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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

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.

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

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

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 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.

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 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

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: 2.10% APY
  • 24 Month: 2.45% APY
  • 36 Month: 2.50% APY
  • 60 Month: 2.80% APY
$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.

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Find a First Western Bank & Trust Near Me

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

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