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First Federal Bank of the Midwest Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
First Federal Bank of the Midwest Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Federal Bank of the Midwest first started operating in 1920 with its headquarters in Defiance, Ohio. It handles assets of $3 billion along with $2 billion in deposits, which makes it a large bank. First Federal Bank of the Midwest has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We gave First Federal Bank of the Midwest a 4.1 stars out of 5, indicating that it is a good bank that warrants your consideration. First Federal Bank of the Midwest has a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Federal Bank of the Midwest has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, First Federal Bank of the Midwest's standard checking account does not have a monthly fee. Using a bank with free checking as well as a high savings APY is the best bet for gaining the most income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.03%, First Federal Bank of the Midwest ranks poorly compared to other U.S. banks. Its one-year CD earns at a rate of 0.25% and the five-year CD has a rate of 2.75%, while its highest-yielding money market account has a rate of 0.05%. Given First Federal Bank of the Midwest's below average savings rate, you should think about other options to earn more on your deposits.

How First Federal Bank of the Midwest's Savings Rates Compare

First Federal Bank of the Midwest Savings 0.03 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Federal Bank of the Midwest generally has extremely low fees compared to other U.S. banks. First Federal Bank of the Midwest's checking account has no monthly fee, making it excellent for anyone looking for a simple account. First Federal Bank of the Midwest unfortunately doesn't reimburse out-of-network ATM fees, meaning you will need to find a First Federal Bank of the Midwest ATM or pay the cost of withdrawal.

Monthly Fee $0 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

3.8
SmartAsset Average: 3.7

First Federal Bank of the Midwest is a brick-and-mortar bank, with 42 total bank locations in Indiana, Michigan and Ohio. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Additionally, First Federal Bank of the Midwest customers can access live chat for help, giving customers an easy access point throughout the day. First Federal Bank of the Midwest gets inferior feedback from customers for its mobile app. The First Federal Bank of the Midwest mobile app scored a 3.2 out of 5 (out of 240 ratings on iOS and Android) compared to the national average of 3.8. You can utilize First Federal Bank of the Midwest's mobile app to control your funds by looking at monthly statements, transferring funds and accessing customer service. First Federal Bank of the Midwest receives a superb consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.7
SmartAsset Average: 4.8

First Federal Bank of the Midwest is a large bank with $3 billion in assets and $2 billion in deposits. First Federal Bank of the Midwest's Texas Ratio is 6.81%, suggesting that First Federal Bank of the Midwest is in fine financial well-being and unlikely to fail. Additionally, First Federal Bank of the Midwest is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.81%
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 Federal Bank of the Midwest to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $1
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.30% APY
  • 36 Month: 0.60% APY
  • 48 Month: 2.71% APY
  • 60 Month: 2.75% APY
$500 for all terms
Money Market Accounts 0.03% APY 0.05% APY $10000 $15000

First Federal Bank of the Midwest has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Federal Bank of the Midwest does not have the best savings rate, which means you should consider 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. First Federal Bank of the Midwest's CD rates are fair as compared against the national average.

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Find a First Federal Bank of the Midwest Near Me

First Federal Bank of the Midwest has 42 branches in the U.S.

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