Dacotah Bank Review

Dacotah Bank Checking

0.18% APY

Dacotah Bank was founded in 1955 and its headquarters are located in Aberdeen, South Dakota. Dacotah Bank manages assets totaling $4.15 billion and deposits totaling $3.73 billion, making it a large bank. Dacotah Bank does not have the same customer service perks that others do. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. Overall, Dacotah Bank is a top-tier bank that warrants a serious look with its rating of 4.5 out of 5 stars from the SmartAsset team. 

Dacotah Bank provides customers with a mixture of banking products, including checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. If you're looking for a checking account for everyday use, Dacotah Bank's ordinary checking account does not have a monthly fee. Using the same bank for checking and savings is ideal for getting the highest return on your money while retaining convenient control over your money.

Service Quality

Dacotah Bank is a brick-and-mortar bank, with 35 total bank locations in Minnesota, North Dakota and South Dakota. With mobile and web apps, Dacotah Bank makes account access easy, even on the go.  

Dacotah Bank's online and mobile banking services get moderately good ratings from customers: with 7 customer reviews on both Apple and Android platforms, the Dacotah Bank mobile app rates a 3.6 out of 5 (compared to the national average of 3.8). Dacotah Bank's mobile app lets you manage your bank accounts by checking current statements, sending and receiving funds and reaching support representatives. Dacotah Bank gets a superb consumer satisfaction rating due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Dacotah Bank has several deposit products like checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Dacotah Bank's checking account interest rate is relatively competitive, great if you want to grow your money while still having it available. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Dacotah Bank's CD rates are great in comparison to other U.S. banks.

Rates

Dacotah Bank features a checking account rate of 0.18%, which is pretty fair compared to other U.S. banks. Its one-year and five-year term lengths CD's earn at a rate of 1.70% and 1.75%, respectively, while its highest-yielding money market account earns at an APY of 0.60%. 

Fees

On average, Dacotah Bank charges customers extremely low fees compared to the national average. With no monthly fee, Dacotah Bank is perfect for people who want a simple checking account. 

Financial Health

Dacotah Bank is currently a large bank with assets totaling $4.15 billion as well as deposits totaling $3.73 billion. Dacotah Bank's Texas Ratio is 2.41%, denoting a tiny opportunity of failure. Additionally, Dacotah Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Dacotah Bank Near Me

Dacotah Bank has 35 physical branches across the U.S.