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Midland States 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
Midland States Bank Savings
0.05% APY

Overview

Our Rating: 4.4/5 How we calculated this rating

Midland States Bank started in 1881 with headquarters in Effingham, Illinois. Midland States Bank manages assets totaling $4 billion as well as $3 billion in deposits, which makes it a large bank. Midland States Bank does not have the same customer service perks that others do. 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 apps. With a commendable 4.4 out of 5 stars, Midland States Bank is a top-tier bank that would be a perfect pick. 

Midland States Bank has a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate, which means other popular banks have higher rates. A great, everyday account, Midland States Bank's most basic checking account does not carry a monthly maintenance fee. Why use checking and savings accounts with one bank? Seamless transferring between the two accounts translates to better interest rates in your savings account with the versatility of spending from your checking.

Service Quality

Midland States Bank is a brick-and-mortar bank, with 60 total branches in Colorado, Illinois and Missouri. With mobile and web apps, Midland States Bank makes mobile banking convenient, even on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 5:30 p.m. CT; Saturday, 8:00 a.m. to 12:00 p.m. CT. 

Midland States Bank receives high praise from customers for its mobile platform: with 910 ratings on both iOS and Android platforms, the Midland States Bank mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). You can use Midland States Bank's mobile app to manage your bank accounts by reviewing monthly statements, transferring money as well as accessing customer service. Midland States Bank receives a superb consumer satisfaction score based on comparatively few consumer complaints registered with 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 0.05% APY $300 Compare Offers
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.28% APY
  • 36 Month: 0.40% APY
  • 48 Month: 0.45% APY
  • 60 Month: 0.60% APY
$1,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.02% APY
  • 25K tier: 0.23% APY
  • $2,500
  • $25,000
Compare Offers
Checking Accounts 0.05% APY $1 Compare Offers

It offers several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Midland States Bank 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. Midland States Bank's CD rates are significantly above average in comparison to the national average.

Rates

Midland States Bank features a savings rate of 0.05%, which is fair in comparison to the average U.S. bank. Its CDs feature a rate of 0.05% and 0.60% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.06%. Midland States Bank has a fair savings rate compared to the average savings account. Think about taking a look at other banks for savings accounts.

Compare Midland States Bank to Other Competitive Offers

Fees

Midland States Bank charges its customers extremely low fees compared to the national average. Midland States Bank's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Midland States Bank reimburses their ATM fees (with conditions), which gives handy access to cash at any time.

Financial Health

Midland States Bank is a large bank and owns $4 billion in assets as well as deposits totaling $3 billion. It has a very good Texas Ratio of 5.58%, signifying a small likelihood of failure. Additionally, Midland States Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Midland States Bank Near Me

Midland States Bank has 60 physical branches across the U.S.

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