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Midstates Bank Review

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Midstates Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1913, Midstates Bank has $383 million in assets along with $272 million in deposits, classifying the institution as a small bank. Midstates Bank, whose headquarters are in Council Bluffs, Iowa, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at an average 3.7 out of 5 stars, Midstates Bank is a bank with better alternatives. Midstates Bank has a mixture of product offerings, including savings accounts, checking accounts, CDs, IRAs and mortgage products. Midstates Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product features a $5.00 monthly fee, making it a rather expensive bank for checking. Banks that offer free checking as well as a high savings APY are your best option for getting the most income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.9
SmartAsset Average: 3.5

With a savings rate of 0.15%, Midstates Bank ranks poorly in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 1.66% and 2.52%, respectively, while its highest-yielding money market account has a rate of 0.20%. Given Midstates Bank's poor savings rate, you should consider other options to earn more on your deposits.

How Midstates Bank's Savings Rates Compare

Midstates Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

Midstates Bank charges customers high fees compared to the national average. At $5.00 per month, Midstates Bank's checking account is not great for people who need a hassle-free checking account. Midstates Bank does not refund out-of-network ATM fees, which means you will be required to search for a Midstates Bank ATM or eat the cost of withdrawal.

Monthly Fee $5.00 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

4.0
SmartAsset Average: 3.7

Midstates Bank is a brick-and-mortar bank, with six total branches in Iowa. It also offers access to mobile and web apps for easy access and banking on the go. Midstates Bank's online and mobile banking platforms get reasonably high scores from customers. The Midstates Bank mobile app rates a 4.0 out of 5 (out of 17 reviews on iOS and Android) compared to the national average of 3.8. Midstates Bank's mobile app allows you to manage your funds by checking current statements, transferring money and accessing support representatives. Midstates Bank gets an excellent consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

3.9
SmartAsset Average: 4.8

Midstates Bank is a small bank and manages assets totaling $383 million and $272 million in deposits. Midstates Bank's Texas Ratio is 23.72%, denoting that Midstates Bank is in fine financial health. Additionally, Midstates Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

23.72%
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 Midstates Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 1.66% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.76% APY
  • 48 Month: 1.91% APY
  • 60 Month: 2.52% APY
$10000 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Midstates Bank has several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. Midstates 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. Midstates Bank's CD rates are fair compared to the national average.

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Find a Midstates Bank Near Me

Midstates Bank has six branches in the U.S.

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