First Western Bank & Trust first started operating in 1964 with headquarters in Minot, North Dakota. First Western Bank & Trust owns $1 billion in assets as well as $887 million in deposits, classifying it as a medium-size bank. First Western Bank & Trust lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Overall, First Western Bank & Trust is a great bank that you should seriously consider, with a rating of 4.3 stars out of 5 from the SmartAsset experts. First Western Bank & Trust offers a complete choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Western Bank & Trust has a fair savings rate compared to the average savings account. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is the best option for gaining the most income from your deposits while having convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.50%, First Western Bank & Trust ranks poorly in comparison to other U.S. banks. First Western Bank & Trust's one-year and five-year term lengths CDs earn at a rate of 2.10% and 2.80%, respectively, while its highest-yielding money market account earns at an APY of 1.00%. Given First Western Bank & Trust's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.
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 branches in Minnesota and North Dakota. With mobile and web apps, First Western Bank & Trust makes mobile banking convenient, even on the go. First Western Bank & Trust receives inferior marks from users for its mobile app. With 11 customer reviews across both Apple and Android platforms, the First Western Bank & Trust mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). First Western Bank & Trust's mobile app allows you to control your funds by reviewing monthly statements, transferring funds as well as reaching customer service. First Western Bank & Trust gets an outstanding consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.
First Western Bank & Trust is a medium-size bank with assets totaling $1 billion and $887 million in deposits. First Western Bank & Trust has a strong Texas Ratio of 11.13%, signifying that the bank is in good financial shape and unlikely to fail. 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 Accounts||0.6% APY 1.0% APY||$10000 $15000|
First Western Bank & Trust 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 Western Bank & Trust 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 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 branches across the U.S.Back to Overview