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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

Frandsen Bank & Trust first started operating in 1901 with its headquarters in Lonsdale, Minnesota. Frandsen Bank & Trust owns assets of $2 billion as well as $1 billion in deposits, making it a large bank. Frandsen 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 in-person service, 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 offers the full package of banking products, 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 offers an option without a maintenance or monthly fee. Institutions that offer free checking and a high interest rate savings account are the best bet for gaining the most income from your deposits while having easy 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 as compared against the national average. Frandsen Bank & Trust's one-year CD earns at a rate of 0.50% and the five-year CD earns at a rate of 1.50%, while its highest-yielding money market account has an APY of 0.15%. Given its below average savings rate, you should consider choosing another bank to earn more on your deposits.

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 as compared against the national average. With no monthly fee, Frandsen Bank & Trust is perfect for those who want a basic banking experience. For those who will need cash in a pinch, Frandsen Bank & Trust is ideal because it charges no out-of-network ATM fees. Frandsen Bank & Trust unfortunately doesn't refund out-of-network ATM charges, which means you will need to locate a Frandsen Bank & Trust ATM or eat the cost of withdrawal.

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 bank locations 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 receives unsatisfactory marks from customers for its mobile platform. With 48 customer reviews across Apple and Android platforms, the Frandsen Bank & Trust mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). Frandsen Bank & Trust's mobile app lets you control your bank accounts by checking current statements, sending and receiving funds and reaching customer service. Frandsen Bank & Trust receives a superb consumer satisfaction score based on 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

4.9
SmartAsset Average: 4.8

Frandsen Bank & Trust is a large bank owning assets totaling $2 billion as well as deposits totaling $1 billion. Frandsen Bank & Trust has an excellent Texas Ratio of 3.70%, suggesting a minute probability of failure. 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 $100
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.95% APY
  • 36 Month: 1.10% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.50% APY
$10000 for all terms
Money Market Account 0.1% APY $5000

Frandsen Bank & Trust offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Frandsen Bank & Trust does not have the best savings rate, which means you should consider 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 compared to the average U.S. bank.

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Find a Frandsen Bank & Trust Near Me

Frandsen Bank & Trust has 37 locations across the U.S.

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