Gate City Bank Review

Gate City Bank Money Market

0.35% APY

Gate City Bank opened its doors in North Dakota in 1923 with a mission to become the bank of choice. Today, it stands as one of the few financial institutions to eliminate fees charged for using out-of-network ATMs.

The bank also provides its customers with unlimited refunds of ATM fees charged by out-of-network ATM operators. According to Gate City Bank, this perk has saved its checking customers more than $26 million since 2006.

But checking accounts are not the only options you can find at one of the more than 40 Gate City Bank branches throughout North Dakota and Minnesota. You can find savings accounts, certificates of deposit (CDs), mortgages and more.

In fact, Gate City Bank is one of the biggest mortgage lenders in North Dakota. And although some of its savings accounts won’t offer you the strongest interest rates out there, the bank still offers several benefits you’re not likely to find at many other banks.

Read on to learn more to see if Gate City Bank is right for you.

Products Offered

Gate City Bank Interest Rate Comparison

Relationship Savings

Although it won’t offer you the best interest rate, the Relationship Savings account from Gate City Bank is very simple and inexpensive to manage. It charges a low $5 monthly service fee. But, the bank will waive it as long as you maintain at least $100 with a checking account. These are also the minimum requirements to earn interest. You can also link this account to any Gate City Bank checking account for ATM access. 

Still, you may find options with better rates by comparing savings accounts from banks across the country. 

Regular Savings

Although it offers the same current APY as its Relationship Savings account, this option provides you with a bit more flexibility. You can deposit and withdraw money in person or online. However, you have to maintain a higher $200 minimum balance to waive the $5 service fee. 

But because of its low interest rate, it can’t compete with the best savings accounts in the industry.

Minor Savings

This savings account is designed for customers under the age of 18. It requires no minimum opening balance and charges no monthly maintenance fee. These benefits may motivate children to stick to a regular savings schedule as they won’t lose any money they put in. And even though the account current APY isn’t the strongest, it would still provide younger customers with some extra cash for saving their money. However, your young one may find more appealing options by exploring the best savings accounts for kids available today. 

Certificates of Deposit (CDs)

Through Gate City Bank, you can open a certificate of deposit (CD) for terms ranging from one year to five years. Across the board, the bank offers generous rates on its CDs. But the longer you invest, the higher your APY.  

However, you’d get access to Relationship CDs with even higher rates if you also open a Benefit Interest Checking account through Gate City Bank. 

With its several CD options, you may benefit from using a CD ladder to create an emergency fund. This process involves opening CDs with different terms to meet short- and long-term goals. You’d also have access to your interest and savings at different points in time. 

But if you’re curious about options offered by other banks, you can always examine the best CD rates across the industry.

Money Market Savings Account

Gate City Bank, unfortunately, doesn’t score high in the money market account arena. The bank’s version offers an APY that doesn’t rank it among the best money market accounts on the market. To earn its peak APY of 2.52%, you have to invest at least $1 million. In addition, the account has a $500 minimum balance requirement, which is relatively high compared to similar options at competing banks. You also have to keep that minimum to earn any interest. If you don’t maintain that balance, Gate City Bank will also charge you a monthly service fee of $10. However, you can connect this account to a Gate City Bank ATM & Check Card for ATM access. It also comes with free personalized checks. 

But you may find more suitable options by comparing money market accounts with different terms and conditions. 

Individual Retirement Accounts (IRAs)

Through Gate City Bank, you can open or rollover your nest egg into an individual retirement account (IRA). You can also invest in a Roth IRA. Both of these tax-advantaged savings vehicles offer unique benefits. 

When you invest in an IRA, your money grows tax-deferred until you make qualified withdrawals at least when you turn age 59.5. In addition, your contributions may be tax deductible. By investing in a Roth IRA, however, you contribute after-tax dollars. Thus, your earnings and withdrawals would generally be tax free. 

You can contribute to either account any time as long as you don’t breach annual contribution limits set by the IRS. The organization also sets additional catch-up contributions you can make if you’re 50 years or older at the end of the calendar year.

But any time you’re making serious retirement planning decisions, you should consult a qualified tax or financial advisor. If you’re trying to choose a financial advisor to work with, you can use our SmartAdvisor interactive tool. It asks you some simple questions to connect you with a few local advisors who may meet your individual needs. You can then read their profiles, review their qualifications and even set up interviews before deciding to work with one. You should also keep in mind a few questions to ask when choosing a financial advisor. 

Totally Free Checking

Gate City Bank’s Totally Free Checking account stands as one of the most unique and rewarding checking options we’ve examined. It charges no monthly service fee. You also don’t need to maintain a minimum balance. In addition, you get fee-free access to any ATM machine. Gate City Bank will even provide you with unlimited automatic refunds for fees charged by other ATM machine owners. Taken together, these are perks that even the biggest players in the banking industry would rarely offer you. But, it doesn’t stop there. 

You also get free access to CardValet. This app allows you to monitor your free Gate City Bank ATM & Check Card while controlling your spending. It provides you with real-time notifications about your account activity. You can also limit your card to be authorized in specific geographic locations. Furthermore, the app also lets you to turn off your card. By doing this, the bank wouldn’t approve any withdrawals or transactions on your account until you turn it back on. The application also offers several money management features. For example, you can set spending thresholds on specific types of purchases like groceries or retail store purchases. 

In addition, you get free access to Popmoney. Similar to services like Venmo and PayPal, this app allows you to pay others by using a phone number and email address instead of sharing account information. Standard delivery transactions are free. But a $10 fee would apply to express delivery transactions. 

Furthermore, the account offers the following benefits free of charge:

• Online bill pay
• Online banking
• Mobile banking
• Mobile deposit

All checking accounts through Gate City Bank offer the same benefits as the Totally Free Checking option and may offer additional features. 

Benefit Interest Checking

This account also charges no monthly service fee and requires no minimum balance. And even though it offers a low APY, the account still has its perks 

For example, opening this account gives you access to Relationship CDs, which offer higher interest rates than the bank’s standard options. You also get free checks with this account.

Premium Interest Checking

Despite its name, the Premium Interest Checking account is not necessarily the best checking account offered by Gate City Bank. You have to maintain a minimum balance of $2,500 to earn its current peak APY of 0.20%, which is still low compared to rates across the banking industry. You also have to keep at least $1,000 in your account to avoid an $8 monthly service charge. 

You may find it a better option to open one of the bank’s checking accounts that is easier to manage. You can then compare savings accounts for better rates and benefits at different banks. 

Branch Locations

Today, Gate City Bank runs more than 46 full-service branches across North Dakota and West Central Minnesota. You can contact the institution by dialing 701-293-2400 or 800-423-3344.