Established in 1964, First Western Bank & Trust has $1 billion in assets and deposits totaling $887 million, which makes the institution a medium-size bank. First Western Bank & Trust, whose headquarters are in Minot, North 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 in-person service, in addition to its online and mobile apps. SmartAsset experts rated First Western Bank & Trust 4.3 stars out of 5, suggesting it is a great choice and should warrant serious consideration. First Western Bank & Trust provides customers with a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. Institutions that offer free checking as well as a high interest rate savings account are the best option for gaining the most income from your deposits alongside easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
First Western Bank & Trust has a savings rate of 0.50%, which is fair in comparison to the average U.S. bank. First Western Bank & Trust's CD rates are 2.00% and 2.80% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.60%. Given its below average savings rate, you should think about looking elsewhere to open savings accounts.
How First Western Bank & Trust's Savings Rates Compare
There is insufficient data on First Western Bank & Trust's fees to provide a full SmartAsset rating.
First Western Bank & Trust is a brick-and-mortar bank, with five total bank locations in Minnesota and North Dakota. With mobile and web apps, First Western Bank & Trust makes account access convenient, even on the go. First Western Bank & Trust's online and mobile banking services get poor scores from users. The First Western Bank & Trust mobile app rates a 3.2 out of 5 (with 11 reviews on iOS and Android) compared to the national average of 3.8. First Western Bank & Trust's mobile app lets you control your accounts by monitoring account balances, transferring funds as well as accessing customer service. First Western Bank & Trust gets an exceptional consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
First Western Bank & Trust ranks as a medium-size bank owning assets totaling $1 billion and deposits totaling $887 million. First Western Bank & Trust has a strong Texas Ratio of 11.13%, indicating a small possibility of failure. Additionally, First Western Bank & Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
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.Back to Overview
Compare First Western Bank & Trust to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.5% APY||$1|
|Checking Account||0.6% APY||$500|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Account||0.6% APY||$1000|
First Western Bank & Trust offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Western Bank & Trust 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 Western Bank & Trust's CD rates are fair in comparison to other U.S. banks.Back to Overview
Find a First Western Bank & Trust Near Me
First Western Bank & Trust has five locations across the U.S.Back to Overview