Choice Financial Group Review

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.

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

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

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

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.

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

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.

Products Offered

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.

Find a Choice Financial Group Near Me

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