Midwest Bank first started operating in 1917 and its headquarters are located in Detroit Lakes, Minnesota. It has $408 million in assets and deposits totaling $358 million, which makes it a small bank. Midwest Bank 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. Coming in at a commendable 4.4 stars out of 5, Midwest Bank is a great bank that you should seriously consider. Midwest Bank provides customers with a diverse array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking does not carry a monthly maintenance charge. Institutions that offer free checking, in addition to a high interest rate savings account are the best bet for gaining the highest income from your deposits while maintaining convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Midwest Bank has a savings rate of 0.15%, which is fair in comparison to the national average. Midwest Bank's one-year CD has a rate of 1.50% and the five-year CD earns at a rate of 2.10%, while its highest-yielding money market account earns at an APY of 0.75%. Given Midwest Bank's below average savings rate, you should consider looking at the competition to open savings accounts.
How Midwest Bank's Savings Rates Compare
Midwest Bank charges its customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Midwest Bank's checking account is perfect for people who want an easy checking account. Midwest Bank doesn't refund out-of-network ATM charges, which means you will be required to locate a Midwest Bank ATM or accept the cost of withdrawal.
Midwest Bank is a brick-and-mortar bank, with seven total bank locations in Minnesota. It also offers access to mobile and web apps for straightforward access and banking on the go. Midwest Bank's online and mobile banking platforms get reasonably satisfactory feedback from customers. The Midwest Bank mobile app scored a 4.3 out of 5 (with 15 ratings on iOS and Android) compared to the national average of 3.8. Midwest Bank's mobile app allows you to manage your accounts by monitoring account balances, sending and receiving money as well as reaching support representatives. Midwest Bank gets an excellent consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
Midwest Bank is currently a small bank owning assets totaling $408 million as well as $358 million in deposits. Its Texas Ratio is 5.48%, indicating a tiny possibility 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.Back to Overview
Compare Midwest Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.15% APY||$1|
|Checking Account||0.1% APY||$1|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Account||0.75% APY||$10000|
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 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 in comparison to the average U.S. bank.Back to Overview
Find a Midwest Bank Near Me
Midwest Bank has seven branches in the U.S.Back to Overview