Midwest Bank Review

Overview

Established in 1870, Midwest Bank has $460 million in assets and $348 million in deposits, which makes it a medium-size bank. Midwest Bank, whose headquarters are in Monmouth, Illinois, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4 stars out of 5, Midwest Bank should be near the middle of the pack in your search for a bank. Midwest Bank offers a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Midwest Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking account maintains a monthly fee of $5.00, making it a rather expensive bank for checking. Banks that offer free checking as well as a high interest rate savings account are your best bet for returning the most income on your deposits alongside convenient access to your funds.

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

With a savings rate of 0.20%, Midwest Bank ranks poorly compared to other U.S. banks. Midwest Bank's one-year CD has a rate of 1.51%, while its highest-yielding money market account earns at a rate of 0.95%. Given its poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Midwest Bank's Savings Rates Compare

Midwest Bank has typically high fees compared to other U.S. banks. Midwest Bank's checking account has a monthly fee of $5.00, rating it fair for anyone looking for a simple account. Midwest Bank refunds their out-of-network ATM charges (with conditions), which means handy access to cash at any time.

Midwest Bank is a brick-and-mortar bank, with eight total branches in Illinois. It also offers access to mobile and web apps for straightforward access and banking on the go. Midwest Bank receives fairly high praise from users for its mobile app. The Midwest Bank mobile app has been given a 4.3 out of 5 (with 15 reviews on iOS and Android) compared to the national average of 3.8. Midwest Bank's mobile app allows you to control your funds by monitoring monthly statements, sending and receiving funds and accessing support representatives. Midwest Bank receives a superb consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Midwest Bank is a medium-size bank and owns $460 million in assets and $348 million in deposits. Midwest Bank's Texas Ratio is 11.30%, indicating a small chance of failure. Additionally, Midwest Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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.

Products Offered

Midwest Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Midwest Bank does not have the best savings rate, which means you should consider taking a look 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. Midwest Bank's CD rates are fair compared to other U.S. banks.

Find a Midwest Bank Near Me

Midwest Bank has eight physical locations in the U.S.