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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 started in 1936 with headquarters located in Brookfield, Wisconsin. It has assets of $739 million along with $497 million in deposits, classifying it as a medium-size bank. Great Midwest Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a score of 3.9 stars out of 5, Great Midwest Bank should be near the middle of the pack in your search for a bank. Great Midwest Bank offers a complete 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; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Great Midwest Bank's most basic checking account does not have a monthly maintenance fee. Institutions that offer free checking as well as a high savings APY are the best bet for returning the highest income on your deposits alongside easy access to your funds.

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

With a savings rate of 0.10%, Great Midwest Bank ranks poorly in comparison to the national average. Its one-year CD earns at a rate of 1.20% and the five-year CD earns at a rate of 2.15%, while its highest-yielding money market account has a rate of 0.60%. Given its poor savings rate, you should think about 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 has typically extremely low fees in comparison to the national average. Great Midwest Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Great Midwest Bank does not refund out-of-network ATM fees, meaning you will have to find a Great Midwest Bank ATM or pay the ATM charge.

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 bank locations in Wisconsin. It also offers access to mobile and web apps for simple access and banking on the go. Great Midwest Bank's mobile app lets you manage your bank accounts by reviewing monthly statements, sending and receiving funds and accessing customer service. Great Midwest Bank gets an exceptional consumer satisfaction rating based on relatively few complaints reported to 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 ranks as a medium-size bank with $739 million in assets as well as deposits totaling $497 million. It has a strong Texas Ratio of 7.11%, denoting that Great Midwest Bank is in fine financial condition and far from 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
$1000 for all terms
Money Market Account 0.35% APY $2500

Great Midwest Bank has several deposit products including 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 think about 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 the national average.

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Find a Great Midwest Bank Near Me

Great Midwest Bank has nine physical locations in the U.S.

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