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First Minnesota Bank Review

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First Minnesota Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Established in 1881, First Minnesota Bank has assets totaling $381 million along with $304 million in deposits, classifying it as a small bank. First Minnesota Bank, whose headquarters are in Minnetonka, Minnesota, 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. Overall, First Minnesota Bank is a solid contender in your bank search, with a rating of 4.4 stars out of 5 from the SmartAsset experts. First Minnesota Bank offers a variety of product offerings, which include savings accounts, checking accounts, CDs, mortgage products and credit cards. First Minnesota Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, First Minnesota Bank offers an option without a monthly fee. Banks that offer no-fee checking, in addition to a high interest rate savings account are the best bet for gaining the most income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

First Minnesota Bank has a savings rate of 0.03%, which is poor compared to the average U.S. bank. First Minnesota Bank's one-year CD earns at a rate of 1.15% and the five-year CD has a rate of 1.65%, while its highest-yielding money market account earns at a rate of 0.10%. Given First Minnesota Bank's below average savings rate, you should think about taking a look at other banks for savings accounts.

How First Minnesota Bank's Savings Rates Compare

First Minnesota Bank Savings 0.03 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

First Minnesota Bank typically has extremely low fees as compared against the national average. With no monthly fee, First Minnesota Bank is perfect for those who want a simple banking experience. First Minnesota Bank unfortunately does not refund out-of-network ATM charges, meaning you will be required to find a First Minnesota Bank ATM or accept the 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

SmartAsset Average: 3.7

First Minnesota Bank is a brick-and-mortar bank, with 11 total branches in Minnesota. With mobile and web apps, First Minnesota Bank makes mobile banking easy, even on the go. First Minnesota Bank gets high marks from users for its mobile app. Out of 7 customer reviews across both Apple and Android platforms, the First Minnesota Bank mobile app rates a 4.9 out of 5 (compared to the national average of 3.8). First Minnesota Bank's mobile app lets you manage your funds by looking at current statements, sending and receiving money and reaching support representatives. First Minnesota Bank gets an exceptional consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

First Minnesota Bank ranks as a small bank owning $381 million in assets and deposits totaling $304 million. First Minnesota Bank's Texas Ratio is 7.00%, suggesting that First Minnesota Bank is in fine financial shape and far from failure. Additionally, First Minnesota Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Minnesota Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $2500
Checking Account 0.02% APY $500
Certificates of Deposit
  • 12 Month: 1.15% APY
  • 24 Month: 1.35% APY
  • 36 Month: 1.45% APY
  • 48 Month: 1.45% APY
  • 60 Month: 1.65% APY
$10000 for all terms
Money Market Account 0.05% APY $10000

First Minnesota Bank has several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. First Minnesota Bank 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 Minnesota Bank's CD rates are fair as compared against the national average.

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Find a First Minnesota Bank Near Me

First Minnesota Bank has 11 physical locations across the U.S.

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