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Great Midwest Bank Review

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Great Midwest Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Great Midwest Bank first started operating in 1936 with headquarters located in Brookfield, Wisconsin. It owns $739 million in assets along with $497 million in deposits, ranking it as a medium-size bank. Great Midwest Bank 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 apps. With an average 3.9 stars out of 5, Great Midwest Bank is a respectable bank that gets the job done. Great Midwest Bank provides customers with a full choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Great Midwest Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly charge. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best bet for returning the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

Great Midwest Bank has a savings rate of 0.10%, which is poor in comparison to the national average. Its one-year CD has a rate of 1.20% and the five-year CD has a rate of 2.15%, while its highest-yielding money market account has an APY of 0.60%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How Great Midwest Bank's Savings Rates Compare

Great Midwest Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Great Midwest Bank charges its customers extremely low fees compared to other U.S. banks. With no monthly fee, Great Midwest Bank's checking account is ideal for those who need an easy checking account. Great Midwest Bank unfortunately does not refund out-of-network ATM charges, meaning you'll be required to locate a Great Midwest Bank ATM or eat the fee.

Monthly Fee $0 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

2.5
SmartAsset Average: 3.7

Great Midwest Bank is a brick-and-mortar bank, with nine total branches in Wisconsin. It also offers access to mobile and web apps for straightforward access and banking on the go. Great Midwest Bank's mobile app allows you to manage your finances by reviewing current statements, sending and receiving money as well as reaching customer service. Great Midwest Bank gets a superb consumer satisfaction rating based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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

4.7
SmartAsset Average: 4.8

Great Midwest Bank is a medium-size bank owning assets totaling $739 million as well as $497 million in deposits. Its Texas Ratio is 7.11%, suggesting a tiny opportunity of failure. Additionally, Great Midwest Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.11%
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 Great Midwest Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $200
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 1.20% APY
  • 24 Month: 1.70% APY
  • 48 Month: 1.90% APY
  • 60 Month: 2.15% APY
$5000 for all terms
Money Market Accounts 0.35% APY 0.6% APY $10000 $15000

Great Midwest Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Great Midwest Bank 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. Great Midwest Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Great Midwest Bank Near Me

Great Midwest Bank has nine branches across the U.S.

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