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First Western Bank & Trust Review

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First Western Bank & Trust Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

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.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

4.8
SmartAsset Average: 3.5

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

First Western Bank & Trust Savings 0.50 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on First Western Bank & Trust's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

3.5
SmartAsset Average: 3.7

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.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

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

11.13%
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 Western Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $1
Checking Account 0.6% APY $500
Certificates of Deposit
  • 12 Month: 2.00% APY
  • 36 Month: 2.50% APY
  • 60 Month: 2.80% APY
$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.

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Find a First Western Bank & Trust Near Me

First Western Bank & Trust has five locations across the U.S.

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