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MidAmerica National Bank Review

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

Overview

Established in 1933, MidAmerica National Bank has $420 million in assets and $366 million in deposits, which makes the institution a medium-size bank. MidAmerica National Bank, whose headquarters are in Canton, Illinois, 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 a commendable 4.1 stars out of 5, MidAmerica National Bank is a respectable bank that deserves your consideration. MidAmerica National Bank has a complete choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, MidAmerica National Bank offers an option without a monthly fee. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same institution is the best option for returning the most income from your deposits while having convenient 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

3.1
SmartAsset Average: 3.5

With a savings rate of 0.10%, MidAmerica National Bank ranks poorly in comparison to other U.S. banks. MidAmerica National Bank's CDs feature a rate of 1.10% and 2.02% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.10%. Given MidAmerica National Bank's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How MidAmerica National Bank's Savings Rates Compare

MidAmerica National Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, MidAmerica National Bank charges its customers extremely low fees compared to the national average. MidAmerica National Bank's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. MidAmerica National Bank doesn't reimburse out-of-network ATM fees, which means you will have to find a MidAmerica National Bank ATM or pay the cost of withdrawal.

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

3.4
SmartAsset Average: 3.7

MidAmerica National Bank is a brick-and-mortar bank, with six total bank locations in Illinois. With mobile and web apps, MidAmerica National Bank makes account access easy, even on the go. MidAmerica National Bank's online and mobile banking platforms get poor marks from users. The MidAmerica National Bank mobile app has been given a 3.0 out of 5 (out of 20 ratings on iOS and Android) compared to the national average of 3.8. MidAmerica National Bank's mobile app allows you to control your bank accounts by looking at account balances, sending and receiving funds as well as reaching customer service. MidAmerica National Bank receives a superb consumer satisfaction rating due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.0/5
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

MidAmerica National Bank is currently a medium-size bank owning assets totaling $420 million and deposits totaling $366 million. It has a strong Texas Ratio of 7.87%, suggesting a small opportunity of failure. Additionally, MidAmerica National Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.87%
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 MidAmerica National Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 1.10% APY
  • 24 Month: 1.51% APY
  • 36 Month: 1.71% APY
  • 48 Month: 1.86% APY
  • 60 Month: 2.02% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

MidAmerica National Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. MidAmerica National Bank 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. MidAmerica National Bank's CD rates are fair as compared against the national average.

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Find a MidAmerica National Bank Near Me

MidAmerica National Bank has six physical locations in the U.S.

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