-fee checking, in addition to a high interest rate savings account are the best option for gaining the most income on your deposits while maintaining easy 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

Choice Financial Group has a savings rate of 0.20%, which is poor in comparison to the average U.S. bank. Choice Financial Group's one-year CD has a rate of 1.76% and the five-year CD has a rate of 2.60%, while its highest-yielding money market account has an APY of 0.50%. Given its poor savings rate, you should consider looking elsewhere to open savings accounts.

How Choice Financial Group's Savings Rates Compare

Choice Financial Group Savings 0.20 National Average 0.26 Compare Offers
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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

SmartAsset Average: 3.7

Choice Financial Group Bank is a brick-and-mortar bank, with 19 total branches in Minnesota and North Dakota. With mobile and web apps, Choice Financial Group makes account access convenient, even on the go. Choice Financial Group's online and mobile banking platforms receive reasonably high ratings from customers. With 48 ratings across iOS and Android platforms, the Choice Financial Group mobile app is scored at 4.3 out of 5 (compared to the national average of 3.8). Choice Financial Group's mobile app lets you control your bank accounts by monitoring account balances, transferring funds and reaching customer service. Choice Financial Group gets an excellent consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed 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

SmartAsset Average: 4.8

Choice Financial Group is a medium-size bank with $1 billion in assets as well as $1 billion in deposits. Its Texas Ratio is 7.42%, signifying a tiny opportunity 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

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 0.2% APY $1
Checking Account 0.2% APY $1
Certificates of Deposit
  • 12 Month: 1.76% APY
  • 24 Month: 2.01% APY
  • 36 Month: 2.36% APY
  • 48 Month: 2.47% APY
  • 60 Month: 2.60% APY
$10000 for all terms
Money Market Account 0.4% APY $10000

Choice Financial Group Bank has several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. Choice Financial Group does not have the best savings rate, which means you should think about looking elsewhere 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 as compared against the national average.

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Find a Choice Financial Group Near Me

Choice Financial Group has 19 locations across the U.S.

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