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MidCountry Bank 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
MidCountry Bank Savings
0.10% APY

Overview

Our Rating: 3.2/5 How we calculated this rating

Established in 1933, MidCountry Bank has assets totaling $820 million and deposits totaling $612 million, making the institution a medium-size bank. MidCountry Bank, whose headquarters are in Minneapolis, Minnesota, 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 with in-person service, in addition to its online and mobile apps. We ranked MidCountry Bank at a 3.2 out of 5 stars, which means it is a satisfactory bank that does not stack up to some of the other banks. 

MidCountry Bank has a complete choice of banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. Keeping both checking and savings accounts in the same place can be best for getting the highest return on your income while keeping easy access to your funds.

Service Quality

MidCountry Bank is a brick-and-mortar bank, with 15 total branches in Minnesota and Nevada. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 5:30 p.m. CT. Additionally, MidCountry Bank customers can access live chat for their banking questions or needs, an alternative customer service tool if you can't call in during business hours.

MidCountry Bank's online and mobile banking platforms receive reasonably high marks from users: out of 97 customer reviews across iOS and Android platforms, the MidCountry Bank mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). You can access MidCountry Bank's mobile app to manage your accounts by reviewing account balances, sending and receiving money as well as accessing support representatives. However, MidCountry Bank receives a fair consumer satisfaction rating because of a large number of complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 1.85% APY
  • 24 Month: 2.10% APY
  • 36 Month: 2.15% APY
  • 48 Month: 2.20% APY
  • 60 Month: 2.25% APY
$10,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.50% APY
  • 25K tier: 0.55% APY
  • $10,000
  • $25,000
Compare Offers
Checking Accounts 0.10% APY $1,000 Compare Offers

MidCountry Bank has several deposit products including savings accounts, checking accounts and CDs, giving you many options to manage your money. MidCountry Bank does not have the best savings rate, which means you should think about 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. MidCountry Bank's CD rates are fairly competitive compared to the national average.

Rates

MidCountry Bank has a savings rate of 0.10%, which is poor compared to the average U.S. bank. Its CDs feature a rate of 1.85% and 2.25% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.55%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

Compare MidCountry Bank to Other Competitive Offers

Fees

MidCountry Bank charges customers high fees compared to the national average. Also, MidCountry Bank has an overdraft fee of $35, which is on par with the national average overdraft fee. MidCountry Bank reimburses any incurred ATM charges (with conditions), making withdrawing money a free and simple process.

Financial Health

MidCountry Bank is currently a medium-size bank and owns assets totaling $820 million and $612 million in deposits. Its Texas Ratio is 7.24%, indicating a tiny likelihood of failure. Additionally, MidCountry Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a MidCountry Bank Near Me

MidCountry Bank has 15 physical locations in the U.S.

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