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First Minnesota Bank 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 Minnesota Bank Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Minnesota Bank first started operating in 1881 and is headquartered in Minnetonka, Minnesota. First Minnesota Bank owns $381 million in assets along with $304 million in deposits, ranking it as a small bank. First Minnesota Bank lacks premium access to support representatives, with no options for live chat or all-day service. 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. Coming in at a commendable 4.4 stars out of 5, First Minnesota Bank proves it is a solid contender in your bank search. First Minnesota Bank offers an array product offerings, which include savings accounts, checking accounts, CDs, mortgage products and credit cards. First Minnesota Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, First Minnesota Bank's ordinary checking account does not have a monthly fee. Banks that offer free checking and a high interest rate savings account are your best option for getting the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

First Minnesota Bank has a savings rate of 0.07%, which is poor in comparison to the national average. Its CDs feature a rate of 1.15% and 1.65% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

How First Minnesota Bank's Savings Rates Compare

First Minnesota Bank Savings 0.07 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Minnesota Bank charges customers extremely low fees compared to the average U.S. bank. With no monthly fee, First Minnesota Bank is perfect for those who want a simple checking account. First Minnesota Bank does not reimburse out-of-network ATM fees, meaning you'll need to locate a First Minnesota Bank ATM or pay 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

4.4
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 account access easy, even on the go. First Minnesota Bank's online and mobile banking platforms receive positive ratings from customers. The First Minnesota Bank mobile app is rated at 4.9 out of 5 (with 7 ratings on Apple and Android) compared to the national average of 3.8. First Minnesota Bank's mobile app lets you control your funds by monitoring monthly statements, sending and receiving funds and accessing support representatives. First Minnesota Bank gets a superb consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

4.7
SmartAsset Average: 4.8

First Minnesota Bank is currently a small bank owning $381 million in assets as well as deposits totaling $304 million. First Minnesota Bank's Texas Ratio is 7.00%, denoting a tiny likelihood of 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

7.0%
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 0.07% 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 Accounts 0.1% APY 0.15% APY $10000 $15000

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 locations across the U.S.

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