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Frandsen Bank & Trust Review

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Frandsen Bank & Trust Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1901, Frandsen Bank & Trust has assets totaling $2 billion along with deposits totaling $1 billion, making it a large bank. Frandsen Bank & Trust, whose headquarters are in Lonsdale, Minnesota, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4.1 out of 5 stars, Frandsen Bank & Trust should be solidly in contention for your choice of bank. Frandsen Bank & Trust provides customers with a variety of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Frandsen Bank & Trust's most basic checking does not carry a monthly charge. Locating a checking account with no monthly fee and a savings account with a high APY at the same bank is the best bet for accruing the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

Frandsen Bank & Trust has a savings rate of 0.05%, which is fair in comparison to the national average. Frandsen Bank & Trust's CDs feature a rate of 0.47% and 1.35% 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 Frandsen Bank & Trust's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Frandsen Bank & Trust's Savings Rates Compare

Frandsen Bank & Trust Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Frandsen Bank & Trust charges its customers extremely low fees compared to other U.S. banks. With no monthly fee, Frandsen Bank & Trust is perfect for those who want a basic checking account. For those who often withdraw cash from the ATM, Frandsen Bank & Trust is perfect because it charges no out-of-network ATM fees. Frandsen Bank & Trust does not refund out-of-network ATM charges, meaning you'll have to search for a Frandsen Bank & Trust ATM or accept the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

Frandsen Bank & Trust is a brick-and-mortar bank, with 37 total branches in Minnesota, North Dakota and Wisconsin. It also offers access to mobile and web apps for simple access and banking on the go. Frandsen Bank & Trust's online and mobile banking platforms receive mediocre marks from users. The Frandsen Bank & Trust mobile app rates a 3.2 out of 5 (with 48 reviews on iOS and Android) compared to the national average of 3.8. Frandsen Bank & Trust's mobile app lets you control your finances by reviewing monthly statements, transferring funds as well as reaching support representatives. Frandsen Bank & Trust gets a superb consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed 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

4.9
SmartAsset Average: 4.8

Frandsen Bank & Trust is currently a large bank owning $2 billion in assets and deposits totaling $1 billion. Frandsen Bank & Trust's Texas Ratio is 3.70%, denoting that Frandsen Bank & Trust is in outstanding financial shape and improbable to fail. Additionally, Frandsen 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

3.7%
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 Frandsen Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $1500
Certificates of Deposit
  • 12 Month: 0.47% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.10% APY
  • 60 Month: 1.35% APY
$10000 for all terms
Money Market Account 0.1% APY $5000

Frandsen Bank & Trust offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Frandsen Bank & Trust does not have the best savings rate, which means you should think about looking 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. Frandsen Bank & Trust's CD rates are fair in comparison to the average U.S. bank.

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Find a Frandsen Bank & Trust Near Me

Frandsen Bank & Trust has 37 physical locations in the U.S.

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