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First Federal Bank of the Midwest Review

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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 was founded in 1920 and its headquarters are located in Defiance, Ohio. It owns $3 billion in assets and deposits totaling $2 billion, which makes it a large bank. First Federal Bank of the Midwest has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset experts rated the bank 4.1 stars out of 5, indicating that First Federal Bank of the Midwest is a respectable bank that warrants your consideration. First Federal Bank of the Midwest has a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, First Federal Bank of the Midwest offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best bet for getting the most income from your deposits while maintaining easy 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 the average U.S. bank. Its one-year CD has a rate of 0.25% and the five-year CD earns at a rate of 2.75%, while its highest-yielding money market account earns at a rate of 0.05%. Given First Federal Bank of the Midwest's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

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 as compared against the national average. With no monthly fee, First Federal Bank of the Midwest's checking account is perfect for people who need a hassle-free checking account. First Federal Bank of the Midwest doesn't refund out-of-network ATM fees, which means you'll be required to locate a First Federal Bank of the Midwest ATM or eat the withdrawal fee.

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 branches in Indiana, Michigan and Ohio. With mobile and web apps, First Federal Bank of the Midwest makes account access straightforward, even on the go. First Federal Bank of the Midwest also offers a live chat feature, giving customers an easy access point throughout the day. First Federal Bank of the Midwest receives inferior reviews from users for its online presence. The First Federal Bank of the Midwest mobile app is rated at 3.2 out of 5 (with 240 customer reviews on iOS and Android) compared to the national average of 3.8. You can access First Federal Bank of the Midwest's mobile app to control your funds by monitoring account balances, transferring funds and reaching support representatives. First Federal Bank of the Midwest gets an excellent consumer satisfaction rating due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 ranks as a large bank with assets totaling $3 billion and deposits totaling $2 billion. Its Texas Ratio is 6.81%, denoting that the bank is in good financial condition 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
$10000 for all terms
Money Market Account 0.03% APY $1000

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 think about 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 Federal Bank of the Midwest's CD rates are fair compared to 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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