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First Dakota National Bank Review

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First Dakota National Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1872, First Dakota National Bank has assets totaling $2 billion and deposits totaling $1 billion, ranking the institution as a large bank. First Dakota National Bank, whose headquarters are in Yankton, South Dakota, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, First Dakota National Bank is a great bank that you should seriously consider, with a rating of 4.3 out of 5 stars from our experts. First Dakota National Bank offers the full package of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. First Dakota National Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, First Dakota National Bank's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is the best bet for accruing the most income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

With a savings rate of 0.10%, First Dakota National Bank ranks poorly in comparison to the average U.S. bank. First Dakota National Bank's CDs feature a rate of 1.15% and 2.01% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.25%. Given its below average savings rate, you should think about choosing another bank to earn more on your deposits.

How First Dakota National Bank's Savings Rates Compare

First Dakota National Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Dakota National Bank typically has extremely low fees in comparison to other U.S. banks. First Dakota National Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. For those who often withdraw cash from the ATM, First Dakota National Bank is perfect because it charges no out-of-network ATM fees. Also, it has an overdraft fee of $30.00, which is noticeably less than that of other U.S. banks. First Dakota National Bank does not reimburse out-of-network ATM fees, which means you'll have to find a First Dakota National Bank ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

First Dakota National Bank is a brick-and-mortar bank, with 19 total branches in South Dakota. It also offers access to mobile and web apps for a straightforward mobile-banking experience. First Dakota National Bank receives fairly good reviews from users for its online presence. Out of 25 ratings across iOS and Android platforms, the First Dakota National Bank mobile app rates a 4.2 out of 5 (compared to the national average of 3.8). You can use First Dakota National Bank's app to control your finances by reviewing account balances, transferring money as well as reaching customer service. First Dakota National Bank receives a superb consumer satisfaction rating based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.2/5
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

First Dakota National Bank is a large bank with assets totaling $2 billion and $1 billion in deposits. Its Texas Ratio is 6.18%, suggesting a small likelihood of failure. Additionally, First Dakota National Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.18%
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 First Dakota National Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 1.15% APY
  • 24 Month: 1.40% APY
  • 36 Month: 1.51% APY
  • 48 Month: 1.71% APY
  • 60 Month: 2.01% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.25% APY $10000 $15000

First Dakota National Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Dakota National Bank does not have the best savings rate, which means you should consider taking a look 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. First Dakota National Bank's CD rates are fair compared to the average U.S. bank.

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Find a First Dakota National Bank Near Me

First Dakota National Bank has 19 branches across the U.S.

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