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KleinBank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
KleinBank Savings
0.06% APY

Overview

Our Rating: 4.4/5 How we calculated this rating

KleinBank first started operating in 1925 with headquarters in Chaska, Minnesota. KleinBank has assets totaling $2 billion as well as deposits totaling $2 billion, classifying it as a large bank. KleinBank has above-average customer service access with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. We ranked the bank at a 4.4 out of 5 stars, suggesting KleinBank is a solid pick to be your bank. 

KleinBank provides customers with a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. KleinBank has a fair savings rate, which means you can find higher rates with other banks. If you're looking for a checking account for everyday use, KleinBank's standard checking account does not have a monthly fee. Keeping accounts in the same place is perfect for getting the most return on your money while maintaining access to your funds without getting penalized for taking out your money.

Service Quality

KleinBank is a brick-and-mortar bank, with 23 total bank locations in Minnesota. With mobile and web apps, KleinBank makes mobile banking straightforward, even on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. MT; Saturday, 8:00 a.m. to 1:00 p.m. MT. Additionally, KleinBank customers can access live chat for their banking questions or needs, which may provide helpful service without getting on the phone.

KleinBank receives high praise from customers for its mobile app: with 1,100 ratings on iOS and Android platforms, the KleinBank mobile app is scored at 4.3 out of 5 (compared to the national average of 3.8). You can utilize KleinBank's app to control your finances by monitoring monthly statements, sending and receiving funds and accessing customer service. KleinBank gets a superb consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.06% APY $50 Compare Offers
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.60% APY
  • 48 Month: 0.75% APY
  • 60 Month: 0.90% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.08% APY $1 Compare Offers
Checking Accounts 0.05% APY $1,000 Compare Offers

KleinBank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. KleinBank does not have the best savings rate, which means you should consider looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. KleinBank's CD rates are competitive compared to the average U.S. bank.

Rates

KleinBank has a savings rate of 0.06%, which is fair as compared against the national average. Its one-year CD earns at a rate of 0.25% and the five-year CD earns at a rate of 0.90%, while its highest-yielding money market account earns at a rate of 0.07%. It has a fair savings rate, which means you can find higher rates with other banks. Think about taking a look at other banks for savings accounts.

Compare KleinBank to Other Competitive Offers

Fees

KleinBank generally has extremely low fees compared to the average U.S. bank. KleinBank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, KleinBank is ideal because it has no ATM fees. 

Financial Health

KleinBank is currently a large bank and owns $2 billion in assets and deposits totaling $2 billion. KleinBank's Texas Ratio is 3.76%, denoting that the bank is in superb financial shape and extremely improbable to fail. Additionally, KleinBank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a KleinBank Near Me

KleinBank has 23 physical locations across the U.S.

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