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Midwest Bank Review

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Midwest Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Midwest Bank first started operating in 1870 with headquarters in Monmouth, Illinois. It has $460 million in assets as well as $348 million in deposits, making it a medium-size bank. Midwest Bank 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 in-person service, in addition to its online and mobile apps. We ranked Midwest Bank at a 4 out of 5 stars, suggesting it is a respectable bank that deserves your consideration. Midwest Bank offers a full 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 compared to the average savings account. The bank's standard checking product has a monthly fee of $5.00, making it a rather expensive bank for checking. Institutions that offer no-fee checking and a high interest rate savings account are your 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

4.0/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

Midwest Bank features a savings rate of 0.20%, which is fair in comparison to other U.S. banks. Its one-year CD has a rate of 1.31%, while its highest-yielding money market account has an APY of 0.35%. Given Midwest Bank's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Midwest Bank's Savings Rates Compare

Midwest Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

3.4
SmartAsset Average: 4.4

Midwest Bank charges customers high fees as compared against the national average. Midwest Bank's checking account has a monthly fee of $5.00, making it fair for anyone looking for a simple account. Midwest Bank reimburses any incurred out-of-network ATM fees (with conditions), which gives convenient access to cash at any time.

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

4.1
SmartAsset Average: 3.7

Midwest Bank is a brick-and-mortar bank, with eight total branches in Illinois. It also offers access to mobile and web apps for simple access and banking on the go. Midwest Bank's online and mobile banking services get reasonably decent ratings from users. Out of 15 ratings across Apple and Android platforms, the Midwest Bank mobile app has an overall rating of 4.3 out of 5 (compared to the national average of 3.8). You can use Midwest Bank's mobile app to manage your finances by monitoring monthly statements, sending and receiving funds and accessing customer service. Midwest Bank receives an exceptional consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Midwest Bank ranks as a medium-size bank with $460 million in assets and deposits totaling $348 million. Its Texas Ratio is 11.30%, signifying a tiny opportunity 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

11.3%
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 Midwest Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.15% APY $500
Certificates of Deposit
  • 12 Month: 1.31% APY
  • 24 Month: 1.51% APY
  • 36 Month: 1.81% APY
  • 48 Month: 1.96% APY
$5000 for all terms
Money Market Account 0.3% APY $5000

Midwest Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Midwest 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. Midwest Bank's CD rates are fair compared to other U.S. banks.

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Find a Midwest Bank Near Me

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

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